NY A07444

Requires pension reserve transfers when members with 10 or more years of credited service transfer between New York public retirement systems, effective immediately upon enactment.

Eliminates pension reserve transfer requirements for members with less than 10 years of credited service at the time of transfer between state and local retirement systems.

Exempts transfers within and between the New York City Employees' Retirement System, NYC Teachers' Retirement System, and NYC Board of Education Retirement System from reserve transfer requirements.

Amends Education Law Section 522 and Retirement and Social Security Law Sections 43 and 343 to reinstate reserve calculations and transfers that were previously eliminated by Chapter 647 of the Laws of 2004.

Estimated to increase average unfunded accrued liability per transfer by $178,600 to $396,000 depending on the system, with average annual employer contribution increases of $21,100 to $46,800 per transfer.