NY A07480

Allows active members of the New York State and Local Police and Fire Retirement System (NYSLPFRS) covered under section 384-d to retroactively transfer their membership back to the New York State and Local Employees' Retirement System (NYSLERS) if they were previously members of NYSLERS.

Retroactive transfer includes all NYSLPFRS service credit being transferred to NYSLERS without requiring current employment in a position that would normally grant NYSLERS membership.

Plan coverage and mandatory member contribution costs are determined based on the date of membership and last reported employment instance in NYSLERS.

All costs associated with the transfer would be borne entirely by the State of New York and would require legislative appropriation.

Approximately 25,968 active NYSLPFRS members covered by section 384-d would be eligible for this transfer option; the bill takes effect immediately upon enactment.