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NY A10529
Bill
Status
6/2/2024
Primary Sponsor
Patrick Burke
Click for details
AI Summary
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Reduces the service credit requirement for combining prior and post-restoration service from five years to two years for retired New York State Teachers' Retirement System (NYSTRS) members who return to active service
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Allows eligible members to combine their pre-retirement service credit with post-restoration service credit for pension benefit calculation purposes, provided they repay their prior pension with interest or accept a lifetime reduction to their new benefit
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Makes NYSTRS eligibility requirements consistent with state employees in the New York State and Local Retirement System (NYS&LRS), which already allow benefit recalculation after two years of service
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Applies to retirees receiving non-disability retirement allowances who return to active public service and suspend their pension benefits
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Takes effect 60 days after enactment; projected to have negligible annual cost to NYSTRS employers
Legislative Description
Allows retired employees of the New York state teachers' retirement system who return to active service and suspend their pension benefit to elect to combine their service credit earned prior to retirement with the service credit earned after their restoration to active service, provided they have earned at least two years of service credit since such restoration.
Last Action
substituted by s7462b
6/6/2024