NY S08855

Allows current and future full-time or part-time New York City Department of Education employees represented by the United Federation of Teachers who are in the Board of Education Retirement System (BERS) to transfer to the Teachers' Retirement System (TRS) by filing an application with the retirement board.

Transfers must be requested within one year of an employee becoming eligible for TRS membership, with no requirement for UFT membership to participate.

Upon transfer, the BERS system shall transfer the member's accrued liability reserve and member contributions to TRS using procedures outlined in the Retirement and Social Security Law.

Transferred members are deemed to have been TRS members during their entire period of service credited in BERS and become eligible for all TRS rights, privileges, and benefits.

Projected to increase NYC employer contributions by $2.3-2.4 million annually from 2025-2034, decreasing to $0.8 million by 2049, with an estimated $730 million in reserve transfers from BERS to TRS.