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NY A06914
Bill
Status
3/18/2025
Primary Sponsor
Michael Fitzpatrick
Click for details
AI Summary
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Establishes a mandatory defined contribution plan for all non-civil service appointed employees and elected officials employed by New York State or participating public employers in the NY State and Local Employees' Retirement System
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Requires both employers and employees to contribute 3% of annual salary to the defined contribution plan, with employees permitted to contribute up to 100% of salary (capped at $23,500)
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Freezes current retirement plan benefit accruals for affected employees as of the effective date, though accrued benefits up to that point will still be paid upon retirement
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Directs the Comptroller to select financial organizations to administer the plan and invest funds, based on criteria including fees, investment variety, organizational stability, and reporting capabilities
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Takes effect on the first day of the fiscal year following enactment, with the fiscal note warning the legislation may face constitutional challenge based on protections against diminishing member benefits
Legislative Description
Establishes a defined contribution plan for all non-civil service appointees and elected officials of the New York state and local employees' retirement system who are not yet vested in a state retirement system or who are hired after the effective date of this section; authorizes elected officials to join such defined contribution plan; defines terms; provides for contributions to such defined contribution plan; authorizes the promulgation of any necessary rules and regulations.
Last Action
print number 6914a
1/15/2026