NY A06932

Establishes a defined contribution retirement program within all public retirement systems in New York State, effective April 1, 2026

Requires all elected officials who join a public retirement system on or after April 1, 2026 to participate in the defined contribution plan as mandatory members, with no option for the traditional defined benefit pension

Allows non-elected public employees joining on or after April 1, 2026 to voluntarily elect the defined contribution plan within 30 days of employment; the election is irrevocable

Employers contribute 4% of wages as a basic contribution plus matching contributions up to 3% of wages (7% maximum total employer contribution)

Provides a death benefit for participants equal to one, two, or three years' salary based on years of service completed, with the long-term expected employer contribution rate estimated at approximately 7.7% of payroll