New York S 7825: Grants retroactive tier IV membership in the New York state and local retirement system to employees hired on or after January 1, 2010

Bill Text

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S07825 Summary:

BILL NOS07825 

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SAME ASNo Same As

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SPONSORMARTINS

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COSPNSR

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MLTSPNSR

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Grants tier IV benefits in the New York state and local retirement system to employees hired on or after January 1, 2010.

Go to top S07825 Actions:

BILL NOS07825 

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05/09/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

03/26/2026NOTICE OF COMMITTEE CONSIDERATION - REQUESTED

Go to topS07825 Committee&nbspVotes:

Go to topS07825 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07825 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7825

 2025-2026 Regular Sessions

 IN SENATE

 May 9, 2025
 ___________

 Introduced by Sen. MARTINS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions

 AN ACT granting retroactive tier IV membership in the New York state and
 local retirement system to members hired on or after January first,
 two thousand ten

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Notwithstanding any other provision of law to the contrary,
 2 any state or local employee who is a member of the New York state and
 3 local employees' retirement system, and whose date of membership was on
 4 or after January 1, 2010 shall be granted benefits as if their date of
 5 membership was December 31, 2009, thereby granting Tier IV benefits of
 6 such retirement system, unless, within one year of the effective date of
 7 this act, such employee shall file a written opt-out request with the
 8 state comptroller.
 9 § 2. No contributions made to the New York state and local employees'
 10 retirement system by a member hired on or after January 1, 2010 shall be
 11 refunded or returned to such member pursuant to this act.
 12 § 3. Notwithstanding any other law to the contrary, none of the
 13 provisions of this act shall be subject to the appropriation requirement
 14 of section 25 of the retirement and social security law.
 15 § 4. This act shall take effect on the one hundred twentieth day after
 16 it shall have become a law.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 This bill would grant members of the New York State and Local Employ-
 ees' Retirement System (NYSLERS) whose date of membership is on or after
 January 1, 2010 (commonly called Tier 5 and Tier 6 members) the retire-
 ment benefits of a member whose date of membership is December 31, 2009
 (commonly called Tier 4). The members' dates of membership will not
 change. There will be no refund of member contributions.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10872-03-5

 S. 7825 2

 The provisions of Section 25 of the Retirement and Social Security Law
 shall not apply.
 Insofar as this bill affects NYSLERS, the increased costs would be
 shared by the State of New York and the local participating employers in
 the NYSLERS. If this bill were enacted during the 2025 Legislative
 Session, the increase in employer costs, equal to the increase in the
 present value of benefits and decrease in the present value of employee
 contributions, would be approximately $13.3 billion.

 NYSLERS Increase in net Increase in required
 present value of contributions
 employer benefits

 Tiers 1-4 $ 0.0 bn $ 4.4 bn
 Tiers 5-6 (becoming Tier 4) $ $13.3 bn $ 8.9 bn
 Total $ 13.3 bn $ 13.3 bn

 In the NYSLERS, this benefit improvement will be funded by increasing
 the billing rates charged annually to cover both retrospective and
 prospective benefit increases. The annual contribution required of all
 participating employers in NYSLERS is 4.9% of billable salary, or
 approximately $644 million to the State of New York and approximately
 $979 million to the local participating employers. This permanent annual
 cost will vary in subsequent billing cycles with changes in the billing
 rate and salary of the affected members.
 These estimated costs are based on 317,854 affected Tier 5-6 members,
 with annual salary of approximately $15.7 billion as of March 31, 2024.
 Summary of relevant resources:
 Membership data as of March 31, 2024 was used in measuring