New York A 6914: Establishes a defined contribution plan

Bill Text

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A06914 Summary:

BILL NOA06914A

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SAME ASNo Same As

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SPONSORFitzpatrick (MS)

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COSPNSRBlankenbush, DiPietro, Hawley, Tague

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MLTSPNSRManktelow, Morinello, Paulin, Smullen

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Add §618, R & SS L

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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.

Go to top A06914 Actions:

BILL NOA06914A

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03/18/2025referred to governmental employees

01/07/2026referred to governmental employees

01/15/2026amend and recommit to governmental employees

01/15/2026print number 6914a

05/19/2026held for consideration in governmental employees

Go to topA06914 Committee&nbspVotes:

Committee:GOVERNMENTAL EMPLOYEES Chair:Pheffer Amato 
DATE:05/19/2026AYE/NAY:10/3 Action: Held for Consideration Pheffer AmatoAyeDeStefanoNay

ColtonAyeReillyNay

SantabarbaraAyeGiglioNay

EichensteinAyeTannousisExcused

FallAye

BurkeAye

GriffinAye

CarrollAye

RomeroAye

YegerAye

Go to topA06914 Floor&nbspVotes:

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

Go to topA06914 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6914--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

 Introduced by M. of A. FITZPATRICK, BLANKENBUSH, DiPIETRO, HAWLEY, TAGUE
 -- Multi-Sponsored by -- M. of A. MANKTELOW, MORINELLO, PAULIN, SMUL-
 LEN -- read once and referred to the Committee on Governmental Employ-
 ees -- recommitted to the Committee on Governmental Employees in
 accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the retirement and social security law, in relation to
 establishing a defined contribution plan

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

 1 Section 1. The retirement and social security law is amended by adding
 2 a new section 618 to read as follows:
 3 § 618. Defined contribution plan. 1. The defined contribution plan is
 4 hereby established. The comptroller shall adopt rules and regulations
 5 regarding the standards and requirements of the defined contribution
 6 plan established pursuant to this section, including selection of finan-
 7 cial organizations for investment purposes.
 8 2. a. Notwithstanding any other provision of law, the defined contrib-
 9 ution plan shall be established for all non-civil service appointed
 10 employees and elected officials employed by the state of New York or any
 11 public employer which has elected to participate in the New York state
 12 and local employees' retirement system.
 13 b. The comptroller shall enter into written agreements with one or
 14 more financial organizations to administer the defined contribution plan
 15 for members and to invest funds held pursuant to such plan.
 16 c. The rules and regulations promulgated by the comptroller shall
 17 establish standards for the selection of financial organizations,
 18 authorized to do business in this state, to participate in such plans,
 19 including, but not limited to, the following criteria: (i) rates of
 20 commission, brokerage and other fees, administrative expenses and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08997-04-6

 A. 6914--A 2

 1 related service charges imposed by the financial organization; (ii)
 2 variety of types of investment opportunities offered by the financial
 3 organization and/or among the financial organizations selected and the
 4 ability to transfer among such opportunities; (iii) the stability of the
 5 financial organization as evidenced by experience, reputation, assets
 6 and holdings, ability to guarantee specific rates of return; (iv) abili-
 7 ty to comply with reporting requirements to the comptroller and to
 8 participants in such a plan; and (v) such other