New York S 8140: Relates to the transfer of reserves between public employee retirement systems of the state

Bill Text

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S08140 Summary:

BILL NOS08140B

&nbsp

SAME ASNo Same As

&nbsp

SPONSORJACKSON

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §343, R & SS L

&nbsp

Provides for transfers from the MTA police retirement program to certain other retirement systems or funds.

Go to top S08140 Actions:

BILL NOS08140B

&nbsp

05/15/2025REFERRED TO CIVIL SERVICE AND PENSIONS

06/04/2025AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

06/04/2025PRINT NUMBER 8140A

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

04/23/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

04/23/2026PRINT NUMBER 8140B

Go to topS08140 Committee&nbspVotes:

Go to topS08140 Floor&nbspVotes:

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

Go to topS08140 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8140--B

 2025-2026 Regular Sessions

 IN SENATE

 May 15, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions
 -- committee discharged, bill amended, ordered reprinted as amended
 and recommitted to said committee -- recommitted to the Committee on
 Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee

 AN ACT to amend the retirement and social security law, relating to the
 transfer of reserves between public employee retirement systems of the
 state

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

 1 Section 1. The opening paragraphs of subdivisions a and h of section
 2 343 of the retirement and social security law, the opening paragraph of
 3 subdivision a as amended by chapter 533 of the laws of 2015 and the
 4 opening paragraph of subdivision h as amended by chapter 717 of the laws
 5 of 2023, are amended to read as follows:
 6 Notwithstanding any other provision of law providing for transfers,
 7 any member of any retirement system maintained by the state or a munici-
 8 pality thereof, operating on a sound financial basis and subject to the
 9 supervision of the department of financial services of this state may
 10 transfer [his or her] their membership pursuant to this section to the
 11 New York state and local employees' retirement system, the New York city
 12 board of education employees' retirement system, the New York state
 13 teachers' retirement system, the New York state and local police and
 14 fire retirement system or to the New York city employees' retirement
 15 system. Any member of the New York state and local police and fire
 16 retirement system may transfer [his or her] their membership to any
 17 retirement system, other than the hospital retirement system, which is
 18 operating on a sound basis and is subject to the supervision of the
 19 department of financial services of this state. Any police officer

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09913-04-6

 S. 8140--B 2

 1 employed by the metropolitan transportation authority who is a member of
 2 the MTA police twenty year retirement program of the metropolitan trans-
 3 portation authority defined benefit pension plan (hereinafter referred
 4 to in this section as the "MTA police retirement program") may transfer
 5 [his or her] their membership in the New York state and local police and
 6 fire retirement system and/or the New York city police pension fund to
 7 the MTA police retirement program or may transfer their membership in
 8 the MTA police retirement program to any of the systems or funds refer-
 9 enced in this sentence. Any police officer who was employed by the
 10 metropolitan transportation authority, the Long Island Railroad Company
 11 or the Metro-North Commuter Railroad Company and who is a member of the
 12 MTA police retirement program may transfer [his or her] their membership
 13 in the MTA police retirement program to the New York state and local
 14 police and fire retirement system. Any transfer pursuant to this section
 15 may be effectuated only if the member has accepted a position in another
 16 branch of the state or municipal service which would make it:
 17 Notwithstandi