Bill > A06914

This bill establishes a new defined contribution plan, which is a type of retirement plan where the retirement benefit is based on the amount of contributions made and the investment earnings on those contributions, for all non-civil service appointed employees and elected officials of the New York State and Local Employees' Retirement System (NYSLERS) who are either not yet vested in a state retirement system or are hired after the bill becomes law. Elected officials are also given the option to join this new plan. The bill requires both the employer and the employee to contribute three percent of the employee's annual salary to this defined contribution plan, with employees having the option to contribute more, up to a certain limit. Importantly, this legislation freezes the benefit accruals in any existing retirement plans for these individuals as of the effective date, meaning they will no longer contribute to their old plans but will still receive the benefits they have already earned. The bill also outlines criteria for selecting financial organizations to administer the plan and allows for the creation of necessary rules and regulations to implement these changes.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A6914