Bill > A06932

This bill establishes a new defined contribution program, a type of retirement plan where contributions are specified but the final benefit depends on investment performance, for elected officials and other new members of New York's public retirement systems, effective April 1, 2026. Under this program, elected officials who join a public retirement system on or after that date will be automatically enrolled as "mandatory members" in the defined contribution plan, meaning they cannot accrue service credit in other retirement systems. Other employees who become members on or after April 1, 2026, will have the option to elect to join this program as "optional members." The program will involve employer contributions of 4% of wages, plus matching contributions up to 3%, and employees can contribute further within federal limits. A death benefit will be provided, calculated based on salary and years of service, and the bill clarifies that this new program supersedes any conflicting provisions in other laws.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A6932