Bill > S08121

This bill amends the retirement and social security law to provide a special provision for certain dispatcher members of the New York City Employees' Retirement System (NYCERS) who are part of the 25-Year Retirement Plan. Specifically, the bill allows dispatcher members who were over 30 years old when they were employed and missed the original 180-day window to file an election to opt out of the plan, a new 180-day period to make this election. The retirement system is required to post and announce the opt-out form and instructions on its website within 30 days of the law's effective date. If the retirement system fails to post the form and instructions within this timeframe, the opt-out period will be extended by 60 days for each month the form is not posted. This provides a second chance for eligible dispatcher members who might have inadvertently missed the initial opt-out opportunity, giving them the ability to choose whether to remain in the 25-Year Retirement Plan or return to their underlying Tier 4 or Tier 6 retirement plan. The bill is expected to impact approximately 54 active members, with potential financial implications for the New York City Employees' Retirement System.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S8121