BILL NUMBER: S7825
SPONSOR: MARTINS
 
TITLE OF BILL:
An act granting retroactive tier IV membership in the New York state and
local retirement system to members hired on or after January first, two
thousand ten
 
PURPOSE:
This bill seeks to enhance state benefits to attract and retain employ-
ees. The reduction in benefits to Tier 5 & 6 has hampered recruitment
and retention of employees.
 
SUMMARY OF PROVISIONS:
Section 1 allows a member of the New York State and local employees'
retirement system whose date of membership was on or after January 1,
2010 be granted benefits as if their date of membership was December 31,
2009 granting them tier 4 benefits.
Section 2 states that no prior contributions made to NYSLRS shall be
refunded or returned. Section 3 states that none of the provisions of
this act shall be subject to the appropriation requirement of section 25
of the retirement and social security law. Section 4 is the effective
date.
 
JUSTIFICATION:
Where state jobs used to be attractive, they are now less so due to
decreased benefit structures. This has caused disinterest in the state
jobs pool. Tier 4 members have significantly better benefits than tier 5
and 6 members, i.e. more favorable pension formulas, less contribution
rates, shorter vesting periods, lower penalties for early retirement,
etc. This bill aims to recruit and retain more highly skilled state
employees by providing enhanced benefits.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
See fiscal note.
 
EFFECTIVE DATE:
120 days after it shall become law.