Relates to the election of retirement benefits for certain members of the New York state and local employees' retirement system who are employed by the office of mental health.
Impact
The implementation of Bill A08370 includes a sunset provision that will repeal the act after 180 days. If enacted, the bill will also lead to additional financial impacts on the state budget, with an anticipated increase of approximately $2.2 million in annual contributions for the fiscal year ending March 31, 2026. Moreover, a one-time cost of about $19.4 million will be incurred due to back service costs for the affected employees. This financial implication underscores the bill's potential burden on the state's retirement system while aiming to improve employee benefits.
Summary
Bill A08370 is a legislative proposal aimed at amending the retirement and social security law for certain members of the New York State and Local Employees' Retirement System (NYSLERS) employed specifically in security roles within the Office of Mental Health. This bill allows these employees, designated as 'security hospital treatment assistants' among other titles, to make an irrevocable election between two retirement benefit options: an Age-55 plan or a 25-year service plan. This is a significant change that introduces flexibility for employees regarding their retirement planning and ensures a tailored approach to their specific needs in this sector.
Contention
Despite its intentions, the bill may draw mixed reactions from legislators and stakeholders. Proponents may argue that it enhances employee welfare by providing essential options in retirement planning, particularly for those in demanding and responsible roles like mental health law enforcement. However, skeptics might express concern about the fiscal impact on the state budget, questioning whether this additional financial responsibility aligns with other state funding priorities or whether it could set a precedent for similar legislation affecting other groups of employees.
Same As
Relates to the election of retirement benefits for certain members of the New York state and local employees' retirement system who are employed by the office of mental health.
Relates to the election of retirement benefits for certain members of the New York state and local employees' retirement system who are employed by the office of mental health.
Relates to the election of retirement benefits for certain members of the New York state and local employees' retirement system who are employed by the office of mental health.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Permits a member of the New York city teachers' retirement system, the New York city employees' retirement system, or the New York city board of education retirement system who is eligible to join any other retirement system maintained by the city due to a separate, concurrent eligible employment with a participating employer to become a member of the subsequent city funded retirement system provided such benefits in the first system of membership are suspended during their active membership in the subsequent retirement system.
Permits a member of the New York city teachers' retirement system, the New York city employees' retirement system, or the New York city board of education retirement system who is eligible to join any other retirement system maintained by the city due to a separate, concurrent eligible employment with a participating employer to become a member of the subsequent city funded retirement system provided such benefits in the first system of membership are suspended during their active membership in the subsequent retirement system.