Summary of 2004 Legislation

• Eligibility for Lump Sum Benefit signed as Chapter 718 of the Laws of 2004.
• Earnings in Retirement Limit signed into law Feb. 2, 2004 as Chapter 4.
• Elimination of Pension Reserve Transfers signed as Chapter 647 of the Laws of 2004.

The following is a summary of 2004 NYSTRS-related legislation that has been signed into law.

Eligibility for Lump Sum Benefit

Highlights:

• Extends to June 30, 2005, Chapter 167 of the laws of 2003, authorizing NYSTRS to pay, at the member's discretion, an actuarially determined lump sum in lieu of an annual retirement benefit of $2,400 or less.

Effective Date: Nov. 24, 2004

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Earnings in Retirement Limit

Highlights:

• Increases the earnings limit for New York State public employment under Section 212 of the Retirement & Social Security Law to $27,500 for calendar year 2004.

Effective Date: Jan. 1, 2004

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Elimination of Pension Reserve Transfers

Highlights:

• Eliminates the requirement that pension reserves be included in membership transfers between NYSTRS and other public retirement systems in New York state.

Effective Date: Oct. 26, 2004

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