Summary of 2005 Legislation
The following is a summary of 2005 NYSTRS-related legislation that has been signed into law.
Death Benefits for Beneficiaries of Active Duty Military Members
Highlights:
- Provides ordinary death benefits (Tiers I/II) and accidental death benefits (Tiers III/IV) to eligible survivors of public employees who are ordered to duty and then die while on active duty in any branch of the armed forces on or after the date the bill is signed into law.
Effective Date: June 14, 2005
Inclusion of DC Plan Contributions in Certain FAS Calculations
Highlights:
- Allows contributions to eligible defined contribution plans to be included in the five-year final average salary computation of members with a date of membership prior to June 17, 1971.
Effective Date: June 30, 2005
Date New Legislation Takes Effect
Highlights:
- Assures that any legislation affecting benefits provided by NYSTRS will take effect no later than June 30 of the year in which the legislation is enacted.
Effective Date: June 30, 2005
Non-Contributory Military Service Credit
Highlights:
- Makes military service credit non-contributory for members of public retirement systems called to active military duty on or after September 11, 2001 and prior to January 1, 2006.
Signed: July 26, 2005; Effective September 11, 2001
Compliance With Older Workers Benefit Protection Act
Highlights:
- Amends certain provisions relating to death and disability benefits provided by NYSTRS to ensure compliance by the System with the Older Workers Benefit Protection Act.
Effective Date: Immediately. The bill, which was signed into law on Aug. 23, 2005, is retroactive to October 16, 1992.
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