(Dec. 19, 2014) – Pension provisions in a new federal spending bill do not impact your promised NYSTRS benefits. The bill largely pertains to multiemployer plans, which are funded by several employers in a specific industry, such as trucking or construction.
The Consolidated and Further Continuing Appropriations Act of 2015 (the CR-Omnibus bill) contains provisions that would allow, under certain conditions, severely underfunded multiemployer plans to reduce member benefits. NYSTRS is not considered a multiemployer plan.
NYSTRS is one of the best-funded public pension plans in the nation. Additionally, NYSTRS' promised benefits are protected by the New York State Constitution. System retirees have received benefits in full without fail since 1921.