The following is a summary of 2013 NYSTRS-related legislation that has been signed into law.
Technical Clarification of the Paragraph 2 Death Benefit Calculation
Chapter 520 of the Laws of 2013
Signed into law Dec. 18, 2013
Chapter 520 clarifies the maximum salary which may be used to calculate the paragraph 2 ordinary death benefit for members of a public retirement system with a date of membership on or after July 1, 1973. This chapter made a technical correction to Retirement and Social Security Law sections 448(c), 508(c) and 606 (c) to re-establish a uniform maximum salary for the purposes of this death benefit calculation.
Annual Meeting Dates
Chapter 436 of the Laws of 2013
Signed into law Oct. 24, 2013
Chapter 436 provides that NYSTRS’ Annual Delegates Meeting may be held in either October or November. Previously, the meeting was required to be held in November.
Stable Contribution Option for Certain NYSTRS Employers
Chapter 57 of the Laws of 2013, Part BB
Signed into law March 29, 2013
Chapter 57 amends portions of the Education Law that affect contributions made by certain NYSTRS participating employers. This law provides NYSTRS with the opportunity to offer a seven-year stable contribution option to BOCES and public school districts that are participating employers. NYSTRS' Board met Tuesday, April 9, 2013 to discuss this issue and voted unanimously to offer employers this option.
Refer to the Stable Contribution Option for Certain NYSTRS Participating Employers fact sheet for additional information and the provisions of this option.