A bill that alters public pension benefits must be initiated by the State Legislature, approved by both the Assembly and Senate, and signed into law by the governor.
NYSTRS constantly monitors pending legislation that would affect the retirement benefits of our members. Following is the status of currently pending legislation.
Increase to the Minimum Retirement Allowance
Passed Senate: June 6, 2021
Passed Assembly: June 7, 2021
This bill extends the minimum retirement benefit provided for in Education Law Section 532(e) to all NYSTRS members who retired prior to July 1, 1980, as opposed to July 1, 1970 under the current law, and increases said allowance to $550 per year of New York state service up to a 35-year maximum of $19,250.
If enacted, the legislation will be effective June 30, 2021.