Grants retroactive tier IV membership in the New York state and local retirement system to employees hired on or after January 1, 2010

Senate Bill S 7825 aims to grant retroactive Tier IV retirement benefits to certain New York state and local employees. This bill directly affects employees who joined the New York state and local employees' retirement system on or after January 1, 2010. Under this legislation, these individuals would receive retirement benefits as if they had joined the system on December 31, 2009, qualifying them for Tier IV benefits. Employees have the option to opt-out of these changes within one year of the law's effective date, but no previously made contributions will be refunded.