Establishes a defined contribution plan for non-civil service appointees and elected officials in New York.

New York A06914 establishes a defined contribution plan for non-civil service appointees and elected officials of the New York state and local employees' retirement system. This plan applies to those not yet vested in a state retirement system or hired after the bill's effective date. The comptroller will enter into agreements with financial organizations to administer the plan and invest funds. The current retirement plans for affected employees will be frozen as of the bill's effective date. Both employees and employers must contribute three percent of annual compensation to the plan.

Establishes a defined contribution plan for non-civil service appointees and elected officials in New York.

New York A06914 establishes a defined contribution plan for non-civil service appointees and elected officials of the New York state and local employees' retirement system. This plan applies to those not yet vested in a state retirement system or hired after the bill's effective date. The comptroller will enter into agreements with financial organizations to administer the plan and invest funds. The current retirement plans for affected employees will be frozen as of the bill's effective date. Both employees and employers must contribute three percent of annual compensation to the plan.