Establishes a defined contribution program for New York state employees, mandatory for elected officials.

This bill establishes a defined contribution program for New York state employees, making it mandatory for elected officials. Employees who join a public retirement system on or after April 1, 2026, can elect to participate in the program. Employers contribute 4% of wages, and employees can contribute up to the maximum allowable amount. The program includes a death benefit and does not accrue credited service under other laws. The employer's contribution rate for the DC plan is estimated at 7.8% of payroll, with administrative expenses of $5 to $10 million.

Establishes a defined contribution program for New York state employees, mandatory for elected officials.

This bill establishes a defined contribution program for New York state employees, making it mandatory for elected officials. Employees who join a public retirement system on or after April 1, 2026, can elect to participate in the program. Employers contribute 4% of wages, and employees can contribute up to the maximum allowable amount. The program includes a death benefit and does not accrue credited service under other laws. The employer's contribution rate for the DC plan is estimated at 7.8% of payroll, with administrative expenses of $5 to $10 million.