Grants tier IV benefits in the New York state and local retirement system to employees hired on or after January 1, 2010.
This bill grants tier IV benefits in the New York State and Local Employees' Retirement System (NYSLERS) to employees hired on or after January 1, 2010. These employees, previously in tiers 5 and 6, will now receive benefits as if they were in tier 4. The change does not affect the dates of membership or allow refunds of member contributions. The increased costs will be shared by the State of New York and local participating employers.
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