2004 Pension Law Gains

Chapter 4 Increases from $25,000 to $27,500 the amount retired public employees can earn in public employment in 2004 and thereafter without a penalty being imposed on their pensions.

Chapter 273 Allows BERS retirees to have deductions taken from their pension checks for contributions to political action committees.

Chapter 631 Clarification which allows Tier III/IV members to change a previously filed election up to 30 days after a retirement allowance is payable.

Chapter 647 Eliminates the requirement for transfer of pension reserves between systems when a member transfers from one public retirement system in NewYork State to another. Will speed up the previously lengthy procedure when members transfer from one system to another.

Chapter 691 Allows for federal pre-tax contributions to pay for prior service
buybacks. IRS ruling being sought by TRS.

Chapter 724 Clarifies administrative procedures for establishing new variable annuity programs.