Permits land bank officers and employees to participate in the New York state and local retirement system

2025 Regular Session Introduced by Joe Angelino and 5 co-sponsors

Land banks can opt in to NYSLRS for their officers and employees via a board resolution, making retirement benefits available to eligible staff.

REFERRED TO LOCAL GOVERNMENTS

Summary of Bill A10245 (2025-2026) – New York

Purpose and intent

To authorize land banks created under the Not-for-Profit Corporation Law to participate in the New York State and Local Retirement System (NYSLRS) for their officers and employees, upon approval by the land bank’s board of directors.

The bill treats land banks as public organizations empowered by the State legislature and enables them to offer retirement system participation as an employee benefit.

Key provisions and changes

Enabling provision: Amends Section 1603 of the Not-for-Profit Corporation Law by adding new paragraph (i).

Text of new provision: Each land bank created pursuant to this article shall be a public organization engaged in public service deriving its power from the New York state legislature and, upon a resolution duly adopted by its board of directors, may elect to have its officers and employees participate in the New York state and local retirement system.

Effective date: The act takes effect immediately upon enactment.

Who/what would be affected

Affected entities: Land banks established under the Not-for-Profit Corporation Law in New York.

Affected individuals: Officers and employees of these land banks would be eligible to participate in NYSLRS if their board adopts the required resolution.

Administrative action: Each land bank must pass a board resolution to opt into NYSLRS participation.

Procedural and timeline aspects

Introduction and referral: Bill introduced February 12, 2026, and referred to the Committee on Local Governments.

Action pathway: Requires adoption of a board resolution by the respective land bank to implement NYSLRS participation.

Immediate effect: Once enacted, the act allows eligibility for NYSLRS participation immediately, contingent on a land bank board resolution to opt in.

Notes and context

The bill aligns land banks with a broader public employment benefits framework by enabling retirement system participation.

It does not, by itself, mandate participation; it authorizes land banks to elect participation via board resolution.

The measure has bipartisan sponsorship and mirrors similar state/local government retirement provisions for other public entities.

If you’d like, I can compare this bill to existing NYSLRS participation rules for other entities or offer a brief fiscal impact assessment based on typical retirement system employer/employee costs.