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Bill

Bill

A 7403

Provides for the transfer of service credit between certain retirement systems

2025 Regular Session Introduced by Andrew Hevesi and 2 co-sponsors

Bill allows NY public employees to transfer retirement service credit between pension systems, potentially improving benefits for workers changing public sector employers.

SUBSTITUTED BY S6437
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WeVote Research Nonpartisan
Bill Summary · A 7403

Legislative bill overview

Bill A 7403 allows public employees in New York to transfer service credit accumulated in one retirement system to another, potentially simplifying pension calculations for workers who change employers within the public sector. The bill was substituted by Senate Bill S6437 on June 16, 2025, suggesting the final language differs from the original House version.

Why is this important

Public employees who move between state agencies, municipal governments, or other public employers often lose accumulated service credit, affecting their pension calculations and retirement benefits. Enabling credit transfers could improve retirement security for career public servants and reduce administrative barriers for mid-career transitions within government service.

Potential points of contention

  • Fiscal impact on pension systems: Transferring service credit between systems may shift pension liabilities; actuarial analyses needed to determine costs to each retirement fund
  • Portability vs. system integrity: Different retirement systems have varying contribution rates and benefit formulas; credit transfers could create inequities or accounting complications
  • Eligibility boundaries: Unclear which systems qualify for transfers and what restrictions apply (e.g., vesting periods, time limits on transfers, types of public employment covered)

Compiled from official sources — confirm details with the bill’s official record.

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