New York Gov. Kathy Hochul (D) on Nov. 23 vetoed a measure that would have allowed employees of the City of New York to join the New York City Board of Education Retirement System.
The measure had wound its way through the New York Senate and Assembly earlier this year. S08644 passed in the Senate on May 25; it passed in the Assembly on June 2.
Under the bill, beginning July 1, 2023, when hired, any employee eligible to participate in the retirement system who is not a member of any other public retirement system of New York City or the state of New York would have been enrolled 91 days after the date of hire. Employees would have been able to opt out.
The bill is one of a succession of measures in New York City and state that have sought to expand retirement plan coverage. Then-New York Mayor Bill de Blasio on May 11, 2021 signed into law “Retirement Security for All” legislation, establishing a retirement savings program for private sector employers that do not offer a retirement plan and employ five or more employees. And in October 2021, Hochul signed into law legislation that converted New York State’s state-run IRA program from voluntary to mandatory for employers that do not offer a retirement plan and employ 10 or more employees.
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