As part of the enacted SFY 2020 State Budget (Chapter 59, Laws of 2019), Section 6-r of the General Municipal Law was amended to provide eligible participating employers in the New York State Teachers Retirement System (NYSTRS) the option to establish a retirement contribution reserve sub-fund.
When this reserve was originally established in 2004, it permitted local governments and school districts to set aside funds in reserve for New York State and Local Employee Retirement System (NYSERS) contributions -- not NYSTRS contributions.
In response to this change, the Office of the State Comptroller (OSC) has issued an Accounting Bulletin
to provide updated account code guidance for school districts recording contributions to NYSERS and NYSTRS.
To download the Bulletin, please click on the following link: