Chapter 504 had broad effects on New York State public retirement systems. Individuals who became TRS members after December 10, 2009, but before April 1, 2012, are affected as follows:

• Members who are represented by the United Federation of Teachers (UFT) become vested after they have ten years of service credit. (Note: This provision was superseded by Chapter 56 of the Laws of 2022, which changed the vesting requirement to five years.)
• Members who participate in the Age 55 Retirement Program ("55/27" participants) will make pension contributions of 4.85% of gross pensionable compensation until they have 27 years of service credit, and contributions of 1.85% of gross pensionable compensation after reaching 27 years of service credit.

In addition, Chapter 504 affected certain members regardless of their membership date: For all participants in the Tax-Deferred Annuity (TDA) Program who are serving in (or resigned/retired from) UFT-covered titles, the annual interest rate paid by the Fixed Return Fund is 7% as of December 11, 2009.

Note: Chapter 504 also established a new tier—Tier V—for New York State public retirement systems and the Optional Retirement Program (available to CUNY employees). This change did not apply to TRS.