A4359-2011 Actions

• Jan 4, 2012: referred to governmental employees
• Jan 3, 2012: print number 4359a
• Jan 3, 2012: amend and recommit to governmental employees
• Feb 3, 2011: referred to governmental employees

A4359-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         4359
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 3, 2011
 
 Introduced  by  M.  of  A.  McENENY,  CANESTRARI,  ENGLEBRIGHT, PHEFFER,
 SCHROEDER, COLTON -- Multi-Sponsored by -- M. of  A.  CUSICK,  HOOPER,
 PERRY,  REILLY, SPANO, SWEENEY, WEISENBERG, ZEBROWSKI -- read once and
 referred to the Committee on Governmental Employees
 

AN ACT to amend the retirement and social security law, in  relation  to
 providing benefit enhancements
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Subdivision b of section 902 of the retirement  and  social
 security law is amended by adding a new paragraph 4 to read as follows:

 4.    A  MEMBER  OF A RETIREMENT SYSTEM AS DEFINED BY SUBDIVISION A OF
 SECTION NINE HUNDRED OF THIS ARTICLE WITH A DATE OF MEMBERSHIP  IN  SUCH
 RETIREMENT  SYSTEM  ON  OR  AFTER  JULY TWENTY-SEVENTH, NINETEEN HUNDRED
 SEVENTY-SIX AND BEFORE JANUARY FIRST,  TWO  THOUSAND  TEN  AND  WHO  HAS
 CONTRIBUTED  TO  SUCH  RETIREMENT SYSTEM UNDER THE PROVISIONS OF ARTICLE
 FOURTEEN OR FIFTEEN OF THIS CHAPTER FOR A PERIOD OF MORE THAN TEN  YEARS
 SHALL  RECEIVE ONE-TWELFTH OF A YEAR OF ADDITIONAL RETIREMENT CREDIT FOR
 EACH YEAR OF SERVICE IN EXCESS OF TEN YEARS OF SERVICE  FOR  WHICH  SUCH
 MEMBER  HAS  CONTRIBUTED, AND SUCH ADDITIONAL RETIREMENT CREDIT SHALL BE
 CREDITED TO ALL SUCH ELIGIBLE EMPLOYEES WITHOUT REGARD TO AN ELECTION OF
 BENEFIT ENHANCEMENTS PURSUANT TO SECTION NINE HUNDRED ONE OF THIS  ARTI
 CLE.
 

S 2. Subdivision b of section 911 of the retirement and social securi
 ty law is amended by adding a new paragraph 4 to read as follows:

 4.  A  MEMBER  OF  A  RETIREMENT SYSTEM AS DEFINED BY SUBDIVISION A OF
 SECTION NINE HUNDRED TEN OF THIS ARTICLE WITH A DATE  OF  MEMBERSHIP  IN
 SUCH RETIREMENT SYSTEM ON OR AFTER JULY TWENTY-SEVENTH, NINETEEN HUNDRED
 SEVENTY-SIX  AND WHO HAS CONTRIBUTED TO SUCH RETIREMENT SYSTEM UNDER THE
 PROVISIONS OF ARTICLE FOURTEEN OR FIFTEEN OF THIS CHAPTER FOR  A  PERIOD
 OF MORE THAN TEN YEARS SHALL RECEIVE ONE-TWELFTH OF A YEAR OF ADDITIONAL
 RETIREMENT  CREDIT  FOR  EACH  YEAR OF SERVICE IN EXCESS OF TEN YEARS OF
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02072-02-1
 
       A. 4359                             2
 SERVICE FOR WHICH SUCH  MEMBER  HAS  CONTRIBUTED,  AND  SUCH  ADDITIONAL
 RETIREMENT CREDIT SHALL BE CREDITED TO ALL SUCH ELIGIBLE EMPLOYEES.
 

S  3.  This act shall take effect immediately, except that if this act
 shall have become a law on or after June 30, 2011 this  act  shall  take
 effect  immediately  and  shall be deemed to have been in full force and
 effect on and after June 30, 2011.
 FISCAL NOTE. -- Pursuant to Legislative Law,

Section 50:

 This bill would amend Article 19 of the Retirement and Social Security
 Law to allow tier 3 and 4 members who have contributed for a  period  of
 more  than  ten  (10)  years  in the New York State and Local Employees'
 Retirement System, New York State Teachers' Retirement System, New  York
 City  Employees'  Retirement  System, New York City Teachers' Retirement
 System, or the New York City Board of  Education  Retirement  System  to
 receive  an  additional month of service credit for each year of service
 in excess of ten (10)  years  of  service  for  which  such  member  has
 contributed. This bill would be deemed to be in effect on June 30, 2011.
 Insofar as this bill would affect the New York State and Local Employ
 ees' Retirement System, there would be annual costs of approximately $25
 million  to  the  State of New York and $34 million to the participating
 employers in the System.
 This estimate, dated November 23, 2010,  and  intended  for  use  only
 during  the  2011  Legislative  Session,  is  Fiscal  Note  No. 2011-52,
 prepared by the Actuary for the New  York  State  and  Local  Employees'
 Retirement System.

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