A7075A Actions
A7075A - amend and recommit to governmental employees - Jan 19, 2010A7075A - print number 7075a - Jan 19, 2010
A7075B - print number 7075b - Jan 19, 2010
A7075A - referred to governmental employees - Jan 6, 2010
A7075A - amend and recommit to governmental employees - May 27, 2009
A7075A - print number 7075a - May 27, 2009
A7075A - referred to governmental employees - Mar 19, 2009
A7075A Text
S T A T E O F N E W Y O R K7075--A
2009-2010 Regular Sessions I N ASSEMBLY March 19, 2009
Introduced by M. of A. McENENY, CANESTRARI, CAHILL, BRADLEY, WRIGHT, SCHROEDER, GUNTHER, FIELDS, JAFFEE, RAMOS, HYER-SPENCER -- Multi-Spon sored by -- M. of A. BOYLAND, BRODSKY, BROOK-KRASNY, COLTON, CUSICK, DINOWITZ, HEASTIE, HOOPER, LATIMER, LIFTON, MILLER, PERALTA, PERRY, PHEFFER, SPANO, SWEENEY, WEINSTEIN, WEISENBERG -- read once and referred to the Committee on Governmental Employees -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the retirement and social security law, in relation to benefits of members subject to article 11 and article 15 who retire prior to the normal retirement age with twenty-five years of service THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 1 of subdivision b of section 442 of the retire ment and social security law, as amended by chapter 306 of the laws of 1996, is amended to read as follows:
1. A member who is a peace officer employed by the unified court system or a member of a teacher's retirement system or a member of the New York state and local employees' retirement system OR A MEMBER OF THE NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM OR A MEMBER OF THE NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM may retire without reduction of his OR HER retirement benefit upon his OR HER attainment of at least fifty-five years of age and completion of [thirty] TWENTY-FIVE or more years of service; and
S 2. Paragraph 1 of subdivision d of section 445-d of the retirement and social security law, as amended by chapter 509 of the laws of 2001, is amended to read as follows:
1. In addition to the member contributions required by section 13-125 or 13-162 of the administrative code or section eight or thirty of the BERS rules and regulations, each participant in the age fifty-five improved benefit retirement program shall contribute, subject to the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00702-04-9
A. 7075--A 2 applicable provisions of section 13-125.2 of the administrative code or subdivision nineteen of section twenty-five hundred seventy-five of the education law, an additional percentage or additional percentages of his or her compensation to the retirement system of which he or she is a member in accordance with the following schedule:
(i) (A) each such participant shall contribute an additional four and thirty-five one-hundredths percent of his or her compensation earned from all credited CPP qualifying service (whether or not in a physically taxing position) rendered on and after the starting date of the age fifty-five improved benefit retirement program and prior to the commencement date of the first payroll period which begins after January first, nineteen hundred ninety-eight (1) while such person is a partic ipant in such program; and (2) before such person becomes such a partic ipant pursuant to paragraph one or two of subdivision b of this section (whether or not rendered in a New York city eligible position); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivi sion b (whether or not rendered in a New York city eligible position); and (B) each such participant shall contribute an additional two and eighty-five one-hundredths percent of his or her compensation earned from all credited CPP qualifying service (whether or not in a physically taxing position) rendered on and after the commencement date of the first payroll period which begins after January first, nineteen hundred ninety-eight and prior to the commencement date of the first payroll period which begins subsequent to the effective date of [the] chapter FIVE HUNDRED NINE of the laws of two thousand one which amended this item AND PRIOR TO THE COMMENCEMENT DATE OF THE FIRST PAYROLL PERIOD WHICH BEGINS AFTER JULY FIRST, TWO THOUSAND NINE (1) while such person is a participant in such program; and (2) before such person becomes such a participant pursuant to paragraph one or two of subdivision b of this section (whether or not rendered in a New York city eligible posi tion); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision b (whether or not rendered in a New York city eligible position); and (C) each such participant shall contribute an additional one and eighty-five one-hundredths percent of his or her compensation earned from all credited CPP qualifying service (whether or not in a physically taxing position) rendered on and after the commencement date of the first payroll period which begins subsequent to the effective date of [the] chapter FIVE HUNDRED NINE of the laws of two thousand one which added this item (1) while such person is a participant in such program; and (2) before such person becomes such a participant pursuant to para graph one or two of subdivision b of this section (whether or not rendered in a New York city eligible position); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision b (whether or not rendered in a New York city eligible position); and (ii) each such participant who is employed in a physically taxing position (as defined in paragraph eleven of subdivision a of this section) shall contribute, in addition to the additional member contrib utions required to be made at the percentage of compensation specified in subparagraph (i) of this paragraph for the credited CPP qualifying service specified in such subparagraph (i), an additional one and nine ty-eight one-hundredths percent of his or her compensation earned from A. 7075--A 3 that portion of such credited CPP qualifying service which is rendered in a physically taxing position on and after the starting date of the age fifty-five improved benefit retirement program (A) while such person is a participant in such program; and (B) before such person becomes such a participant pursuant to paragraph one or two of subdivision b of this section; and (C) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision b.
S 3. Subdivision a of section 603 of the retirement and social securi ty law, as amended by section 3 of chapter 19 of the laws of 2008, is amended to read as follows:
a. The service retirement benefit specified in section six hundred four of this article shall be payable to members who have met the mini mum service requirements upon retirement and attainment of age sixty two, other than members who are eligible for early service retirement pursuant to subdivision c of section six hundred four-b of this article, subdivision c of section six hundred four-c of this article, SUCH SECTION AS ADDED BY CHAPTER FOUR HUNDRED SEVENTY-TWO OF THE LAWS OF NINETEEN HUNDRED NINETY-FIVE, subdivision d of section six hundred four-d of this article, subdivision c of section six hundred four-e of this article, subdivision c of section six hundred four-f of this arti cle, subdivision c of section six hundred four-g of this article, subdi vision c of section six hundred four-h of this article or subdivision c of section six hundred four-i of this article, provided, however, a member who is a peace officer employed by the unified court system or a member of a teachers' retirement system or the New York state and local employees' retirement system OR THE NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM may retire without reduction of his or her retirement benefit upon attain ment of at least fifty-five years of age and completion of [thirty] TWENTY-FIVE or more years of service.
S 3-a. Subdivision a of section 603 of the retirement and social secu rity law, as amended by section 3-a of chapter 19 of the laws of 2008, is amended to read as follows:
a. The service retirement benefit specified in section six hundred four of this article shall be payable to members who have met the mini mum service requirements upon retirement and attainment of age sixty two, other than members who are eligible for early service retirement pursuant to subdivision c of section six hundred four-b of this article, subdivision c of section six hundred four-c of this article, SUCH SECTION AS ADDED BY CHAPTER FOUR HUNDRED SEVENTY-TWO OF THE LAWS OF NINETEEN HUNDRED NINETY-FIVE, subdivision d of section six hundred four-d of this article, subdivision c of section six hundred four-e of this article, subdivision c of section six hundred four-f of this arti cle, subdivision c of section six hundred four-g of this article, subdi vision c of section six hundred four-h of this article or subdivision c of section six hundred four-i of this article provided, however, a member who is a peace officer employed by the unified court system or a member of a teachers' retirement system or the New York state and local employees' retirement system OR THE NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM may retire without reduction of his or her retirement benefit upon attain ment of at least fifty-five years of age and completion of [thirty] TWENTY-FIVE or more years of service. A. 7075--A 4
S 4. Paragraph 1 of subdivision i of section 603 of the retirement and social security law, as amended by chapter 19 of the laws of 2008, is amended to read as follows:
1. A member of a teachers' retirement system or the New York state and local employees' retirement system who has met the minimum service requirements but who has less than [thirty] TWENTY-FIVE years of credit ed service may retire prior to normal retirement age, but no earlier than attainment of age fifty-five, in which event, unless such person is a member of the New York city teachers' retirement system who is other wise eligible for early service retirement pursuant to subdivision c of section six hundred four-i of this article, the amount of his or her retirement benefit otherwise computed without optional modification shall be reduced in accordance with the following schedule:
(i) for each of the first twenty-four full months that retirement predates age sixty-two, one-half of one per centum per month; and (ii) for each full month that retirement predates age sixty, one-quar ter of one per centum per month, but in no event shall retirement be permitted prior to attainment of age fifty-five.
S 5. Paragraph 1 of subdivision d of section 604-c of the retirement and social security law, as amended by chapter 509 of the laws of 2001, is amended to read as follows:
1. In addition to the member contributions required by section six hundred thirteen of this article, each participant in the twenty-five year early retirement program shall contribute (subject to the applica ble provisions of subdivision d of section six hundred thirteen of this article) an additional percentage or additional percentages of his or her compensation to the retirement system of which he or she is a member in accordance with the following schedule:
(i) (A) each such participant shall contribute an additional four and thirty-five one-hundredths percent of his or her compensation earned from all credited service (whether or not in a physically taxing posi tion) rendered on and after the starting date of the twenty-five-year early retirement program and prior to the commencement date of the first payroll period which begins after January first, nineteen hundred nine ty-eight (1) while such person is a participant in such program; and (2) before such person becomes such a participant pursuant to paragraph one or two of subdivision b of this section (whether or not rendered in a New York city eligible position); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision b (whether or not rendered in a New York city eligible position); and (B) each such participant shall contribute an additional two and eighty-five one-hundredths percent of his or her compensation earned from all credited service (whether or not in a physically taxing posi tion) rendered on and after the commencement date of the first payroll period which begins after January first, nineteen hundred ninety-eight and prior to the commencement date of the first payroll period which begins subsequent to the effective date of [the] chapter FIVE HUNDRED NINE of the laws of two thousand one which amended this item AND PRIOR TO THE COMMENCEMENT DATE OF THE FIRST PAYROLL PERIOD WHICH BEGINS AFTER JULY FIRST, TWO THOUSAND NINE (1) while such person is a participant in such program; and (2) before such person becomes such a participant pursuant to paragraph one or two of subdivision b of this section (whether or not rendered in a New York city eligible position); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivi A. 7075--A 5 sion b (whether or not rendered in a New York city eligible position); and (C) each such participant shall contribute an additional one and eighty-five one-hundredths percent of his or her compensation earned from all credited service (whether or not in a physically taxing posi tion) rendered on and after the commencement date of the first payroll period which begins subsequent to the effective date of [the] chapter FIVE HUNDRED NINE of the laws of two thousand one which added this item (1) while such person is a participant in such program; and (2) before such person becomes such a participant pursuant to paragraph one or two of subdivision b of this section (whether or not rendered in a New York city eligible position); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision b (whether or not rendered in a New York city eligible position); and (ii) each such participant who is employed in a physically taxing position (as defined in paragraph eleven of subdivision a of this section) shall contribute, in addition to the additional member contrib utions required to be made at the percentage of compensation specified in subparagraph (i) of this paragraph for the credited service specified in such subparagraph (i), an additional one and ninety-eight one-hun dredths percent of his or her compensation earned from that portion of such credited service which is rendered in a physically taxing position on and after the starting date of the twenty-five-year early retirement program (A) while such person is a participant in such program; and (B) before such person becomes such a participant pursuant to paragraph one or two of subdivision b of this section; and (C) after such person ceas es to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision b. (iii) notwithstanding the provisions of subparagraphs (i) and (ii) of this paragraph, a person who becomes a participant in the twenty-five year early retirement program provided by this section, who prior to such membership was subject to the provisions of section six hundred four-b of this article, shall not be required to pay the additional member contributions required by subparagraphs (i) and (ii) of this paragraph for any period of credited service before which such person became a participant pursuant to paragraph one or two of subdivision b of this section and during which such participant was subject to the provisions of such section six hundred four-b and no additional employee contributions were required of such member.
S 6. Paragraph 1 of subdivision f of section 604-d of the retirement and social security law, as amended by chapter 509 of the laws of 2001, is amended to read as follows:
1. In addition to the member contributions required by section six hundred thirteen of this article, each participant in the age fifty-sev en retirement program shall contribute (subject to the applicable provisions of subdivision d of section six hundred thirteen of this article) an additional percentage or additional percentages of his or her compensation to the retirement system of which he or she is a member in accordance with the following schedule:
(i) (A) each such participant shall contribute an additional four and thirty-five one-hundredths percent of his or her compensation earned from all credited service (whether or not in a physically taxing posi tion) rendered prior to the commencement date of the first payroll peri od which begins after January first, nineteen hundred ninety-eight (1) while such person is a participant in such program; and (2) before such A. 7075--A 6 person becomes such a participant pursuant to paragraph one or three of subdivision c of this section (whether or not rendered in a New York city eligible position, and whether rendered before or after the enact ment date of the age fifty-seven retirement program); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision c (whether or not rendered in a New York city eligible position); and (B) each such participant shall contribute an additional two and eighty-five one-hundredths percent of his or her compensation earned from all credited service (whether or not in a physically taxing posi tion) rendered on and after the commencement date of the first payroll period which begins after January first, nineteen hundred ninety-eight and prior to the commencement date of the first payroll period which begins subsequent to the effective date of [the] chapter FIVE HUNDRED NINE of the laws of two thousand one which amended this item AND PRIOR TO THE COMMENCEMENT DATE OF THE FIRST PAYROLL PERIOD WHICH BEGINS AFTER JULY FIRST, TWO THOUSAND NINE (1) while such person is a participant in such program; and (2) before such person becomes such a participant pursuant to paragraph one or three of subdivision c of this section (whether or not rendered in a New York city eligible position); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivi sion c (whether or not rendered in a New York city eligible position); and (C) each such participant shall contribute an additional one and eighty-five one-hundredths percent of his or her compensation earned from all credited service (whether or not in a physically taxing posi tion) rendered on and after the commencement date of the first payroll period which begins subsequent to the effective date of [the] chapter FIVE HUNDRED NINE of the laws of two thousand one which added this item (1) while such person is a participant in such program; and (2) before such person becomes such a participant pursuant to paragraph one or three of subdivision c of this section (whether or not rendered in a New York city eligible position); and (3) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision c (whether or not rendered in A New York city eligible position); and (ii) each such participant who is employed in a physically taxing position (as defined in paragraph eleven of subdivision a of section six hundred four-c of this article) shall contribute, in addition to the additional member contributions required to be made at the percentage of compensation specified in subparagraph (i) of this paragraph for the credited service specified in such subparagraph (i), an additional one and ninety-eight one-hundredths percent of his or her compensation earned from that portion of such credited service which is rendered in a physically taxing position (A) while such person is a participant in such program; and (B) before such person becomes such a participant pursuant to paragraph one or three of subdivision c of this section (whether rendered before or after the enactment date of the age fifty seven retirement program); and (C) after such person ceases to be a participant, but before he or she again becomes such a participant pursuant to paragraph five of such subdivision c. (iii) notwithstanding the provisions of subparagraphs (i) and (ii) of this paragraph, a person who becomes a participant in the age fifty-sev en early retirement program provided by this section, who prior to such membership was subject to the provisions of section six hundred four-b A. 7075--A 7 of this article, shall not be required to pay the additional member contributions required by subparagraphs (i) and (ii) of this paragraph for any period of credited service before which such person became a participant pursuant to paragraph one or three of subdivision c of this section and during which such participant was subject to the provisions of such section six hundred four-b and no additional employee contrib utions were required of such member.
S 7. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after June 30, 2009; provided, however, that the amendments to subdivisions a and i of section 603, paragraph 1 of subdivision d of section 604-c and paragraph 1 of subdi vision f of section 604-d of the retirement and social security law made by sections three, three-a, four, five and six of this act shall not affect the expiration of and shall expire on the same date as article 15 of such law, pursuant to section 615 of the retirement and social secu rity law; and provided, further, that the amendments to subdivision a of section 603 of the retirement and social security law made by section three of this act shall be subject to the expiration and reversion of such subdivision pursuant to section 13 of chapter 682 of the laws of 2003, as amended, when upon such date the provisions of section three-a of this act shall take effect. FISCAL NOTE.--Pursuant to: Legislative Legislative Law,
Section 50:
This bill would allow Tier 2, 3 and 4 members of the New York State and Local Employees' Retirement System and certain other public retire ment systems to retire without a benefit reduction due to, early retire ment upon the attainment of age fifty-five (55) and the completion of at least twenty-five (25) years of service. It would also amend the employ ee contribution payment schedule for certain members of the New York City Employees' Retirement System who are covered under the Optional Age Fifty-Five Improved Retirement Benefit Program. This bill would be deemed to be in effect on June 30, 2009. Insofar as this bill would affect the New York State and Local Employ ees' Retirement System, if it is enacted, we anticipate that there would be estimated additional annual contributions of approximately $67 million to the State of New York and $95 million to the participating employers in the New York State and Local Employees' Retirement System. This estimate, dated December 1, 2008 and intended for use only during the 2009 Legislative Session, is Fiscal Note No. 2009-19, prepared by the Actuary for the New York State and Local Employees' Retirement System.
FISCAL NOTE.--Pursuant to Legislative Law,
Section 50:
This bill would permit members of the New York State Teachers' Retire ment System who joined after June 30, 1973 to retire without reduction in retirement benefit upon attainment of at least age 55 with 25 years of service credit. Currently 30 years of service credit and attainment of at least age 55 are required in order to retire without an early retirement reduction. Retirement without reduction is always permitted upon attainment of age 62 with 5 years of service credit. The annual cost to the employers of members of the New York State Teachers' Retirement System for this benefit is estimated to be $200.0 million or 1.36% of payroll if this bill is enacted. The source of this estimate is Fiscal Note 2009-68 dated May 22, 2009 prepared by the Actuary of the New York State Teachers' Retirement System and is intended for use only during the 2009 Legislative Session.
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