This bill has been amended

Bill S2340-2009

Allows Tier II, III and IV members of the NYSERS to retire without a benefit reduction upon completion of 35 years of service

Allows Tier II, III and IV members of the New York state and local employees' retirement system to retire without a benefit reduction upon completion of 35 years of service without regard to age.

Details

Actions

  • Jan 6, 2010: REFERRED TO CIVIL SERVICE AND PENSIONS
  • Feb 18, 2009: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

 BILL NUMBER:  S2340

TITLE OF BILL : An act to amend the retirement and social security law, in relation to eligibility for retirement of members of the New York state and local employees' retirement system

PURPOSE : Allows Tier II, III and IV members of the New York State & Local Employees' Retirement System (ERS) to retire with unreduced benefits upon completing 35 years of total service, without regard to age.

SUMMARY OF PROVISIONS : Amends Section 442, Section 503 and Section 603 of the Retirement and Social Security Law.

JUSTIFICATION : This legislation would allow all members of the ERS to retire upon completion of 35 or more years of credited service with no age requirements.

Currently, Tier II, III and IV members must wait until age 62 to retire, or age 55 with 30 years of service, or face a penalty in their pension. Tier I employees however, may retire at age 55 without regard to age. This bill will align the later tiers more closely with Tier I members, by allowing them to retire if they have reached 35 years of service.

PRIOR LEGISLATIVE HISTORY :

2005 - A.8823 - New bill, Reported to Ways and Means 2006 - A.8823A/S.7590 - Referred to Governmental Employees 2007 - A.4530 - Referred to Governmental Employees 2008 - A.4530 - Referred to Governmental Employees

FISCAL IMPLICATIONS : If this bill is enacted, we anticipate that there would be estimated additional annual contributions of approximately $9.0 million to the State of New York and $11 million to the participating employers in the New York State and Local Employees' Retirement System.

EFFECTIVE DATE : This act shall take effect immediately.

Text

STATE OF NEW YORK ________________________________________________________________________ 2340 2009-2010 Regular Sessions IN SENATE February 18, 2009 ___________
Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law, in relation to eligibility for retirement of members of the New York state and local employees' retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 442 of the retirement and social security law is amended by adding a new subdivision c to read as follows: C. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A MEMBER OF THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE. S 2. Section 503 of the retirement and social security law is amended by adding a new subdivision e to read as follows: E. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A MEMBER OF THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE. S 3. Section 603 of the retirement and social security law is amended by adding a new subdivision t to read as follows: T. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A MEMBER OF THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE. S 4. This act shall take effect immediately and shall be deemed to be in full force and effect on and after June 30, 2009, provided, however, that the amendments to sections 503 and 603 of the retirement and social security law made by sections two and three of this act shall expire on the same date as such sections expire pursuant to section 615 of such law.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus