Bill S2340A-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

  • Feb 5, 2010: PRINT NUMBER 2340A
  • Feb 5, 2010: AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • Jan 6, 2010: REFERRED TO CIVIL SERVICE AND PENSIONS
  • Feb 18, 2009: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

 BILL NUMBER:  S2340A

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 : 2009 Session: S.2340 - Referred to Civil Service and Pensions

FISCAL IMPLICATIONS : If this bill is enacted, we anticipate that there would be estimated additional annual contributions of approximately $7.7 million to the State New York and $9.1 million to the participating employers in the New York State and Local Employees' Retirement System.

EFFECTIVE DATE : This act shall take effect immediately and shall be deemed in full force and effect on and after June 30, 2010.

Text

STATE OF NEW YORK ________________________________________________________________________ 2340--A 2009-2010 Regular Sessions IN SENATE February 18, 2009 ___________
Introduced by Sens. SAVINO, DIAZ, DILAN, MONSERRATE, ONORATO -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- recommitted to the Commit- tee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- 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 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 u to read as follows: U. 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, 2010.

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