Bill S5053-2013

Allows larger lump sum payments to be made under the partial lump sum payment program for certain members of the New York state and local police and fire retirement system

Allows larger lump sum payments to be made under the partial lump sum payment program for certain members of the New York state and local police and fire retirement system.

Details

Actions

  • Jun 20, 2013: SUBSTITUTED BY A6942
  • Jun 20, 2013: ORDERED TO THIRD READING CAL.1493
  • Jun 20, 2013: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • May 7, 2013: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

BILL NUMBER:S5053

TITLE OF BILL: An act to amend the retirement and social security law, in relation to partial lump sum payments for certain members of the New York state and local police and fire retirement system

PURPOSE: This bill would allow larger lump sum payments to be made under the partial lump sum payment program for certain members of the New York state and local police and fire retirement system.

SUMMARY OF PROVISIONS: This bill amends subdivision 2 of section 1100 of the retirement and social security law by adding to new paragraph, d and e

JUSTIFICATION: Members of the New York state and local police and fire retirement system, that are filing for retirement should be eligible to receive a larger lump sum under the partial lump sum program. Currently members are allowed to receive a partial lump sum of up to J5t of the present value of their retirement allowance, and a smaller annual retirement allowance thereafter,. However, members who file for retirement after being eligible for 4 or 5 or more years should be eligible to receive a larger lump sum of up to 25% at retirement.

LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: See the bill.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5053 2013-2014 Regular Sessions IN SENATE May 7, 2013 ___________
Introduced by Sen. GOLDEN -- 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 partial lump sum payments for certain members of the New York state and local police and fire retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 1100 of the retirement and social security law is amended by adding two new paragraphs d and e to read as follows: D. ANY MEMBER WHO FILES FOR RETIREMENT AFTER BEING ELIGIBLE TO RETIRE FOR FOUR YEARS MAY ELECT TO RECEIVE A TWENTY PERCENT LUMP SUM PAYMENT OF THE ACTUARIAL EQUIVALENT OF HIS OR HER RETIREMENT ALLOWANCE AT THE TIME OF RETIREMENT. E. ANY MEMBER WHO FILES FOR RETIREMENT AFTER BEING ELIGIBLE TO RETIRE FOR FIVE YEARS MAY ELECT TO RECEIVE A TWENTY-FIVE PERCENT LUMP SUM PAYMENT OF THE ACTUARIAL EQUIVALENT OF HIS OR HER RETIREMENT ALLOWANCE AT THE TIME OF RETIREMENT. S 2. This act shall take effect immediately. FISCAL NOTE.-- Pursuant to Legislative Law, Section 50: This bill would allow larger lump sum payments to be made under the Partial Lump Sum (PLS) program for certain members of the New York State and Local Police and Fire Retirement System (PFRS). Currently, PFRS members who are eligible for the PLS program may elect to receive a partial lump sum payment of up to 15% of the present value of their actuarially determined retirement allowance at retirement, and a smaller annual retirement allowance thereafter. This proposal would allow a member who files for service retirement after being eligible to retire for 4 or 5 or more years to be eligible to receive a partial lump sum of up to 20% or 25%, respectively, of the present value of their actuarial-

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