Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 18, 2013 |
signed chap.523 |
Dec 06, 2013 |
delivered to governor |
Jun 21, 2013 |
returned to assembly passed senate |
Jun 20, 2013 |
3rd reading cal.1493 substituted for s5053 |
Jun 20, 2013 |
substituted by a6942 ordered to third reading cal.1493 committee discharged and committed to rules |
May 07, 2013 |
referred to civil service and pensions |
Senate Bill S5053
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A6942 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2013-S5053 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6942
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd ยง1100, R & SS L
2013-S5053 (ACTIVE) - Sponsor 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
2013-S5053 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5053 2013-2014 Regular Sessions I N S E N A T E 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10253-01-3
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