Bill S7074A-2011

Makes permanent provisions that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement

Makes permanent provisions of the retirement and social security law that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement.

Details

Actions

  • Jun 21, 2012: SUBSTITUTED BY A9889A
  • Jun 21, 2012: ORDERED TO THIRD READING CAL.1475
  • Jun 21, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • May 14, 2012: PRINT NUMBER 7074A
  • May 14, 2012: AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • Apr 27, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS

Votes

Memo

BILL NUMBER:S7074A

TITLE OF BILL: An act to amend chapter 735 of the laws of 2006, amending the retirement and social security law relating to permitting certain members of the New York state and local police and fire retirement system to receive a partial lump sum distribution upon retirement, in relation to the effectiveness thereof

SUMMARY OF PROVISIONS: The Partial Lump Sum option that is currently available to certain members of the New York State and local employees' retirement system as well to certain members of the New York state and local police and fire retirement system is set to expire on April 1, 2013. This legislation shall make permanent the provisions set forth therein.

Section 1 - Shall make permanent the provisions of § 1100, by repealing the expiration date of April 1, 2013.

JUSTIFICATION: Under current law, Retirement and Social Security Law Section 1100, has allowed certain members of the New York state and local employees' retirement system and members of the New York state and local police and fire retirement system to elect an optional form of retirement in the form of a partial lump sum at retirement ("PLOP"). Since its inception, the PLOP has proven to be a viable option for retiring members with no adverse effects on the retirement system(s). As already reported by the New York State Comptroller, the PLOP has been revenue neutral to the retirement system(s) and is a viable option for retirees wishing to utilize their retiree benefits in an alternate manner.

FISCAL IMPACT: See Fiscal note.

EFFECTIVE DATE: Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7074--A IN SENATE April 27, 2012 ___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend chapter 735 of the laws of 2006, amending the retirement and social security law relating to permitting certain members of the New York state and local police and fire retirement system to receive a partial lump sum distribution upon retirement, in relation to the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of chapter 735 of the laws of 2006, amending the retirement and social security law relating to permitting certain members of the New York state and local police and fire retirement system to receive a partial lump sum distribution upon retirement, is amended to read as follows: S 2. This act shall take effect April 1, 2008 [and shall expire April 1, 2013 when upon such date the provisions of this act shall be deemed repealed]. S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will repeal the expiration date of April 1, 2013 from Section 2 of Chapter 735 of the laws of 2006, thereby making the Partial Lump Sum option permanent for members of the New York State and Local Police and Fire System. If this legislation is enacted during the 2012 legislative session, we anticipate that there will not be costs for the lump sum payments made on and after April 1, 2013 since the payments are determined on an actu- arially equivalent basis. Summary of relevant resources: Data: March 31, 2011 Actuarial Year End File with distributions of membership and other statistics displayed in the 2011 Report of the Actuary and 2011 Comprehensive Annual Financial Report.

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