Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 21, 2014 |
signed chap.468 |
Nov 10, 2014 |
delivered to governor |
Jun 12, 2014 |
returned to senate passed assembly ordered to third reading rules cal.197 substituted for a9392 |
Jun 11, 2014 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1300 committee discharged and committed to rules |
Apr 29, 2014 |
referred to civil service and pensions |
Senate Bill S7120
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - 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-S7120 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9392
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Add ยง1201-a, R & SS L
2013-S7120 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7120 TITLE OF BILL: An act to amend the retirement and social security law, in relation to authorizing enrollment in the section 384-d retirement plan for all new members of the New York state and local police and fire retirement system PURPOSE OR GENERAL IDEA OF BILL: This bill would provide automatic enrollment into the provisions of section 384-d of the Retirement and Social Security Law for members who first become members of the New York State and Local Police and Fire Retirement System on or after January 1, 2015 who are employed by an employer who has elected the benefits of such plan. Any member so enrolled may thereafter withdraw from such plan. SUMMARY OF SPECIFIC PROVISIONS: This bill would add a new section 1201-a to the Retirement and Social Security Law to require enrollment in the section 384-d retirement plan for all new members of the New York State and Local Police and Fire Retirement System. This new section would also permit any member covered by the provisions of such section to later withdraw from the section 384-d retirement plan. JUSTIFICATION:
2013-S7120 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7120 I N S E N A T E April 29, 2014 ___________ 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 authorizing enrollment in the section 384-d retirement plan for all new 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. The retirement and social security law is amended by adding a new section 1201-a to read as follows: S 1201-A. RETIREMENT PLAN. NOTWITHSTANDING ANY OTHER LAW TO THE CONTRARY, MEMBERS WHO FIRST BECOME MEMBERS OF THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN AND ARE EMPLOYED BY AN EMPLOYER WHO HAS ELECTED THE BENEFITS OF SECTION THREE HUNDRED EIGHTY-FOUR-D OF THIS CHAPTER SHALL AUTOMATICALLY BE ENROLLED IN SUCH SECTION THREE HUNDRED EIGHTY-FOUR-D RETIREMENT PLAN. ANY MEMBER SO ENROLLED IN THE SECTION THREE HUNDRED EIGHTY-FOUR-D RETIREMENT PLAN MAY THEREAFTER WITHDRAW FROM SUCH PLAN. S 2. This act shall take effect January 1, 2015. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will provide automatic enrollment into the provisions of section 384-d of the Retirement and Social Security Law for members who first become members of the New York State and Local Police and Fire Retirement System on or after January 1, 2015 who are employed by an employer who has elected the benefits of such plan. Any member so enrolled may thereafter withdraw from such plan. If this bill is enacted, there would be no cost since the enrollment into such plan is already provided by law if the member files within the first year of employment. Summary of relevant resources: The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2013 actuarial valu- ation. Distributions and other statistics can be found in the 2013 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14838-01-4
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