Bill S7439-2013

Relates to contributions required of members for the twenty-year/age fifty program for Triborough bridge and tunnel members

Relates to contributions required of members for the twenty-year/age fifty program for Triborough bridge and tunnel members.

Details

Actions

  • Jun 20, 2014: COMMITTED TO RULES
  • Jun 2, 2014: ADVANCED TO THIRD READING
  • May 29, 2014: 2ND REPORT CAL.
  • May 28, 2014: 1ST REPORT CAL.997
  • May 15, 2014: REFERRED TO CIVIL SERVICE AND PENSIONS

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Civil Service and Pensions - May 28, 2014
Ayes (7): Golden, Lanza, Ritchie, Savino, Sanders, Addabbo, Dilan
Ayes W/R (4): Hannon, Martins, Maziarz, Perkins

Memo

BILL NUMBER:S7439

TITLE OF BILL: An act to amend the retirement and social security law, in relation to members of the twenty-year/age fifty retirement program for Triborough bridge and tunnel members

SUMMARY OF PROVISIONS:

Section 1- requires that a member that returns to a position that makes them eligible to participate in a 20 year/age 50 program repay the Additional Member Contributions that would have been collected during the period the member was in the managerial position.

Section 2 - Immediate Effective Date

PURPOSE: This bill would require a member who spends a portion of his or her career in a non-participating managerial position and then returns to a TBTA Eligible position to contribute the additional member contributions (AMC) required for the enhanced 20 year/age 50 retirement plan.

JUSTIFICATION: This bill will correct problem in the TBTA 20 year/age 50 plan within the New York City Employees Retirement System (NYCERS). It addresses the members that leave the 20 year/age 50 plan to take a managerial position. Those members stop making the AMCs which can range from 5.5% - 6% depending on their rank prior to taking the managerial position. The member can at a later date return to the 20 year/age 50 plan and retire taking advantage of using the time as a manager toward the 20 years required to retire. In many cases it has been as much as 10 years without making any Additional Member contributions toward their pension.

This legislation would correct the funding imbalance caused by this anomaly and maintain parity for plan members who do not receive managerial positions

LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: The estimated total savings to the plan would be approximately $1,200,000 for the current group of managerial employees.

EFFECTIVE DATE: Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7439 IN SENATE May 15, 2014 ___________
Introduced by Sen. SAVINO -- 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 members of the twenty-year/age fifty retirement program for Triborough bridge and tunnel members THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subdivision e of section 604-c of the retirement and social security law, as amended by chapter 661 of the laws of 2002, is amended to read as follows: 1. In addition to the member contributions required by section six hundred thirteen of this article, each participant in the twenty- year/age fifty retirement program in the rank of bridge and tunnel offi- cer shall contribute to the retirement system of which he or she is a member (subject to the applicable provisions of subdivision d of section six hundred thirteen of this article) an additional five and fifty one- hundredths percent of his or her compensation and each participant in the twenty-year/age fifty retirement program in the rank of sergeant or lieutenant shall contribute to the retirement system an additional six percent of his or her compensation earned [from] FOR (A) all allowable service as a Triborough bridge and tunnel member rendered on and after the date which is one hundred eighty days prior to the starting date of the twenty-year/age fifty retirement program, AND (B) ALL CREDITED SERVICE AFTER SUCH PERSON CEASES TO BE A PARTICIPANT BUT BEFORE HE OR SHE AGAIN BECOMES A PARTICIPANT PURSUANT TO PARAGRAPH SIX OF SUBDIVISION B OF THIS SECTION. A participant in the twenty-year/age fifty retirement program shall contribute additional member contributions until the later of (i) the date as of which he or she has twenty years of credited service as a bridge and tunnel officer, or (ii) the third anniversary of the date that he or she last became a participant in the twenty-year/age fifty retirement program. S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus