Bill S7717-2011

Increases the amount of money a retiree may earn in a position of public service in the year 2013 and thereafter to $32,500

Increases the amount of money a retiree may earn in a position of public service in the year 2013 and thereafter to $32,500.

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  • Jun 15, 2012: REFERRED TO RULES

Memo

BILL NUMBER:S7717

TITLE OF BILL: An act to amend the retirement and social security law, in relation to increasing the retiree earnings cap

PURPOSE OR GENERAL IDEA OF BILL: The bill increases the earnings cap placed on public retirees that continue to work in public service. This cap, which was generally given incremental increases on a bi-annual basis since 1996, has not been increased since 2007.

SUMMARY OF SPECIFIC PROVISIONS: Amends part 2 of section 212 of the Retirement and Social Security Law.

JUSTIFICATION: This legislation increases the earnings cap placed on public retirees that continue to work in public service. This cap, which was generally given incremental increases on a bi-annual basis since 1996, has not been increased since 2007.

In the current economy, many retirees are being forced to seek new employment to cover general living expenses, increased medical costs for both themselves and their partners and live their final years in dignity.

The earnings cap placed on retirees, which was generally given incremental increases on a bi-annual basis since 1996, has not been increased since 2007. This legislation will increase the cap from $27,500 to $30,000 in 2012 and from $30,000 to $32,500 in 2013.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: See Note.

EFFECTIVE DATE: Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7717 IN SENATE June 15, 2012 ___________
Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the retirement and social security law, in relation to increasing the retiree earnings cap THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 212 of the retirement and social security law, as amended by chapter 74 of the laws of 2006, is amended to read as follows: 2. The earning limitations for retired persons in positions of public service under this section shall be in accordance with the following table: For the year Earnings limitation 1996 $12,500 1997 $13,500 1998 $14,500 1999 $15,500 2000 $17,000 2001 $18,500 2002 $20,000 2003 $25,000 2004 $27,500 2005 and 2006 $27,500 2007 [and thereafter] THROUGH 2012 $30,000 2013 AND THEREAFTER $32,500 S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend subdivision 2 of section 212 of the Retirement and Social Security Law to increase the earnings limitation for retired members in positions of public employment to $32,500 for the calendar year 2013 and thereafter. The earnings limitation for the calendar year 2012 is $30,000.

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