senate Bill S2340

Amended

Allows Tier II, III and IV members of the NYSERS to retire without a benefit reduction upon completion of 35 years of service

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 18 / Feb / 2009
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 06 / Jan / 2010
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 05 / Feb / 2010
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 05 / Feb / 2010
    • PRINT NUMBER 2340A

Summary

Allows Tier II, III and IV members of the New York state and local employees' retirement system to retire without a benefit reduction upon completion of 35 years of service without regard to age.

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Bill Details

Versions:
S2340
S2340A
Legislative Cycle:
2009-2010
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยงยง442, 503 & 603, R & SS L

Sponsor Memo

BILL NUMBER: S2340

TITLE OF BILL :
An act to amend the retirement and social security law, in relation to
eligibility for retirement of members of the New York state and local
employees' retirement system


PURPOSE :
Allows Tier II, III and IV members of the New York State & Local
Employees' Retirement System (ERS) to retire with unreduced benefits
upon completing 35 years of total service, without regard to age.

SUMMARY OF PROVISIONS :
Amends Section 442, Section 503 and Section 603 of the Retirement and
Social Security Law.

JUSTIFICATION :
This legislation would allow all members of the ERS to retire upon
completion of 35 or more years of credited service with no age
requirements.

Currently, Tier II, III and IV members must wait until age 62 to
retire, or age 55 with 30 years of service, or face a penalty in their
pension. Tier I employees however, may retire at age 55 without
regard to age. This bill will align the later tiers more closely with
Tier I members, by allowing them to retire if they have reached 35
years of service.

PRIOR LEGISLATIVE HISTORY :

2005 - A.8823 - New bill, Reported to Ways and Means
2006 - A.8823A/S.7590 - Referred to Governmental Employees
2007 - A.4530 - Referred to Governmental Employees
2008 - A.4530 - Referred to Governmental Employees

FISCAL IMPLICATIONS :
If this bill is enacted, we anticipate that there would be estimated
additional annual contributions of approximately $9.0 million to the
State of New York and $11 million to the participating employers in
the New York State and Local Employees' Retirement System.

EFFECTIVE DATE :
This act shall take effect immediately.
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