senate Bill S4738A

Increases the amount of money a retiree may earn in a position of public service in the year 2015 and thereafter to $32,500

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Bill Status


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

  • 19 / Apr / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 08 / Jan / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 28 / Feb / 2014
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 28 / Feb / 2014
    • PRINT NUMBER 4738A

Summary

Increases the amount of money a retiree may earn in a position of public service in the year 2015 and thereafter to $32,500.

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Bill Details

Versions:
S4738
S4738A
Legislative Cycle:
2013-2014
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยง212, R & SS L
Versions Introduced in 2011-2012 Legislative Cycle:
S7717

Sponsor Memo

BILL NUMBER:S4738A

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: 2013: S. 4738 - Referred to Civil Service
& Pensions.

FISCAL IMPLICATIONS: See note.

EFFECTIVE DATE: Immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4738--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 19, 2013
                               ___________

Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
  accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

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 2014         $30,000
        2015 AND THEREAFTER                        $32,500
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08328-04-4

S. 4738--A                          2

  FISCAL  NOTE.--This bill would amend Section 212 of the Retirement and
Social Security Law to set the amount  a  retired  person  may  earn  in
public  employment  without reduction in retirement allowance during the
year 2015 and thereafter, to $32,500.
  If this bill is enacted, insofar as it would affect the New York State
and  Local Employees' Retirement System and the New York State and Local
Police and Fire Retirement System, the resulting 8.3% increase over  the
current  $30,000  limit,  in  place  since  2007, which is less than the
increase in the consumer price index over  the  same  period  would  not
affect retirement patterns. Therefore, there will be no additional cost.
  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
Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.
  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
Assumptions,  and  the  Codes  Rules and Regulations of the State of New
York: Audit and Control.
  The Market Assets and GASB Disclosures are found in the March 31, 2013
New York State and Local  Retirement  System  Financial  Statements  and
Supplementary Information.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
  This  estimate,  dated  December  19,  2013  and intended for use only
during the  2014  Legislative  Session,  is  Fiscal  Note  No.  2014-47,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System and the New York  State  and  Local  Police  and  Fire
Retirement System.

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