Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to civil service and pensions |
Jun 25, 2015 |
committed to rules |
Jun 03, 2015 |
advanced to third reading |
Jun 02, 2015 |
2nd report cal. |
Jun 01, 2015 |
1st report cal.1102 |
May 13, 2015 |
referred to civil service and pensions |
Senate Bill S5360
2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee
- 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
co-Sponsors
(D) Senate District
2015-S5360 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7238
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd ยง604-b, R & SS L
- Versions Introduced in 2013-2014 Legislative Session:
-
S7694, A9954
2015-S5360 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5360 TITLE OF BILL: An act to amend the retirement and social security law, in relation to twenty-five-year and age fifty-five retirement program for New York city transit authority members PURPOSE: To rectify an injustice between transit workers who made overpayments on their employee contributions to their pension plan during the 1990's. In 2005 full refunds of such overpayments were authorized, but only for workers who made the payments during the 1990's and who were still on the payroll. Workers who had retired in the intervening years were excluded. This bill will correct that discrepancy SUMMARY OF PROVISIONS: Section 1 of the bill amends subdivision e to Sec 604-b of the Retirement and Social Security Law to authorize a refund of additional member contributions as set forth in paragraph ten (10) of the subdivision. Section 2 of the bill amends paragraph 10 to subdivision e to Sec. 604-b of the Retirement and Social Security Law to permit retired transit workers who made additional member contributions, who were not an active member when refunds for such overpayment were authorized by law in 2005, to apply for such a refund amounting to the overpayments with interest at 5% compounded annually between the date of such overpayments and their retirement date.
2015-S5360 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5360 2015-2016 Regular Sessions I N S E N A T E May 13, 2015 ___________ 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 twenty-five-year and age fifty-five retirement program for New York city transit authority 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-b of the retirement and social security law, as amended by chapter 10 of the laws of 2000, 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-five- year and age fifty-five retirement program shall contribute to the retirement system of which he or she is a member (subject to the appli- cable provisions of section 13-125.1 of the administrative code) an additional two and thirty-hundredths percent of his or her compensation earned from all allowable service in the transit authority rendered on and after the starting date of the twenty-five-year and age fifty-five retirement program. A participant in the twenty-five-year and age fifty-five retirement program shall contribute additional member contributions only until he or she has thirty years of allowable service in the transit authority. In the event that the New York city transit authority elects to eliminate additional member contributions pursuant to paragraph ten of this subdivision, a participant in the twenty-five- year and age fifty-five retirement program who becomes a participant pursuant to the provisions of paragraph four-a of subdivision b of this section shall not be required to make any additional member contrib- utions pursuant to this subdivision. ANY ADDITIONAL MEMBER CONTRIB- UTIONS MADE PURSUANT TO THIS SUBDIVISION PRIOR TO ANY ELECTION BY THE NEW YORK CITY TRANSIT AUTHORITY TO ELIMINATE SUCH CONTRIBUTIONS PURSUANT TO PARAGRAPH TEN OF THIS SUBDIVISION, SHALL BE REFUNDED TO A PARTICIPANT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07745-02-5
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