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Assembly Bill A10109

Signed By Governor

2009-2010 Legislative Session

Allows members of the New York state and local police and fire retirement system who retire to elect the alternative option

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Archive: Last Bill Status - Signed by Governor

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2009-A10109 (ACTIVE) - Details

See Senate Version of this Bill:
S7051
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยงยง514 & 517-a, R & SS L

2009-A10109 (ACTIVE) - Summary

Allows members of the New York state and local police and fire retirement system who retire to elect the alternative option and provides for cessation of membership in such system upon the occurrence of certain conditions.

2009-A10109 (ACTIVE) - Sponsor Memo

2009-A10109 (ACTIVE) - Bill Text download pdf 

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

                                  10109

                          I N  A S S E M B L Y

                              March 4, 2010
                               ___________

Introduced  by  M. of A. ABBATE -- (at request of the State Comptroller)
  -- read once and referred to the Committee on Governmental Employees

AN ACT to amend the retirement and social security law, in  relation  to
  allowing  members  of  the  New  York  state and local police and fire
  retirement system who retire  to  elect  the  alternative  option  and
  providing  for  cessation of membership in such system upon occurrence
  of certain conditions

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision a-1 of section 514 of the retirement and social
security law, as added by chapter 106 of the laws of 1996, is amended to
read as follows:
  a-1.  A  member  of the New York state and local employees' retirement
system OR THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM
who retires pursuant to the provisions of this article,  may  elect,  in
lieu  of  the  options  set  forth in subdivision a of this section, the
following optional settlement:
  Alternative Option. The actuarial equivalent of the  member's  retire-
ment  allowance  at  the  time  of  retirement, in the form of a smaller
retirement allowance payable to such members for  life  and  some  other
benefit  or  benefits  paid  either  to  the member or to such person or
persons as he shall nominate, provided such other benefit  or  benefits,
together  with such smaller allowance, shall be certified by the actuary
of such retirement system to be of equivalent  actuarial  value  to  his
retirement  allowance  and shall be approved by the head of such retire-
ment system and provided further that nothing herein shall require  such
retirement  system  to  pay  a benefit in violation of paragraph nine of
subsection a of section four hundred one of the Internal Revenue Code of
1986, as amended, 26 U.S.C. S 401(a)(9).
  S 2. The opening paragraph of section  517-a  of  the  retirement  and
social  security  law,  as  added by chapter 774 of the laws of 1986, is
amended to read as follows:
  With respect to the New York state employees'  retirement  system  AND
THE  NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM, member-

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

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