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Assembly Bill A2786

2009-2010 Legislative Session

Provides that retirement system members who retire after completion of more than 30 years of service would receive an allowance based on 2% of final average salary

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Archive: Last Bill Status - In Assembly Committee

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2009-A2786 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยง604, R & SS L

2009-A2786 (ACTIVE) - Summary

Provides that retirement system members who retire after completion of more than 30 years of service would receive an allowance based on 2% of final average salary for each year of service.

2009-A2786 (ACTIVE) - Bill Text download pdf 

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

                                  2786

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 21, 2009
                               ___________

Introduced  by M. of A. ABBATE, BOYLAND -- read once and referred to the
  Committee on Governmental Employees

AN ACT to amend the retirement and social security law, in  relation  to
  retirement benefits

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

  Section 1. Subdivision b of section 604 of the retirement  and  social
security  law, as amended by chapter 266 of the laws of 1998, is amended
to read as follows:
  b. The service retirement benefit  at  normal  retirement  age  for  a
member  with twenty years or more of credited service shall be a retire-
ment allowance equal to one-fiftieth of final average salary times years
of credited service [not in excess of thirty years.
  Credited service in excess of thirty years shall provide an additional
retirement allowance equal to three-two hundredths of the final  average
salary for each year of credited service in excess of thirty years].
  S  2. This act shall take effect immediately and shall be deemed to be
in full force and effect on and  after  June  30,  2009;  provided  that
subdivision  b  of section 604 of the retirement and social security law
amended by section one of this act shall expire on the same date as such
section expires pursuant to section 615 of such law.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would amend Article 15 of the Retirement and Social Security
Law to provide that members who retire after the completion of more than
thirty (30) years of service would receive an allowance based on two (2)
percent of final average salary for each  year  of  service.  This  bill
shall be deemed in effect on and after June 30, 2009.
  Insofar as this bill would affect the New York State and Local Employ-
ees' Retirement System, if it is enacted, we anticipate that there would
be estimated additional annual costs of approximately $48 million to the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05609-01-9

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