S T A T E O F N E W Y O R K
________________________________________________________________________
4099--A
2009-2010 Regular Sessions
I N A S S E M B L Y
January 30, 2009
___________
Introduced by M. of A. ABBATE, REILLY, PHEFFER, COLTON -- Multi-Spon-
sored by -- M. of A. COOK -- read once and referred to the Committee
on Governmental Employees -- recommitted to the Committee on Govern-
mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
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 and the
opening paragraph as amended by section 8-b of part B of chapter 504 of
the laws of 2009, 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, or with twenty-
five or more years credited service for a member who first joins the New
York state teachers' retirement system on or after January first, two
thousand ten, shall be a retirement allowance equal to one-fiftieth of
final average salary times years of credited service not in excess of
thirty years.
[Credited] EXCEPT FOR PEACE OFFICERS OF THE UNIFIED COURT SYSTEM,
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. FOR
PEACE OFFICERS OF THE UNIFIED COURT SYSTEM, THE SERVICE RETIREMENT BENE-
FIT AT NORMAL RETIREMENT AGE FOR A MEMBER WITH THIRTY YEARS OR MORE OF
CREDITED SERVICE SHALL BE A RETIREMENT ALLOWANCE EQUAL TO ONE-FIFTIETH
OF FINAL AVERAGE SALARY TIMES THE YEARS OF CREDITED SERVICE.
S 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07035-02-0
A. 4099--A 2
This bill would amend Article 15 of the Retirement and Social Security
Law to provide that peace officers of the Unified Court System who
retire for service 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.
If this bill is enacted, we anticipate that there will be an increase
of approximately $502,000 in the annual contributions of the State of
New York, on behalf of the Unified Court System for the fiscal year
ending March 31, 2011.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $26.3 million which
would be borne by the State of New York as a one-time payment. This
estimate is based on the assumption that payment will be made on March
1, 2011.
These estimated costs are based on 6,111 known affected officers
having a total estimated annual salary for the fiscal year ending March
31, 2010 of approximately $478 million.
This estimate, dated March 12, 2010 and intended for use only during
the 2010 Legislative Session, is Fiscal Note No. 2010-95, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.