Senate Bill S2340

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

                                 2340--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 18, 2009
                               ___________

Introduced  by  Sens.  SAVINO,  DIAZ, DILAN, MONSERRATE, ONORATO -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee  on Civil Service and Pensions -- recommitted to the Commit-
  tee 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 committee

AN ACT to amend the retirement and social security law, in  relation  to
  eligibility  for retirement of members of the New York state and local
  employees' retirement system

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

  Section  1.  Section  442 of the retirement and social security law is
amended by adding a new subdivision c to read as follows:
  C. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A  MEMBER  OF  THE  NEW
YORK  STATE  AND  LOCAL  EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT
REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF  AT  LEAST
THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
  S  2. Section 503 of the retirement and social security law is amended
by adding a new subdivision e to read as follows:
  E. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A  MEMBER  OF  THE  NEW
YORK  STATE  AND  LOCAL  EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT
REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF  AT  LEAST
THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
  S  3. Section 603 of the retirement and social security law is amended
by adding a new subdivision u to read as follows:
  U. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A  MEMBER  OF  THE  NEW
YORK  STATE  AND  LOCAL  EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT
REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF  AT  LEAST
THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
  S  4. This act shall take effect immediately and shall be deemed to be
in full force and effect on and after June 30, 2010.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05611-05-0
              

S. 2340--A                          2

  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would allow Tiers 2, 3 and 4 members of the New York State
and Local Employees' Retirement  System  to  retire  without  a  benefit
reduction  due to early retirement upon the completion of at least thir-
ty-five (35) years of service, without regard to age.
  If this bill is enacted, we anticipate that there would  be  estimated
additional  annual  contributions  of  approximately $7.7 million to the
State of New York and $9.1 million to the participating employers in the
New York State and Local Employees' Retirement System.
  This estimate, dated December 21, 2009,  and  intended  for  use  only
during the 2010 Legislative Session, is Fiscal Note No. 2010-17 prepared
by  the  Actuary  for the New York State and Local Employees' Retirement
System.