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Senate Bill S5243

2009-2010 Legislative Session

Allows tier II members of the New York state and local police and fire retirement system to retire at age 55 with 30 or more years of service with no reduction

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Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

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Bill Amendments

2009-S5243 - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §442, R & SS L

2009-S5243 - Summary

Allows Tier II and Tier V members of the New York state and local police and fire retirement system to retire at age 55 with 30 or more years of service with no reduction.

2009-S5243 - Sponsor Memo

2009-S5243 - Bill Text download pdf 

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

                                  5243

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

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
  eligibility for service retirement benefits for certain public employ-
  ees

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

  Section 1. Paragraph 1 of subdivision b of section 442 of the  retire-
ment  and  social security law, as amended by chapter 306 of the laws of
1996, is amended to read as follows:
  1. A member who is a peace  officer  employed  by  the  unified  court
system  or  a member of a teacher's retirement system or a member of the
New York state and local employees' retirement system OR A MEMBER OF THE
NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT  SYSTEM  may  retire
without  reduction  of  his  OR  HER  retirement benefit upon his OR HER
attainment of at least fifty-five years of age and completion of  thirty
or more years of service; and
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would amend the Retirement and Social Security Law so that
Tier 2 members of the New York State and Local Police and  Fire  Retire-
ment  System  could  retire  on or after age 55 with 30 or more years of
service with no reduction.
  If this bill is enacted, there would be an estimated increase in annu-
al contributions of approximately $12.4  million  to  the  participating
employers  in  the  New  York State and Local Police and Fire Retirement
System.
  This estimate, dated December 1,  2008,  and  intended  for  use  only
during the 2009 Legislative Session, is Fiscal Note No. 2009-4, prepared
by  the Actuary for the New York State and Local Police and Fire Retire-
ment System.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10017-01-9

2009-S5243A (ACTIVE) - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §442, R & SS L

2009-S5243A (ACTIVE) - Summary

Allows Tier II and Tier V members of the New York state and local police and fire retirement system to retire at age 55 with 30 or more years of service with no reduction.

2009-S5243A (ACTIVE) - Sponsor Memo

2009-S5243A (ACTIVE) - Bill Text download pdf 

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

                                 5243--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- recommitted to the Committee  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  commit-
  tee

AN  ACT  to amend the retirement and social security law, in relation to
  eligibility for service retirement benefits for certain public employ-
  ees

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

  Section  1. Paragraph 1 of subdivision b of section 442 of the retire-
ment and social security law, as amended by chapter 306 of the  laws  of
1996, is amended to read as follows:
  1.  A  member  who  is  a  peace officer employed by the unified court
system or a member of a teacher's retirement system or a member  of  the
New York state and local employees' retirement system OR A MEMBER OF THE
NEW  YORK  STATE  AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM may retire
without reduction of his OR HER  retirement  benefit  upon  his  OR  HER
attainment  of at least fifty-five years of age and completion of thirty
or more years of service; and
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would amend the Retirement and Social Security Law  so  that
Tier  2  and  Tier  5 members of the New York State and Local Police and
Fire Retirement System can retire on or after age 55  with  30  or  more
years of service with no reduction.
  If this bill is enacted, there would be an estimated increase in annu-
al  contributions  of  approximately  $12.8 million to the participating
employers in the New York State and Local  Police  and  Fire  Retirement
System.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10017-03-0

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