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
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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
A. 2786 2
State of New York and $67 million to the participating employers in the
New York State and Local Employees' Retirement System.
This estimate, dated December 1, 2008 and intended for use only during
the 2009 Legislative Session, is Fiscal Note No. 2009-57, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.