S T A T E O F N E W Y O R K
________________________________________________________________________
4876
2009-2010 Regular Sessions
I N A S S E M B L Y
February 6, 2009
___________
Introduced by M. of A. LIFTON, JACOBS, WEISENBERG -- Multi-Sponsored by
-- M. of A. CYMBROWITZ, DINOWITZ, GALEF, GREENE, HOOPER, McENENY,
PHEFFER -- read once and referred to the Committee on Governmental
Employees
AN ACT to amend the retirement and social security law, in relation to
payment of pensions to retirees receiving lump sum workers' compen-
sation benefits
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 2 of subdivision a of section 64 of the retire-
ment and social security law, as amended by chapter 518 of the laws of
1987, is amended to read as follows:
2. The pension reserve on account of a pension so payable shall be
reduced by the amount of the lump sum workers' compensation benefits.
In such case the pension thereafter payable shall be the actuarial
equivalent of the pension reserve as so reduced. NO SUCH REDUCTION OF
PENSION PAYABLE SHALL BE TAKEN PURSUANT TO THIS PARAGRAPH UPON THE EXPI-
RATION OF THE ACTUARIALLY DETERMINED LIFETIME OF THE MEMBER, IF SUCH
MEMBER LIVES BEYOND SUCH PERIOD OF TIME.
S 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law, and shall apply to all
pension benefits payable on or after such date. Any rules and regu-
lations necessary to implement the provisions of this act on its effec-
tive date are authorized and directed to be promulgated and completed on
or before such date.
FISCAL NOTE.-- This bill will amend Section 64 of the Retirement and
Social Security Law to end the workers compensation reduction to bene-
fits where the pensioner had received the workers compensation payment
as a lump sum and where the pensioner has survived past his actuarially
determined lifetime.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05155-02-9
A. 4876 2
If this bill is enacted, there will be an annual cost of approximately
$1.5 million which will be shared by the State of New York and all of
the participating employers of the New York State and Local Employees
Retirement System.
This estimate, dated February 5, 2009 and intended for use only during
the 2009 Legislative Session, Is Fiscal Note No. 2009-130, prepared by t
he Actuary for the New York State and Local Employees Retirement
System.