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Assembly Bill A5729

2011-2012 Legislative Session

Allows Tier II and Tier V members to retire at age 55 with 30 or more years of service with no reduction

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Archive: Last Bill Status - In Assembly Committee

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2011-A5729 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยง442, R & SS L
Versions Introduced in 2009-2010 Legislative Session:
A6374

2011-A5729 (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.

2011-A5729 (ACTIVE) - Bill Text download pdf 

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

                                  5729

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 28, 2011
                               ___________

Introduced by M. of A. ABBATE -- read once and referred to the Committee
  on Governmental Employees

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 to  allow
Tier  2  and  Tier  5 members of the New York State and Local Police and
Fire Retirement System to retire on or after age  55  with  30  or  more
years of service with no early age reduction.
  If  this  bill  is  enacted,  there  would be an estimated increase of
approximately $10 million in annual contributions of  the  participating
employers  in  the  New  York State and Local Police and Fire Retirement
System.
  This estimate, dated November 17, 2010,  and  intended  for  use  only
during the 2011 Legislative Session, is Fiscal Note No. 2011-8, 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.
                                                           LBD09553-02-1

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