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Assembly Bill A9889

Signed By Governor

2011-2012 Legislative Session

Makes permanent provisions that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement

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Archive: Last Bill Status - Signed by Governor

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Bill Amendments

2011-A9889 - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §2, Chap 735 of 2006

2011-A9889 - Summary

Makes permanent provisions of the retirement and social security law that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement.

2011-A9889 - Bill Text download pdf 

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

                                  9889

                          I N  A S S E M B L Y

                             April 20, 2012
                               ___________

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

AN ACT to amend chapter 735 of the laws of 2006, amending the retirement
  and  social security law relating to permitting certain members of the
  New York state and local police and fire retirement system to  receive
  a  partial  lump  sum distribution upon retirement, in relation to the
  effectiveness thereof

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

  Section  1. Section 2 of chapter 735 of the laws of 2006, amending the
retirement and  social  security  law  relating  to  permitting  certain
members  of  the  New  York  state  and local police and fire retirement
system to receive a partial lump sum distribution  upon  retirement,  is
amended to read as follows:
  S  2. This act shall take effect April 1, 2008 [and shall expire April
1, 2013 when upon such date the provisions of this act shall  be  deemed
repealed].
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  is  in  response to your request for a cost estimate for a bill,
not yet drafted, that would amend Chapter 735 of the  Laws  of  2006  by
removing the expiration date of April 1, 2013 (Research #121).
  In  estimating  this  cost, we have assumed that the legislation, when
drafted, will repeal the expiration date of April 1, 2013 from Section 2
of Chapter 735 of the laws of 2006.
  If such legislation is enacted during the 2012 legislative session, we
anticipate that there will not be costs due to  the  lump  sum  payments
made  on and after April 1, 2013 since the payments are determined on an
actuarially equivalent basis.
  Summary of relevant resources:
  Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15334-01-2

multi-Sponsors

2011-A9889A (ACTIVE) - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §2, Chap 735 of 2006

2011-A9889A (ACTIVE) - Summary

Makes permanent provisions of the retirement and social security law that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement.

2011-A9889A (ACTIVE) - Bill Text download pdf 

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

                                 9889--A

                          I N  A S S E M B L Y

                             April 20, 2012
                               ___________

Introduced by M. of A. ABBATE -- read once and referred to the Committee
  on  Governmental  Employees  --  committee  discharged,  bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend chapter 735 of the laws of 2006, amending the retirement
  and social security law relating to permitting certain members of  the
  New  York state and local police and fire retirement system to receive
  a partial lump sum distribution upon retirement, in  relation  to  the
  effectiveness thereof

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

  Section 1. Section 2 of chapter 735 of the laws of 2006, amending  the
retirement  and  social  security  law  relating  to  permitting certain
members of the New York state  and  local  police  and  fire  retirement
system  to  receive  a partial lump sum distribution upon retirement, is
amended to read as follows:
  S 2. This act shall take effect April 1, 2008 [and shall expire  April
1,  2013  when upon such date the provisions of this act shall be deemed
repealed].
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill will repeal the  expiration  date  of  April  1,  2013  from
Section 2 of Chapter 735 of the laws of 2006, thereby making the Partial
Lump  Sum  option  permanent for members of the New York State and Local
Police and Fire System.
  If this legislation is enacted during the 2012 legislative session, we
anticipate that there will not be costs for the lump sum  payments  made
on and after April 1, 2013 since the payments are determined on an actu-
arially equivalent basis.
  Summary of relevant resources:
  Data:  March  31,  2011  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2011  Report  of  the
Actuary and 2011 Comprehensive Annual Financial Report.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15334-02-2

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