S T A T E   O F   N E W   Y O R K
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                                  7834

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 18, 2011
                               ___________

Introduced  by  M. of A. Abbate -- (at request of the State Comptroller)
  -- read once and referred to the Committee on Governmental Employees

AN ACT to amend the retirement and social security law, in  relation  to
  decreasing  the  minimum  amount  of  time  required  before a service
  retirement may become effective and  retirees  of  certain  retirement
  systems may begin to receive their retirement

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

  Section 1. Subdivision a of section 70 of the  retirement  and  social
security  law, as amended by chapter 207 of the laws of 1978, is amended
to read as follows:
  a. Any member may retire if he OR SHE shall have attained at least the
minimum retirement age while in service as a member, or while in federal
service, or in the service of the United Nations or other  international
organizations  of  which  the  United  States  is  a member, as a member
continued pursuant to paragraph one of subdivision f of section forty of
this article, or while entitled to make application for a vested retire-
ment allowance pursuant to section seventy-six of this [chapter]  TITLE.
Any such member desiring to retire shall execute and file with the comp-
troller an application for retirement, which shall specify the effective
date  of  his  OR  HER retirement, which shall be not less than [thirty]
FIFTEEN nor more than ninety days subsequent to such date of filing.  An
application  for  service retirement, filed hereunder in accordance with
the provisions of subdivision c of section sixty-two or subdivision f of
section sixty-three of this [chapter] ARTICLE, shall be processed in the
regular manner, provided that if the  application  filed  simultaneously
therewith under either of such subdivisions is granted, then and in that
event the retirement allowance granted in accordance with the provisions
of this section shall be appropriately adjusted.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11194-01-1

A. 7834                             2
              

  S 2. Subdivision a of section 370 of the retirement and social securi-
ty  law,  as  amended  by chapter 570 of the laws of 1999, is amended to
read as follows:
  a. Any member may retire if he OR SHE shall have attained at least the
minimum retirement age while in service as a member, or while in federal
service,  or in the service of the United Nations or other international
organizations of which the United  States  is  a  member,  as  a  member
continued  pursuant  to  paragraph one of subdivision f of section three
hundred forty of this article or while entitled to make application  for
a  vested  retirement allowance pursuant to section three hundred seven-
ty-six of this [chapter] TITLE.   Any such  member  desiring  to  retire
shall  execute  and file with the comptroller an application for retire-
ment, which shall specify the effective date of his OR  HER  retirement,
which  shall be not less than [thirty] FIFTEEN nor more than ninety days
subsequent to such date of filing. An application  for  service  retire-
ment, filed hereunder in accordance with the provisions of subdivision c
of  section  sixty-two  or  subdivision f of section sixty-three of this
chapter, shall be processed in the regular manner, provided that if  the
application filed simultaneously therewith under either of such subdivi-
sions is granted, then and in that event the retirement allowance grant-
ed  in accordance with the provisions of this section shall be appropri-
ately adjusted. Notwithstanding any other provision of law,  any  member
who  is eligible to retire and who has died while in active service, and
who has filed an application for service  retirement  less  than  thirty
days  prior  to  death, shall be deemed to have retired and the member's
designated beneficiary shall have  the  option  to  choose  the  benefit
provided  by service retirement rather than the death benefit, provided,
however that if the designated beneficiary elects the service retirement
benefit such person shall be required to choose an option under  section
three hundred ninety of this article.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill would decrease the minimum amount of time required before a
service retirement may become effective for  members  of  the  New  York
State  and Local Employees' Retirement System and the New York State and
Local Police and Fire Retirement System. The current minimum of 30  days
would be replaced by 15 days.
  If this bill is enacted, there will be minimal administrative costs.
  This  estimate, dated April 26, 2011, and intended for use only during
the 2011 Legislative Session, is Fiscal Note No.  2011-176  prepared  by
the  Actuary for the New York State and Local Police and Fire Retirement
System and the New York State and Local Employees' Retirement System.