Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 22, 2014 |
signed chap.135 |
Jul 11, 2014 |
delivered to governor |
Jun 19, 2014 |
returned to assembly passed senate 3rd reading cal.1648 substituted for s7756 referred to rules delivered to senate passed assembly ordered to third reading rules cal.503 rules report cal.503 |
Jun 18, 2014 |
reported reported referred to rules |
Jun 12, 2014 |
reported referred to ways and means |
Jun 03, 2014 |
referred to governmental employees |
Assembly Bill A9952
Signed By Governor2013-2014 Legislative Session
Sponsored By
ABBATE
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2013-A9952 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7756
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §1100, R & SS L
2013-A9952 (ACTIVE) - Summary
Relates to a lump sum payment at retirement; includes sheriffs, deputy sheriffs and correction officers in the group of eligible members who may elect an optional form of retirement which provides for a partial lump sum at retirement with a reduced service retirement allowance.
2013-A9952 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9952 I N A S S E M B L Y June 3, 2014 ___________ Introduced by COMMITTEE ON RULES -- (at request of 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 a lump sum payment at retirement THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of section 1100 of the retirement and social security law, as added by chapter 735 of the laws of 2006, is amended to read as follows: Certain eligible members of the New York state and local police and fire retirement system, AND SHERIFFS, UNDERSHERIFFS, DEPUTY SHERIFFS AND CORRECTION OFFICERS, WHO ARE EMPLOYED IN A COUNTY WHICH MAKES AN ELECTION PURSUANT TO THIS SECTION, may elect an optional form of retire- ment pursuant to the terms of this article that provides for a partial lump sum at retirement with a reduced service retirement allowance as hereinafter provided: S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would allow any county to elect to allow its sheriffs, undersheriffs, deputy sheriffs and correction officers who file for a service retirement to elect an optional form of retirement which would provide for a partial lump sum payment at retirement, and a smaller annual retirement allowance thereafter. Such lump sum shall not be eligible for any cost of living adjustments. A member who files for service retirement after being eligible to retire for 1, 2, 3, 4 or 5 or more years shall be eligible to receive a partial lump sum of up to 5%, 10%, 15%, 20% or 25%, respectively, of the present value of their actu- arially determined retirement allowance and a smaller annual retirement allowance thereafter. If this bill is enacted, there would be administrative costs associ- ated with redesigned estimate and option forms. There would not be costs associated with the lump sum payment options since payments would be determined on an actuarially equivalent basis. Should future proposals EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15400-01-4
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