assembly Bill A6942

Signed By Governor
2013-2014 Legislative Session

Allows larger lump sum payments to be made under the partial lump sum payment program for certain members of the New York state and local police and fire retirement system

download bill text pdf

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Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 18, 2013 signed chap.523
Dec 06, 2013 delivered to governor
Jun 21, 2013 returned to assembly
passed senate
Jun 20, 2013 3rd reading cal.1493
substituted for s5053
Jun 19, 2013 referred to rules
delivered to senate
passed assembly
Jun 18, 2013 ordered to third reading rules cal.440
rules report cal.440
reported
Jun 17, 2013 reported referred to rules
Jun 04, 2013 reported referred to ways and means
Apr 25, 2013 referred to governmental employees

A6942 (ACTIVE) - Details

See Senate Version of this Bill:
S5053
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยง1100, R & SS L

A6942 (ACTIVE) - Summary

Allows larger lump sum payments to be made under the partial lump sum payment program for certain members of the New York state and local police and fire retirement system.

A6942 (ACTIVE) - Bill Text download pdf

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

                                  6942

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 25, 2013
                               ___________

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
  partial lump sum payments for certain members of the  New  York  state
  and local police and fire retirement system

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

  Section 1. Subdivision 2 of section 1100 of the retirement and  social
security  law is amended by adding two new paragraphs d and e to read as
follows:
  D. ANY MEMBER WHO FILES FOR RETIREMENT AFTER BEING ELIGIBLE TO  RETIRE
FOR FOUR YEARS MAY ELECT TO RECEIVE A TWENTY PERCENT LUMP SUM PAYMENT OF
THE  ACTUARIAL EQUIVALENT OF HIS OR HER RETIREMENT ALLOWANCE AT THE TIME
OF RETIREMENT.
  E. ANY MEMBER WHO FILES FOR RETIREMENT AFTER BEING ELIGIBLE TO  RETIRE
FOR  FIVE  YEARS  MAY  ELECT  TO  RECEIVE A TWENTY-FIVE PERCENT LUMP SUM
PAYMENT OF THE ACTUARIAL EQUIVALENT OF HIS OR HER  RETIREMENT  ALLOWANCE
AT THE TIME OF RETIREMENT.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This  bill  would  allow larger lump sum payments to be made under the
Partial Lump Sum (PLS) program for certain members of the New York State
and Local Police and Fire  Retirement  System  (PFRS).  Currently,  PFRS
members  who  are  eligible  for  the PLS program may elect to receive a
partial lump sum payment of up to 15% of  the  present  value  of  their
actuarially determined retirement allowance at retirement, and a smaller
annual  retirement  allowance  thereafter.  This  proposal would allow a
member who files for service retirement after being eligible  to  retire
for 4 or 5 or more years to be eligible to receive a partial lump sum of
up to 20% or 25%, respectively, of the present value of their actuarial-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10253-01-3

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