senate Bill S5053

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

Sponsored By

Archive: Last Bill Status Via A6942 - 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 (10)
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 20, 2013 substituted by a6942
ordered to third reading cal.1493
committee discharged and committed to rules
May 07, 2013 referred to civil service and pensions

S5053 - Details

See Assembly Version of this Bill:
A6942
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยง1100, R & SS L

S5053 - 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.

S5053 - Sponsor Memo

S5053 - Bill Text download pdf

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

                                  5053

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 7, 2013
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

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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