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

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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

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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

Votes

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S5053 - Bill Details

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

S5053 - Bill Texts

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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.

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BILL NUMBER:S5053

TITLE OF BILL: 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

PURPOSE: This bill would allow 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.

SUMMARY OF PROVISIONS: This bill amends subdivision 2 of section 1100
of the retirement and social security law by adding to new paragraph,
d and e

JUSTIFICATION: Members of the New York state and local police and
fire retirement system, that are filing for retirement should be
eligible to receive a larger lump sum under the partial lump sum
program. Currently members are allowed to receive a partial lump sum
of up to J5t of the present value of their retirement allowance, and a
smaller annual retirement allowance thereafter,. However, members who
file for retirement after being eligible for 4 or 5 or more years
should be eligible to receive a larger lump sum of up to 25% at
retirement.

LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: See the bill.

EFFECTIVE DATE: This act shall take effect immediately.

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                    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

S. 5053                             2

ly 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
exceed 25%, further analysis will  be  necessary  to  determine  whether
there may be costs due to adverse selection.
  Summary of relevant resources:
  Data:  March  31,  2012  Actuarial Year End File with distributions of
membership and other statistics, displayed in the  2012  Report  of  the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2012 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2012 Actuarial Valuations report.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
  This  estimate,  dated March 18, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-104,  prepared  by
the  Actuary for the New York State and Local Police and Fire Retirement
System.

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