senate Bill S5090

2013-2014 Legislative Session

Increases the amount of money a retiree may earn in a position of public service to $34,000

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to civil service and pensions
May 08, 2013 referred to civil service and pensions

S5090 - Bill Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยง212, R & SS L

S5090 - Bill Texts

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Increases the amount of money a retiree may earn in a position of public service in the year 2013 and thereafter to $34,000.

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BILL NUMBER:S5090

TITLE OF BILL: An act to amend the retirement and social security
law, in relation to increasing the retiree earnings cap

PURPOSE: This bill would increase the amount that a public retiree
under sixty-five years of age may earn in public employment without a
diminution of his or her retirement benefits.

SUMMARY OF PROVISIONS:. The bill amends subdivision 2 of Section 212
of the Retirement and Social Security Law. It would allow a public
retiree to earn up to $34,000 in public employment without reducing
the retiree's pension.

EXISTING LAW: Current law permits such an individual to earn up to
$30,000 without a loss of pension benefits.

JUSTIFICATION: Under current law, retirees may earn up to $30,000
without diminution of retirement earnings. From 1996 through 2004 this
earnings limit was raised each year. The last time it was increased
was in 2007 when it was raised from $27,500 to $30,000.

This legislation would update the amount to account for inflation. The
increase reflects the increase in the Consumer Price Index As a
result, it would extend a program which has seen significant cost
savings to states and localities by giving them the ability to hire
experienced employees at a significantly reduced cost without paying
for employee benefits.

Pursuant to subdivision one of section 212, there are no earning
limitations applicable to retired persons who are age sixty-five or
older.

LEGISLATIVE HISTORY: This is a new bill.

FISCAL IMPLICATIONS: No additional cost.

EFFECTIVE DATE: Immediately

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

                                  5090

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 8, 2013
                               ___________

Introduced  by  Sen.  FARLEY -- 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
  increasing the retiree earnings cap

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

  Section 1. Subdivision 2 of section 212 of the retirement  and  social
security  law,  as amended by chapter 74 of the laws of 2006, is amended
to read as follows:
  2. The earning limitations for retired persons in positions of  public
service  under  this  section  shall be in accordance with the following
table:

        For the year                               Earnings limitation
        1996                                       $12,500
        1997                                       $13,500
        1998                                       $14,500
        1999                                       $15,500
        2000                                       $17,000
        2001                                       $18,500
        2002                                       $20,000
        2003                                       $25,000
        2004                                       $27,500
        2005 and 2006                              $27,500
        2007 [and thereafter] THROUGH 2012         $30,000
        2013 AND THEREAFTER                        $34,000
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would amend Section 212 of the Retirement and Social Securi-
ty Law to set the amount a retired person may earn in public  employment

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10431-02-3

S. 5090                             2

without reduction in retirement allowance during the year 2013 and ther-
eafter, to $34,000.
  If this bill is enacted, insofar as it would affect the New York State
and  Local Employees' Retirement System and the New York State and Local
Police and Fire Retirement System, the resulting 13.3% increase over the
current $30,000 limit, in place since  2007,  which  is  less  than  the
increase  in  the  consumer  price index over the same period, would not
affect retirement patterns. Therefore, there will be no additional cost.
  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 April 25, 2013 and intended for use  only  during
the  2013  Legislative Session, is Fiscal Note No. 2013-127, prepared by
the Actuary for the New  York  State  and  Local  Employees'  Retirement
System  and  the  New  York  State  and Local Police and Fire Retirement
System.

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