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Senate Bill S5282

2013-2014 Legislative Session

Relates to return of member contributions of New York city correction officers after more than fifteen years of service

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Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

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2013-S5282 (ACTIVE) - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยงยง445-a, 445-c, 504-a & 504-b, R & SS L

2013-S5282 (ACTIVE) - Summary

Removes the requirement that less than 15 years of credited service is necessary for the return of member contributions to correction officers of the city of New York in the twenty-year improved benefit retirement program; allows such correction officers who participate in the 20 year improved benefit plan to withdraw their contributions when they cease being correction officers regardless of length of service.

2013-S5282 (ACTIVE) - Sponsor Memo

2013-S5282 (ACTIVE) - Bill Text download pdf 

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

                                  5282

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 15, 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
  the return of member contributions

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

  Section 1. Subparagraph (ii)  of  paragraph  7  of  subdivision  d  of
section  445-a  of the retirement and social security law, as amended by
chapter 631 of the laws of 1993, is amended to read as follows:
  (ii) Except as otherwise provided in subparagraph (iii) of this  para-
graph,  should a participant in the twenty-year improved benefit retire-
ment program[, who has rendered less  than  fifteen  years  of  credited
service]  cease to hold the position of New York city correction officer
below the rank of captain for any reason whatsoever OTHER  THAN  SERVICE
RETIREMENT  OR  RESIGNATION WITH A VESTED RIGHT TO A BENEFIT, his or her
accumulated additional member contributions made pursuant to this subdi-
vision (together with  any  interest  thereon  paid  to  the  retirement
system) may be withdrawn by him or her pursuant to procedures promulgat-
ed  in  regulations  of  the board of trustees of the retirement system,
together with interest thereon equal to eight  and  one-quarter  percent
per annum, compounded annually.
  S  2.  Paragraph 6 of subdivision d of section 445-c of the retirement
and social security law, as added by chapter 631 of the laws of 1993, is
amended to read as follows:
  6. Where a person [who] became or becomes a participant in  the  twen-
ty-year  improved benefit retirement program for captains and above [has
rendered less than fifteen years of credited service as of the  date  he
or  she  became or becomes a New York city correction member of the rank
of captain or above], the amount of the contribution deficiency  charged
to  such  a  participant pursuant to paragraph five of this subdivision,
consisting of retroactive additional member contributions plus  interest

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09247-01-3

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