senate Bill S7120

Signed By Governor
2013-2014 Legislative Session

Relates to the section 384-d retirement plan

download bill text pdf

Sponsored By

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 (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 21, 2014 signed chap.468
Nov 10, 2014 delivered to governor
Jun 12, 2014 returned to senate
passed assembly
ordered to third reading rules cal.197
substituted for a9392
Jun 11, 2014 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1300
committee discharged and committed to rules
Apr 29, 2014 referred to civil service and pensions

S7120 - Details

See Assembly Version of this Bill:
A9392
Law Section:
Retirement and Social Security Law
Laws Affected:
Add ยง1201-a, R & SS L

S7120 - Summary

Enrolls all new members after 1/1/15 of the NY state and local police and fire retirement system into the section 384-d retirement plan if the employer has elected the benefits.

S7120 - Sponsor Memo

S7120 - Bill Text download pdf

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

                                  7120

                            I N  S E N A T E

                             April 29, 2014
                               ___________

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
  authorizing  enrollment  in  the section 384-d retirement plan for all
  new 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. The retirement and social security law is amended by adding
a new section 1201-a to read as follows:
  S  1201-A.  RETIREMENT  PLAN.  NOTWITHSTANDING  ANY  OTHER  LAW TO THE
CONTRARY, MEMBERS WHO FIRST BECOME MEMBERS OF THE  NEW  YORK  STATE  AND
LOCAL  POLICE  AND FIRE RETIREMENT SYSTEM ON OR AFTER JANUARY FIRST, TWO
THOUSAND FIFTEEN AND ARE EMPLOYED BY AN EMPLOYER  WHO  HAS  ELECTED  THE
BENEFITS  OF  SECTION  THREE HUNDRED EIGHTY-FOUR-D OF THIS CHAPTER SHALL
AUTOMATICALLY BE ENROLLED IN SUCH SECTION  THREE  HUNDRED  EIGHTY-FOUR-D
RETIREMENT  PLAN.  ANY  MEMBER  SO ENROLLED IN THE SECTION THREE HUNDRED
EIGHTY-FOUR-D RETIREMENT PLAN MAY THEREAFTER WITHDRAW FROM SUCH PLAN.
  S 2. This act shall take effect January 1, 2015.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill will provide automatic enrollment  into  the  provisions  of
section  384-d of the Retirement and Social Security Law for members who
first become members of the New York State and  Local  Police  and  Fire
Retirement  System  on  or  after January 1, 2015 who are employed by an
employer who has elected the  benefits  of  such  plan.  Any  member  so
enrolled may thereafter withdraw from such plan.
  If  this  bill is enacted, there would be no cost since the enrollment
into such plan is already provided by law if the member files within the
first year of employment.
  Summary of relevant resources:
  The membership data used in  measuring  the  impact  of  the  proposed
change  was  the same as that used in the March 31, 2013 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2013

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14838-01-4

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