Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 08, 2016 |
referred to civil service and pensions |
Senate Bill S7232
2015-2016 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S7232 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9850
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §613, R & SS L
- Versions Introduced in 2017-2018 Legislative Session:
-
S6381, S6446, A8021
2015-S7232 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7232 TITLE OF BILL : An act to amend the retirement and social security law, in relation to member contributions to the New York city employees' retirement system PURPOSE OR GENERAL IDEA OF BILL : Relates to member contributions to the New York City employees' retirement system. SUMMARY OF PROVISIONS : This legislation sets the contribution rates for the New York City employees' retirement system for eligible participants who in the twenty-five-year and age fifty-five retirement program. Employee contributions who enrolled after April lst, 2013 shall be set at 3% with a salary of $45k or less. Greater than $45k to $55k the contribution rate shall be 3.5%. Greater than $55k to $75k the contribution rate shall be 4.5%. Greater than $75k to $100k the contribution rate shall be 5.75%. Greater than $100k the contribution rate shall be 6%. JUSTIFICATION :
2015-S7232 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7232 I N S E N A T E April 8, 2016 ___________ Introduced by Sen. ESPAILLAT -- 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 member contributions to the New York city employees' retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of subdivision a of section 613 of the retire- ment and social security law, as amended by chapter 510 of the laws of 2015, is amended to read as follows: 2. A member of the New York city employees' retirement system who is eligible to be a participant in the twenty-five-year and age fifty-five retirement program, as defined by paragraph five of subdivision a of section six hundred four-b of this article shall contribute two percent of annual wages to such system effective on the starting date of the elimination of additional member contributions, as defined in an election made pursuant to paragraph ten of subdivision e of section six hundred four-b of this article[, except that beginning April first, two thousand thirteen for members who first become members of the New York city employees' retirement system on or after April first, two thousand twelve, the rate at which each such member shall contribute in any current plan year (April first to March thirty-first, provided, however, that plan year shall mean January first through December thirty-first commencing with the January first next succeeding the effective date of the chapter of the laws of two thousand fifteen that amended this para- graph) shall be determined by reference to the wages of such member in the second plan year (April first to March thirty-first, provided, however, that plan year shall mean January first through December thir- ty-first commencing with the January first next succeeding the effective date of the chapter of the laws of two thousand fifteen that amended this paragraph) preceding such current plan year as follows: (i) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13104-03-6
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