Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 13, 2016 |
referred to rules |
Senate Bill S8120
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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-S8120 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10694
- Current Committee:
- Senate Rules
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §§445-g & 604-g, R & SS L
2015-S8120 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8120 TITLE OF BILL : An act to amend the retirement and social security law, in relation to the right of members of the optional twenty-five year/age fifty improved benefit program for automotive members to revoke their participation in the program SUMMARY OF PROVISIONS : This bill would amend section 445-G of the retirement and social security law to allow participants to revoke their participation in the twenty-five year/age fifty improved benefit program. In order to revoke, participants must have at least five, but no more than twenty-five years of credited service. The bill would also amend section 604-G to reflect the same. JUSTIFICATION : In 2002, the Legislature enacted a 25-year, age 50 retirement program for automotive members of NYCERS. Those who were employed in automotive service positions at the time of enactment were given the option to join the program. For certain participants who were employed in automotive service positions at the time, the program represented a better pension program and some of those participants elected to join. For other participants who were employed at the time, the program was not advantageous and they did not join. However, for all persons
2015-S8120 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8120 I N S E N A T E June 13, 2016 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the retirement and social security law, in relation to the right of members of the optional twenty-five year/age fifty improved benefit program for automotive members to revoke their participation in the program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subdivision b of section 445-g of the retirement and social security law, as added by chapter 414 of the laws of 2002, is amended to read as follows: 3. Any election to be a participant in the twenty-five year/age fifty improved benefit retirement program shall be irrevocable, PROVIDED THAT AFTER COMPLETING FIVE YEARS OF CREDITED SERVICE, BUT NOT MORE THAN TWEN- TY-FIVE YEARS OF CREDITED SERVICE, A PARTICIPANT MAY REVOKE PARTIC- IPATION IN THE PROGRAM. S 2. Subparagraph (ii) of paragraph 7 of subdivision d of section 445-g of the retirement and social security law, as added by chapter 414 of the laws of 2002 is amended to read as follows: (ii) Should a participant in the twenty-five year/age fifty improved benefit retirement program, who has rendered less than five years of credited service cease to hold a position as an automotive member for any reason whatsoever, OR SHOULD A PARTICIPANT WITH AT LEAST FIVE YEARS BUT LESS THAN TWENTY-FIVE YEARS OF CREDITED SERVICE REVOKE HIS OR HER PARTICIPATION IN ACCORDANCE WITH PARAGRAPH THREE OF SUBDIVISION B OF THIS SECTION, his or her accumulated additional member contributions made pursuant to this subdivision (together with any interest thereon paid to the retirement system) which remain credited to such partic- ipant's account may be withdrawn by him or her pursuant to procedures promulgated in regulations of the board of trustees of the retirement system, together with interest thereon at the rate of interest required by law to be used to credit interest on the accumulated deductions of retirement system members compounded annually. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15865-02-6
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