Senate Bill S5360

2015-2016 Legislative Session

Relates to refunding certain member contributions and eligible participants in the twenty-five-year and age fifty-five retirement program

download bill text pdf

Sponsored By

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

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2015-S5360 (ACTIVE) - Details

See Assembly Version of this Bill:
A7238
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §604-b, R & SS L
Versions Introduced in 2013-2014 Legislative Session:
S7694, A9954

2015-S5360 (ACTIVE) - Summary

Requires refunds to be issued to certain participants having made additional member contributions prior to any election by the New York city transit authority to eliminate such contributions; expands scope of eligible participants.

2015-S5360 (ACTIVE) - Sponsor Memo

2015-S5360 (ACTIVE) - Bill Text download pdf

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

                                  5360

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 13, 2015
                               ___________

Introduced  by  Sen.  SAVINO -- 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
  twenty-five-year  and  age  fifty-five retirement program for New York
  city transit authority members

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

  Section  1.  Paragraph  1  of  subdivision  e  of section 604-b of the
retirement and social security law, as amended by chapter 10 of the laws
of 2000, is amended to read as follows:
  1. In addition to the member contributions  required  by  section  six
hundred  thirteen  of this article, each participant in the twenty-five-
year and age fifty-five  retirement  program  shall  contribute  to  the
retirement  system of which he or she is a member (subject to the appli-
cable provisions of section 13-125.1  of  the  administrative  code)  an
additional  two and thirty-hundredths percent of his or her compensation
earned from all allowable service in the transit authority  rendered  on
and  after  the starting date of the twenty-five-year and age fifty-five
retirement program.  A  participant  in  the  twenty-five-year  and  age
fifty-five   retirement   program  shall  contribute  additional  member
contributions only until he or she has thirty years of allowable service
in the transit authority. In the event that the New  York  city  transit
authority  elects  to eliminate additional member contributions pursuant
to paragraph ten of this subdivision, a participant in the  twenty-five-
year  and  age  fifty-five  retirement program who becomes a participant
pursuant to the provisions of paragraph four-a of subdivision b of  this
section  shall  not  be  required to make any additional member contrib-
utions pursuant to this subdivision.   ANY  ADDITIONAL  MEMBER  CONTRIB-
UTIONS  MADE  PURSUANT  TO THIS SUBDIVISION PRIOR TO ANY ELECTION BY THE
NEW YORK CITY TRANSIT AUTHORITY TO ELIMINATE SUCH CONTRIBUTIONS PURSUANT
TO PARAGRAPH TEN OF THIS SUBDIVISION, SHALL BE REFUNDED TO A PARTICIPANT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07745-02-5
              

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