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Assembly Bill A8109

2017-2018 Legislative Session

Relates to increasing lump sum payments

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2017-A8109 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §1100, R & SS L

2017-A8109 - Summary

Relates to increasing lump sum payments; inceases lump sum payments for eligible members of the New York state and local police and fire retirement system, and sheriffs, undersheriffs, deputy sheriffs and correction officers, who are employed in certain counties from twenty-five to thirty-five percent of the actuarial equivalent of his or her retirement allowance at the time of retirement if he or she retires five years after being eligible to retire.

2017-A8109 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8109
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 30, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  to amend the retirement and social security law, in relation to
   increasing lump sum payments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph e of subdivision 2 of section 1100 of the retire-
 ment  and  social  security  law, as added by chapter 523 of the laws of
 2013, is amended to read as follows:
   e. Any member who files for retirement after being eligible to  retire
 for  five years may elect to receive a [twenty-five] THIRTY-FIVE percent
 lump sum payment of the actuarial equivalent of his  or  her  retirement
 allowance at the time of retirement.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, section 50:
   This  bill  would  allow larger lump sum payments to be made under the
 Partial Lump Sum (PLS) program for certain members of the New York State
 and Local Police and Fire Retirement System and the New York  State  and
 Local Employees' Retirement System.  CURRENTLY, members who are eligible
 for  the  PLS  program  and  who file for service retirement after being
 eligible to retire for 5 or more years may elect to  receive  a  partial
 lump  sum payment of up to 25% of the present value of their actuarially
 determined retirement allowance (their "reserve") at retirement,  and  a
 smaller  annual  retirement  allowance thereafter.   THIS PROPOSAL would
 allow a member who files for service retirement after being eligible  to
 retire  for 5 or more years to be eligible to receive a partial lump sum
 of up to 35% of their reserve in exchange for a reduction in their annu-
 al retirement allowance of up to 35%  thereafter.  For  example,  a  new
 retiree  with an initial annual pension of $100,000 could have a reserve
 of approximately $1.2 million,  and  could  receive  a  PLS  payment  of
 $420,000 and a reduced annual pension of $65,000.

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

2017-A8109A - Details

Current Committee:
Assembly Ways And Means
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §1100, R & SS L

2017-A8109A - Summary

Relates to increasing lump sum payments; inceases lump sum payments for eligible members of the New York state and local police and fire retirement system, and sheriffs, undersheriffs, deputy sheriffs and correction officers, who are employed in certain counties from twenty-five to thirty-five percent of the actuarial equivalent of his or her retirement allowance at the time of retirement if he or she retires five years after being eligible to retire.

2017-A8109A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8109--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 30, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on  Governmental  Employees -- recommitted to the Committee on Govern-
   mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted to said committee

 AN  ACT  to amend the retirement and social security law, in relation to
   increasing lump sum payments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph e of subdivision 2 of section 1100 of the retire-
 ment  and  social  security  law, as added by chapter 523 of the laws of
 2013, is amended to read as follows:
   e. Any member who files for retirement after being eligible to  retire
 for  five years may elect to receive a [twenty-five] THIRTY-FIVE percent
 lump sum payment of the actuarial equivalent of his  or  her  retirement
 allowance at the time of retirement.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, section 50:
   This  bill  would  allow larger lump sum payments to be made under the
 Partial Lump Sum (PLS) program for certain members of the New York State
 and Local Police and Fire Retirement System and the New York  State  and
 Local Employees' Retirement System.  CURRENTLY, members who are eligible
 for  the  PLS  program  and  who file for service retirement after being
 eligible to retire for 5 or more years may elect to  receive  a  partial
 lump  sum payment of up to 25% of the present value of their actuarially
 determined retirement allowance (their "reserve") at retirement,  and  a
 smaller  annual  retirement  allowance thereafter.   THIS PROPOSAL would
 allow a member who files for service retirement after being eligible  to
 retire  for 5 or more years to be eligible to receive a partial lump sum
 of up to 35% of their reserve in exchange for a reduction in their annu-
 al retirement allowance of up to 35%  thereafter.  For  example,  a  new
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

2017-A8109B (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §1100, R & SS L

2017-A8109B (ACTIVE) - Summary

Relates to increasing lump sum payments; inceases lump sum payments for eligible members of the New York state and local police and fire retirement system, and sheriffs, undersheriffs, deputy sheriffs and correction officers, who are employed in certain counties from twenty-five to thirty-five percent of the actuarial equivalent of his or her retirement allowance at the time of retirement if he or she retires five years after being eligible to retire.

2017-A8109B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8109--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 30, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on  Governmental  Employees -- recommitted to the Committee on Govern-
   mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted  to  said  committee -- again reported from said committee with
   amendments, ordered reprinted  as  amended  and  recommitted  to  said
   committee
 
 AN  ACT  to amend the retirement and social security law, in relation to
   increasing lump sum payments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph e of subdivision 2 of section 1100 of the retire-
 ment  and  social  security  law, as added by chapter 523 of the laws of
 2013, is amended to read as follows:
   e. Any member who files for retirement after being eligible to  retire
 for  five years may elect to receive a [twenty-five] THIRTY-FIVE percent
 lump sum payment of the actuarial equivalent of his  or  her  retirement
 allowance at the time of retirement.
   §  2. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, section 50:
   This  bill  would  allow larger lump sum payments to be made under the
 Partial Lump Sum (PLS) program for certain members of the New York State
 and Local Police and Fire Retirement System and the New York  State  and
 Local Employees' Retirement System.  CURRENTLY, members who are eligible
 for  the  PLS  program  and  who file for service retirement after being
 eligible to retire for 5 or more years may elect to  receive  a  partial
 lump  sum payment of up to 25% of the present value of their actuarially
 determined retirement allowance (their "reserve") at retirement,  and  a

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

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