senate Bill S8098

2019-2020 Legislative Session

Relates to service retirement benefits for members of the New York city fire department pension fund, the New York city police pension fund and the New York city employees' retirement system

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Civil Service And Pensions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 19, 2020 referred to civil service and pensions

Co-Sponsors

S8098 (ACTIVE) - Details

See Assembly Version of this Bill:
A10075
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§505, 511 & 516, R & SS L

S8098 (ACTIVE) - Summary

Relates to not reducing certain service retirement benefits for members of the New York city fire department pension fund, the New York city police pension fund and the New York city employees' retirement system.

S8098 (ACTIVE) - Sponsor Memo

S8098 (ACTIVE) - Bill Text download pdf


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

                                  8098

                            I N  S E N A T E

                             March 19, 2020
                               ___________

Introduced by Sen. GOUNARDES -- 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
  service retirement benefits for members of  the  New  York  city  fire
  department pension fund, the New York city police pension fund and 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. Section 505 of the retirement and social security  law,  as
amended  by  chapter  18  of  the  laws  of  2012, is amended to read as
follows:
  § 505. Service retirement benefits; police/fire members, New York city
uniformed correction/sanitation revised plan  members  and  investigator
revised  plan  members.  a.  The  normal  service retirement benefit for
police/fire  members,  New  York  city  uniformed  correction/sanitation
revised  plan  members  and  investigator revised plan members at normal
retirement age shall be a pension equal to fifty percent of final  aver-
age salary, less fifty percent of the primary social security retirement
benefit commencing at age sixty-two, as provided in section five hundred
eleven  of  this article, EXCEPT THAT FOR POLICE/FIRE MEMBERS OF THE NEW
YORK CITY FIRE DEPARTMENT PENSION FUND  OR  THE  NEW  YORK  CITY  POLICE
PENSION FUND, NEW YORK CITY UNIFORMED CORRECTION/SANITATION REVISED PLAN
MEMBERS  OR  INVESTIGATOR  REVISED  PLAN  MEMBERS  OF  THE NEW YORK CITY
EMPLOYEES' RETIREMENT SYSTEM,  THE  NORMAL  SERVICE  RETIREMENT  BENEFIT
SHALL  NOT  BE REDUCED BY THE PRIMARY SOCIAL SECURITY RETIREMENT BENEFIT
COMMENCING AT AGE SIXTY-TWO AS PROVIDED IN SECTION FIVE  HUNDRED  ELEVEN
OF THIS ARTICLE.
  b.  The  early service retirement benefit for police/fire members, New
York city  uniformed  correction/sanitation  revised  plan  members  and
investigator  revised  plan  members shall be a pension equal to two and
one-tenths percent of final  average  salary  times  years  of  credited
service  at the completion of twenty years of service or upon attainment
of age sixty-two, increased by one-third of one percent of final average
salary for each month of service in excess of twenty years, but  not  in

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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