Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 14, 2024 |
enacting clause stricken |
Jan 12, 2024 |
print number 7256a |
Jan 12, 2024 |
amend and recommit to governmental employees |
Jan 03, 2024 |
referred to governmental employees |
May 16, 2023 |
referred to governmental employees |
Assembly Bill A7256A
2023-2024 Legislative Session
Sponsored By
PHEFFER AMATO
Current Bill Status - Stricken
- 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
Bill Amendments
2023-A7256 - Details
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §§89-e & 604, R & SS L
2023-A7256 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7256 2023-2024 Regular Sessions I N A S S E M B L Y May 16, 2023 ___________ Introduced by M. of A. PHEFFER AMATO -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to providing additional benefits for certain retirement system members with credited service in excess of twenty-five years THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions c and f of section 89-e of the retirement and social security law, as added by chapter 520 of the laws of 1988, are amended to read as follows: c. Upon completion of twenty-five years of such service and upon retirement, each such member shall receive a pension which, together with an annuity which shall be the actuarial equivalent of [his] SUCH MEMBER'S accumulated contributions at the time of [his] SUCH MEMBER'S retirement and an additional pension which is the actuarial equivalent of the [reserved-for-increased-take-home-pay] RESERVE-FOR-INCREASED- TAKE-HOME-PAY to which [he] SUCH MEMBER may then be entitled shall be sufficient to provide [him] SUCH MEMBER with a retirement allowance equal to one-half of [his] SUCH MEMBER'S final average salary, PROVIDED HOWEVER THAT A MEMBER WITH CREDITED SERVICE IN EXCESS OF TWENTY-FIVE YEARS SHALL RECEIVE AN ADDITIONAL RETIREMENT ALLOWANCE EQUAL TO ONE-SIX- TIETH OF SUCH MEMBER'S FINAL AVERAGE SALARY FOR EACH YEAR OF CREDITABLE SERVICE IN EXCESS OF TWENTY-FIVE YEARS BUT NOT IN EXCESS OF THIRTY YEARS. f. A member contributing on the basis of this section at the time of retirement, [shall] MAY retire after the completion of twenty-five years of total creditable service. Application therefor may be filed in a manner similar to that provided in section seventy of this article. Upon completion of AT LEAST twenty-five years of such service and upon retirement, each such member shall receive a pension which, together with an annuity which shall be the actuarial equivalent of [his] SUCH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10299-02-3
2023-A7256A (ACTIVE) - Details
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §§89-e & 604, R & SS L
2023-A7256A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7256--A 2023-2024 Regular Sessions I N A S S E M B L Y May 16, 2023 ___________ Introduced by M. of A. PHEFFER AMATO -- read once and referred to the Committee on Governmental Employees -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law, in relation to providing additional benefits for certain retirement system members with credited service in excess of twenty-five years THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions c and f of section 89-e of the retirement and social security law, as added by chapter 520 of the laws of 1988, are amended to read as follows: c. Upon completion of twenty-five years of such service and upon retirement, each such member shall receive a pension which, together with an annuity which shall be the actuarial equivalent of [his] SUCH MEMBER'S accumulated contributions at the time of [his] SUCH MEMBER'S retirement and an additional pension which is the actuarial equivalent of the [reserved-for-increased-take-home-pay] RESERVE-FOR-INCREASED- TAKE-HOME-PAY to which [he] SUCH MEMBER may then be entitled shall be sufficient to provide [him] SUCH MEMBER with a retirement allowance equal to one-half of [his] SUCH MEMBER'S final average salary, PROVIDED HOWEVER THAT A MEMBER WITH CREDITED SERVICE IN EXCESS OF TWENTY-FIVE YEARS SHALL RECEIVE AN ADDITIONAL RETIREMENT ALLOWANCE EQUAL TO ONE-SIX- TIETH OF SUCH MEMBER'S FINAL AVERAGE SALARY FOR EACH YEAR OF CREDITABLE SERVICE IN EXCESS OF TWENTY-FIVE YEARS BUT NOT IN EXCESS OF THIRTY YEARS. f. A member contributing on the basis of this section at the time of retirement, [shall] MAY retire after the completion of twenty-five years of total creditable service. Application therefor may be filed in a manner similar to that provided in section seventy of this article. Upon EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10299-04-4
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.