Assembly Bill A7256A

2023-2024 Legislative Session

Provides additional benefits for certain retirement system members with credited service in excess of twenty-five years

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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

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Bill Amendments

2023-A7256 - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-e & 604, R & SS L

2023-A7256 - Summary

Provides additional benefits for certain county correction officers in Westchester county; provides benefits to retirement system members with credited service in excess of twenty-five years.

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) - Summary

Provides additional benefits for certain county correction officers in Westchester county; provides benefits to retirement system members with credited service in excess of twenty-five years.

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
              

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