Senate Bill S5791A

2023-2024 Legislative Session

Relates to service retirement benefits for uniformed correction members of the New York city employees' retirement system

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Sponsored By

Current Bill Status - In Senate Committee Finance 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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Bill Amendments

co-Sponsors

2023-S5791 - Details

See Assembly Version of this Bill:
A5929
Current Committee:
Senate Finance
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§505, 511 & 516, R & SS L

2023-S5791 - Summary

Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.

2023-S5791 - Sponsor Memo

2023-S5791 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5791
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2023
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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 uniformed correction members of 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  NEW  YORK  CITY  UNIFORMED
 CORRECTION  REVISED PLAN MEMBERS OF THE NEW YORK CITY EMPLOYEES' RETIRE-
 MENT 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
 excess of fifty percent of final average salary, less fifty  percent  of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06948-02-3
              

co-Sponsors

2023-S5791A (ACTIVE) - Details

See Assembly Version of this Bill:
A5929
Current Committee:
Senate Finance
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§505, 511 & 516, R & SS L

2023-S5791A (ACTIVE) - Summary

Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.

2023-S5791A (ACTIVE) - Sponsor Memo

2023-S5791A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5791--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2023
                                ___________
 
 Introduced  by Sens. JACKSON, CHU -- read twice and ordered printed, and
   when printed to be committed to the Committee  on  Civil  Service  and
   Pensions -- recommitted to the Committee on Civil Service and Pensions
   in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the retirement and social security law, in  relation  to
   service  retirement  benefits  for uniformed correction members of 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  NEW  YORK  CITY  UNIFORMED
 CORRECTION  REVISED PLAN MEMBERS OF THE NEW YORK CITY EMPLOYEES' RETIRE-
 MENT 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06948-04-4
              

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