Assembly Actions -
Senate Actions - UPPERCASE
|Jun 05, 2023||
referred to rules
Senate Bill S7540
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Rules Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S7540 (ACTIVE) - Details
2023-S7540 (ACTIVE) - Summary
Relates to obtaining military credit for members of the New York state and local police and fire retirement system; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
2023-S7540 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7540 SPONSOR: SCARCELLA-SPANTON TITLE OF BILL: An act to amend the retirement and social security law, in relation to obtaining military service credit for members of the New York state and local police and fire retirement system PURPOSE OR GENERAL IDEA OF BILL: This bill would decrease the amount of payment required by Tier 6 members of the New York State and Local Police and Fire Retirement System who are obtaining military service credit pursuant to Section 1000 of the Retirement and Social Security Law. SUMMARY OF PROVISIONS: Under current law, a Tier 6 member must pay a sum equal to the product of the number of years of military service being claimed and six percent of such member's compensation earned during the twelve months of credit- ed service immediately preceding the date that the member made applica-
2023-S7540 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7540 2023-2024 Regular Sessions I N S E N A T E June 5, 2023 ___________ Introduced by Sen. SCARCELLA-SPANTON -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the retirement and social security law, in relation to obtaining military service credit for members of the New York state and local police and fire retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 9 of section 1000 of the retirement and social security law, as amended by chapter 41 of the laws of 2016, is amended to read as follows: 9. (A) Anything to the contrary in subdivision three of this section notwithstanding, to obtain such credit, a member who first joins a public retirement system of the state on or after April first, two thou- sand twelve shall pay such retirement system, for deposit in the fund used to accumulate employer contributions, a sum equal to the product of the number of years of military service being claimed and six percent of such member's compensation earned during the twelve months of credited service immediately preceding the date that the member made application for credit pursuant to this section. (B) BEGINNING WITH APPLICATIONS RECEIVED BY THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM ON AND AFTER APRIL FIRST, TWO THOUSAND TWENTY-FOUR, FOR MEMBERS WHO FIRST BECOME MEMBERS OF THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM ON OR AFTER APRIL FIRST, TWO THOUSAND TWELVE, THE SUM REQUIRED IN PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE EQUAL TO THE PRODUCT OF THE NUMBER OF YEARS OF MILITARY SERVICE BEING CLAIMED AND THREE PERCENT OF SUCH MEMBER'S COMPENSATION EARNED DURING THE TWELVE MONTHS OF CREDITED SERVICE IMME- DIATELY PRECEDING THE DATE THE MEMBER MADE APPLICATION PURSUANT TO THIS SECTION. § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10817-03-3
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