Bill Text: NY A02645 | 2009-2010 | General Assembly | Amended
Bill Title: Allows Tier II, III and IV members of the New York state and local employees' retirement system to retire without a benefit reduction upon completion of 35 years of service without regard to age.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2010-02-04 - print number 2645a [A02645 Detail]
Download: New_York-2009-A02645-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2645--A
2009-2010 Regular Sessions
I N A S S E M B L Y
January 21, 2009
___________
Introduced by M. of A. ABBATE, PHEFFER, COLTON, REILLY -- Multi-Spon-
sored by -- M. of A. COOK, HOOPER -- 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
eligibility for retirement of members of the New York state and local
employees' retirement system
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 442 of the retirement and social security law is
2 amended by adding a new subdivision c to read as follows:
3 C. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A MEMBER OF THE NEW
4 YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT
5 REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST
6 THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
7 S 2. Section 503 of the retirement and social security law is amended
8 by adding a new subdivision e to read as follows:
9 E. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A MEMBER OF THE NEW
10 YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT
11 REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST
12 THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
13 S 3. Section 603 of the retirement and social security law is amended
14 by adding a new subdivision u to read as follows:
15 U. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A MEMBER OF THE NEW
16 YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM MAY RETIRE WITHOUT
17 REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST
18 THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
19 S 4. This act shall take effect immediately and shall be deemed to be
20 in full force and effect on and after June 30, 2010.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05611-04-0
A. 2645--A 2
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Tiers 2, 3 and 4 members of the New York State
and Local Employees' Retirement System to retire without a benefit
reduction due to early retirement upon the completion of at least thir-
ty-five (35) years of service, without regard to age.
If this bill is enacted, we anticipate that there would be estimated
additional annual contributions of approximately $7.7 million to the
State of New York and $9.1 million to the participating employers in the
New York State and Local Employees' Retirement System.
This estimate, dated December 21, 2009, and intended for use only
during the 2010 Legislative Session, is Fiscal Note No. 2010-17 prepared
by the Actuary for the New York State and Local Employees' Retirement
System.
