Bill Text: NY A06563 | 2015-2016 | General Assembly | Amended

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Bill Title: Relates to refunding contributions for New York city transit authority members in the title transit manager.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2016-06-16 - substituted by s5359a [A06563 Detail]

Download: New_York-2015-A06563-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6563--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     March 27, 2015
                                       ___________
        Introduced  by  M.  of A. ABBATE, GOLDFEDER -- read once and referred to
          the Committee on Governmental Employees -- ordered to a third  reading
          --  committed to the Committee on Governmental Employees in accordance
          with 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
          refunding contributions made to the twenty-five year early  retirement
          program  and  the  age fifty-seven retirement program by New York city
          transit authority members in the title transit manager
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  15  of  subdivision  d of section 604-c of the
     2  retirement and social security law, as added by chapter 522 of the  laws
     3  of 2013, is amended to read as follows:
     4    15.  An  eligible  former  participant,  as defined in this paragraph,
     5  shall be entitled to a refund of the employee  portion  of  his  or  her
     6  additional  member contributions made pursuant to this subdivision which
     7  shall include any and all interest thereon at the rate of  five  percent
     8  per  annum,  compounded  annually and such refund shall be payable, upon
     9  such participant's application pursuant  to  procedures  promulgated  in
    10  regulations of the board of trustees of the retirement system. An eligi-
    11  ble  former participant shall be a participant who is or was employed in
    12  the title supervisor (stations) in assignment level II in the  New  York
    13  city transit authority's stations department or the title transit manag-
    14  er, and who, on October first, two thousand six, was employed by the New
    15  York  city  transit authority in such title and who was a participant in
    16  the twenty-five year early retirement program prior to the starting date
    17  of the elimination of additional member contributions, as such  date  is
    18  defined  in  an election made pursuant to paragraph ten of subdivision e
    19  of section six hundred four-b of this article.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10181-02-6