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History
- Print number 2438a
- Amend and recommit to governmental employees
- Referred to governmental employees
- Referred to governmental employees
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A2438A
Title of bill
An act to amend the retirement and social security law, in relation to the computation of final average salary
Purpose
This bill would allow Tier I members with membership dates on or after April 1, 1972 and all Tier Two members of the New York State and Local Employees' Retirement System (NYS&LERS) and the New York State. and Local Police and Fire Retirement System (NYSP&F) to include up to thirty days of unused accumulated vacation time in the calculation of their final average salaries.
Summary of specific provisions
This bill amends subdivision 1 of section 431 of the Retirement and Social Security Law and subdivisions a . and b of Section 443 of the Retirement and Social Security Law.
Justification
Current retirement law allows certain Tier One members of the NYSP&F and NYS&LERS to include up to thirty days of unused vacation time in the calculation of their Final Average Salaries This bill extends this benefit to all Tier One members, as well as Tier Two members, of both retirement systems, hence achieving greater equity among members of the Retirement Systems.
Prior legislative history
A4433 of 2003-04 Session: referred to Governmental Employees A6289 of 2005-06 Session: referred to Govern- mental Employees A4593 of 2007-08 Session: referred to Governmental Employees
Fiscal implications
Insofar as this bill would affect employers of NYSLERS, if this bill is enacted, there Will be an estimated increase in the annual contributions of the State of New York of approximately $11 million and $16 million to the participating employers of NYSLERS.
Insofar as this bill would affect the NYSLPFRS, there would also be an estimated increase in the annual contributions of approximately $8.0 million to the State of New York and $38 million to the participating employers in NYSLPFRS.
Effective date
This act shall take effect immediately;
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.