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History
- Print number 2645a
- Amend and recommit to governmental employees
- Referred to governmental employees
- Referred to governmental employees
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Allows Tier II, III and IV members of the NYSERS to retire without a benefit reduction upon completion of 35 years of service
In Senate Committee · Civil Service And Pensions · Sponsor Diane J. Savino
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A2645A
Title of bill
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
Purpose
Allows Tier II, III and IV members of the New York State & Local Employees' Retirement System (ERS) to retire with unreduced bene- fits upon completing 35 years of total service, without regard to age.
Summary of provisions
Amends Section 442, Section 503 and Section 603 of the Retirement and Social Security Law.
Justification
This legislation would allow all members of the ERS to retire upon completion of 35 or more years of credited service with no age requirements.
Currently, Tier III and IV members must wait until age 62 to retire, or age 55 with 30 years of service, or face a penalty in their pension. Tier I employees however, may retire at age 55 without regard to age. This bill will align the later tiers more closely with Tier I members, by allowing them to retire if they have reached 35 years of service.
Prior legislative history
2005 Session - A8823 - New Bill - reported to ways and means 2006 Session - A8823 - referred to Governmental Employees 2007 Session -A4530 - referred to Governmental Employees 2008 Session - A4530 -referred to Governmental Employees
Fiscal implications
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.
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.