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History
- Print number 4100a
- 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:A4100A
Title of bill
An act to amend the judiciary law and the retirement and social security law, in relation to providing benefit enhancements
Purpose or general idea of bill
This bill would provide that a peace officer Court Clerk of the City of New York who is a member of NYCERS in Tier 3 or 4 who has paid into a public retirement system for a period of more than ten years shall receive upon retirement a lump sum payment equal to the amount in excess of ten years plus accumulated interest.
Summary of specific provisions
§1 - amends the Judiciary Law by adding anew section 39-c which defines Court Clerks of the City of New York.
§2 - Subdivision b of section 902 of the retirement and social security law is amended by adding a new paragraph 4 which would provide that peace offices of the Unified Court System who joined the retirement system on or after July 27, 1976 and have contributed to the system for more than ten years shall be eligible for a payment upon retirement equal to the contributions in excess of ten years plus interest.
Effects of present law which this sill would alter
Current law does not provide benefits for employee contributions in excess of ten years.
Justification
Chapter 126 of 2000 provided that employees in Tiers 3 and 4 would no longer have to contribute 3% of their salary to the retirement system once they had reached ten years of service or membership. Since Tier 3 employees began service in 1976, many members had already contributed to the retirement system for more than ten year's when chapter 126 was enacted. This creates an unintended inequity in Tiers 3 and 4 employee benefits because new employees are required to contribute for only ten years, while present employees may have, contributed for as long as 24 years. This bill is intended to return the funds paid into the system beyond the now required ten-year period to the retiree plus any accumulated interest.
Prior legislative history
2007-08 Session - A6315A - referred to Governmental Employees 2005 Session - New bill - referred to governmental employees.
Fiscal implications
If this bill is enacted, we anticipate that there will be an immediate past service cost of approximately $13.7 million which would be borne by the State of New York as a one-time payment.
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.