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A7074Assembly2009-2010 Session

Allows certain Tier 3 and 4 retirement system members who have contributed for a period of 10 years or more to receive additional service credit

Sponsor John McEnenyAD-104+6 co-sponsorsAffects Finance
Status
In Assembly Committee
Governmental Employees
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Governmental Employees

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Who cares

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Sponsors

Primary sponsor
John McEneny

Assembly Member · Assembly District 104

History

  1. Print number 7074b
  2. Amend and recommit to governmental employees
  3. Print number 7074a
  4. Amend and recommit to governmental employees
  5. Referred to governmental employees
  6. Referred to governmental employees

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:A7074B

Title of bill

An act to amend the retirement and social security law, in relation to providing benefit enhancements

Purpose or general idea of bill

This bill intends to provide additional pension benefits in recognition of greater employee's contributions to the retirement systems.

Summary of specific provisions

This bill would provide that a member of NYSERS in Tier 3 or 4 who has paid into a public retirement system for a period o more than ten years shall receive one month of additional service credit for each year that the member has contributed to the pension system in excess of ten years.

Justification

Chapter 126 of 2000 provided that employees in Tier 3 and 4 would no longer have to contribute 3% of their salary to the retire- ment system once they had reached ten years of service or membership. Many members have already contributed for more than ten years before chapter 126 was adopted since Tier 3 contributions began in 1976. This creates and inequity with Tier 3 and 4 because new employees will only have to contribute for ten years, while present employees may have already contributed for as long as 24 years. This bill is intended to grant those who paid for more than ten years additional pensions' service credit in order to partially compensate them for this inequity.

Prior legislative history

2007/08: A.7128-B/S.4554-B, 2005/06: A.7445, 2003/04: A.1862-C/S.4178, 2001/02: A.8875-A

Fiscal implications

Attached to bill

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.