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A7075Assembly2009-2010 Session

Allows certain members of public retirement systems to retire without a reduction of benefits due to early retirement upon age 55 and at least 25 years of service

Sponsor John McEnenyAD-104+9 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 7075b
  2. Amend and recommit to governmental employees
  3. Referred to governmental employees
  4. Print number 7075a
  5. Amend and recommit 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:A7075B

Title of bill

An act to amend the retirement and social security law, in relation to benefits of members subject to article 11 and article 15 who retire prior to the normal retirement age with twenty-five years of service

Purpose or general idea of bill

This bill intends to improve benefits upon completion. of 25 years employment.

Summary of specific provisions

This bill would permit retirement system members to retire at any age over 55 with at least twenty-five years of service without a reduction in benefits.

Justification

The public retirement systems in the state have enjoyed significant growth in assets due to investment gains. Employer costs have dropped significantly and there is no employer costs for benefits in some systems. This bill would provide an improved retirement option to members with at least 25 years of service allowing the workers to share in the benefits of the pension funds that were created largely out of their contributions.

Prior legislative history

2007:08 A.3607-C/S.5732-C 2005/06: A.5807-C/S.3201-C 2003/04: A.5193-A 2001/02: A.5558-C/S.2945-C 1999/00: A9994/7510

Fiscal implications

The actuary for NYS&LRS estimates the increased costs of $65.million for the state and $80 million for participating employers but due to significant investment gains this bill will not have any impact on employer contributions in the near term.

Effective date

Immediately

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.