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Who cares
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Sponsors
3 Co-sponsors
History
- Print number 2340a
- Amend and recommit to civil service and pensions
- Referred to civil service and pensions
- Referred to civil service and pensions
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 Assembly Committee · Governmental Employees · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 benefits 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 II, 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
2009 Session: S.2340 - Referred to Civil Service and Pensions
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 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 and shall be deemed in full force and effect on and after June 30, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.