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S4069Senate2009-2010 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 J. FlanaganSD-2+3 co-sponsorsAffects Finance
Status
In Senate Committee
Civil Service And Pensions
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Civil Service And Pensions

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Who cares

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Sponsors

Primary sponsor
John J. Flanagan

Senator · Senate District 2

History

  1. Referred to civil service and pensions
  2. Referred to civil service and pensions

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 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 cost 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

2008: S.5732C Senate Civil Service and Pension Committee/A.3607C Assembly Governmental Employees Committee 2007: A.3607/S.5732: Asbly Govt'l Emp Cmte/Sen Civ Serv & Pensions Cmte 2005/06: A.5807-C/S.3201-C: Asbly Govt'l Emp Cmte/Sen Civ Serv & Pensions Cmte 2003/04: S.4006: Sen Civ Serv & Pensions Cmte 2001/02: A.5558-C/S.2945-C: Asbly Govt'l Emp Cmte/Sen Civ Serv & Pensions Cmte 2000: A.9994/S. 7510: Asbly Govt'l Emp Cmte/Sen Civ Serv & Pensions Cmte

Fiscal implications

See fiscal notes appended to bill.

Effective date

Immediately; however this bill would be deemed to be in effect June 30, 2009.

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