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History
- Substituted by A10109
- Ordered to third reading cal.1135
- Committee discharged and committed to rules
- 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 members of the New York state and local police and fire retirement system who retire to elect the alternative option
Signed by Governor · 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 allowing members of the New York state and local police and fire retirement system who retire to elect the alternative option and providing for cessation of membership in such system upon occurrence of certain conditions
Purpose
To make certain technical changes that are appropriate and necessary in order to ensure that Tier 3 members of the New York State and Local Police and Fire Retirement System are able to elect an alternative retirement option and have a defined period when membership in the retirement system shall cease just like every other member of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System.
Summary of provisions
Section 1 of this bill amends Subdivision a-1 of Section 514 of the Retirement and Social Security Law to permit Tier 3 members of the New York State and Local Police and Fire Retirement System to elect an alternative retirement option under which benefits will be allocated between the member and beneficiary in a manner that is the actuarial equivalent of the basic, unmodified retirement allowance.
Section 2 of this bill amends the opening paragraph of Section 517-a of the Retirement and Social Security Law to establish upon what conditions membership in the retirement system shall cease for Tier 3 members of the New York State and Local Police and Fire Retirement System.
Section 3 of this bill provides for an immediate effective date.
Justification
On and after July 1, 2009, for the first time there are new members of the New York State and Local Police and Fire Retirement System who will be receiving their retirement benefits pursuant to Article 14 of the Retirement and Social Security Law, also known as Tier 3. The technical changes made by this bill are appropriate and necessary to make sure members of the New York State and Local Police and Fire Retirement System who are covered by Article 14 of the Retirement and Social Security Law continue to be able to elect an alternative retirement option and have a defined period when membership in the retirement system shall cease just like every other member of the New York State and Local Employees' Retirement System and the New York State and Local police and Fire Retirement System. The Comptroller urges passage of this legislation.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.