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Sponsors
1 Co-sponsor
History
- Vetoed memo.6770
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.551
- Substituted for A11442A
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 32–28
- Ordered to third reading cal.1169
- Referred to rules
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.
Provides alternate retirement benefits for employees of the power authority of the state of New York, who are employed at the Charles Poletti Power Project
Assembly Floor Calendar · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8225
Title of bill
An act to amend the retirement and social security law, in relation to alternative retirement benefits for certain members employed by the power authority of the state of New York
Purpose
This bill would provide alternative retirement benefits for qualifying members employed by the New York Power Authority at the Charles Poletti Power Project.
Summary of provisions
This bill will create new Sections 89-x, of the Retirement and Social Security Law which will provide a new retirement benefit for employees of the New York Power Authority who are employed at the Charles Poletti Power Project. This new benefit will be available to such members who are at least age fifty, who have at least twenty-five years of service credit, and who retire between August 1,2010 and November 1, 2010. This new benefit will be 2% of Final Average Salary for each year of service credit.
Existing law
Currently these members would be required to remain in service for 30 years in order to retire without penalty.
Justification
Due to the cessation of generation at Charles Poletti 825 megawatt powerhouse and the ultimate closure of that powerhouse, Utility Worker Union of America, Local 1-2 and the New York Power Authority agreed to support this legislation which would enable qualifying members to retire if they have at least 25 years of service and are 50 years of age or older. Thereby reducing the amount they will suffer due to the resultant layoffs.
Legislative history
New Bill.
Fiscal implications
It is estimated that there will be an immediate past service cost of approximately $2.57 million which will be borne by the New York Power Authority as a one-time payment on February 1, 2011.
This cost is based on a list of sixteen eligible members supplied by the New York Power Authority. If other members became affected, this cost will change.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.