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No co-sponsors yet.
History
- Substituted by A7834
- Ordered to third reading cal.1180
- 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.
Decreases the minimum amount of time required before a service retirement may become effective and certain retirees may begin to receive their retirement
Signed by Governor · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5651
Title of bill
An act to amend the retirement and social security law, in relation to decreasing the minimum amount of time required before a service retirement may become effective and retirees of certain retirement systems may begin to receive their retirement
Purpose
Decreases from 30 days to 15 days the minimum amount of time within which a service retirement may take effect for a prospective retiree of the New York State and Local Employees' Retirement System or the New York State and Local Police and Fire Retirement System.
Summary of provisions
Section 1 of this bill amends subdivision a of section 70 of the retirement and social security law to reduce from 30 days to 15 days the minimum amount of time within which a service retirement may take effect for a prospective retiree who is a member of the New York State and Local Employees' Retirement System.
Section 2 of this bill amends subdivision a of section 370 of the retirement and social security law to reduce from 30 days to 15 days the minimum amount of time within which a service retirement may take effect for a prospective retiree who is a member of the New York State and Local Police and Fire Retirement System.
Section 3 or this bill provides for an immediate effective date.
Prior legislative history
2009 - Passed Assembly 2010 - Passed Senate
Justification
In the electronic age we live in, a thirty day waiting period before a service retirement may take effect for a member of the New York State and Local Employees' Retirement System or the New York State and Local Police and Fire Retirement System is unnecessary. The laws governing other retirement systems, such as the New York State Teachers' Retirement System, allow a retirement to become effective on the date the application is filed. By reducing from thirty days to fifteen days the minimum amount of time within which a prospective retiree who is a member of the New York State and Local Employees' Retirement System or the New York State and Local Police and Fire Retirement System must wait before an application for retirement becomes effective, this bill would help such members who are potentially no longer on the state payroll receive their pension in a more timely fashion.
The Comptroller urges passage of this legislation.
Budget implications
This bill has no significant fiscal impact
Effective date
This bill take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.