What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
3 Co-sponsors
History
- Substituted by A9889A
- Ordered to third reading cal.1475
- Committee discharged and committed to rules
- Print number 7074a
- Amend and recommit 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.
Makes permanent provisions that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement
Signed by Governor · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7074A
Title of bill
An act to amend chapter 735 of the laws of 2006, amending the retirement and social security law relating to permitting certain members of the New York state and local police and fire retirement system to receive a partial lump sum distribution upon retirement, in relation to the effec- tiveness thereof
Summary of provisions
The Partial Lump Sum option that is currently available to certain members of the New York State and local employees' retirement system as well to certain members of the New York state and local police and fire retirement system is set to expire on April 1, 2013. This legislation shall make permanent the provisions set forth therein.
Section 1 - Shall make permanent the provisions of § 1100, by repealing the expiration date of April 1, 2013.
Justification
Under current law, Retirement and Social Security Law Section 1100, has allowed certain members of the New York state and local employees' retirement system and members of the New York state and local police and fire retirement system to elect an optional form of retirement in the form of a partial lump sum at retirement ("PLOP"). Since its inception, the PLOP has proven to be a viable option for retiring members with no adverse effects on the retirement system(s). As already reported by the New York State Comptroller, the PLOP has been revenue neutral to the retirement system(s) and is a viable option for retirees wishing to utilize their retiree benefits in an alternate manner.
Fiscal impact
See Fiscal note.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.