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Sponsors
1 Co-sponsor
History
- 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.
Provides for the refund of certain member contributions
In Senate Committee · Rules · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7090
Title of bill
An act to amend the retirement and social security law, in relation to refunding contributions made to the twenty-five year early retirement program and the age fifty-seven retirement program by New York city transit authority members
Purpose
This bill provides for the refund of certain member contributions made under the transit 57/25 program.
Summary of provisions
Section 1- Amends subdivision d of section 604-c of the retirement and social security law by adding a new paragraph 15.
Section 2- Amends section 604-d of the retirement and social security law by adding a new paragraph 15.
In both amendments, paragraph 15 entitles eligible former participants to a refund of a portion of his/her additional member contributions, including accrued interest at a rate of 5% per annum, upon completion of an application to be established by the New York State Employees' Retirement System's Board of Trustees. Defines this eligible participant as someone who is or was employed in a title represented for purposes of collective bargaining by an employee organization representing a majori- ty of supervisory employees in the NYCTA's stations department, recog- nized or certified pursuant to Article 14 of the civil service law, and who, on October 1, 2006 was employed by the NYCTA in such title and who was a participant in the 25 year early retirement program prior to the starting date of elimination of additional member contributions for said program.
Justification
To correct the inequity to members who originally opted into the Chapter 96 of the Laws of 1995 (Chapter 96/95) 55/25 pension program who paid an additional member contribution (AMC) from the time they opted into until January 3, 2001. Then as a result of Chapter 10 of the Laws of 2000, members who didn't opt into the 55/25 pension program were put into the 55125 pension program without having to make any additional member contributions
Members who made the additional member contributions are not being given any additional benefit for their contributions. It is only fair and equitable to refund the additional contributions back to these members. Members of the 1994 25/55 pension program have already been refunded their additional member contributions.
Legislative history
New Bill.
Fiscal implications
See Fiscal Note 2012-02, prepared by Chief Actuary for the New York City Employees' Retirement System on January 20, 2012.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.