Increases the amount of money a retiree may earn in a position of public service in the year 2015 and thereafter to $32,500

BILL NUMBER:S4738A

Title of bill

An act to amend the retirement and social security law, in relation to increasing the retiree earnings cap

Purpose or general idea of bill

The bill increases the earnings cap placed on public retirees that continue to work in public service. This cap, which was generally given incremental increases on a bi-annual basis since 1996, has not been increased since 2007.

Summary of specific provisions

Amends part 2 of section 212 of the Retirement and Social Security Law.

Justification

This legislation increases the earnings cap placed on public retirees that continue to work in public service. This cap, which was generally given incremental increases on a bi-annual basis since 1996, has not been increased since 2007.

In the current economy, many retirees are being forced to seek new employment to cover general living expenses, increased medical costs for both themselves and their partners and live their final years in dignity.

The earnings cap placed on retirees, which was generally given incremental increases on a bi-annual basis since 1996, has not been increased since 2007. This legislation will increase the cap from $27,500 to $30,000 in 2012 and from $30,000 to $32,500 in 2013.

Prior legislative history

2013: S. 4738 - Referred to Civil Service & Pensions.

Fiscal implications

See note.

Effective date

Immediately.