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History
- Substituted by A6942
- Ordered to third reading cal.1493
- 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.
Allows larger lump sum payments to be made under the partial lump sum payment program for certain members of the New York state and local police and fire retirement system
Signed by Governor · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5053
Title of bill
An act to amend the retirement and social security law, in relation to partial lump sum payments for certain members of the New York state and local police and fire retirement system
Purpose
This bill would allow larger lump sum payments to be made under the partial lump sum payment program for certain members of the New York state and local police and fire retirement system.
Summary of provisions
This bill amends subdivision 2 of section 1100 of the retirement and social security law by adding to new paragraph, d and e
Justification
Members of the New York state and local police and fire retirement system, that are filing for retirement should be eligible to receive a larger lump sum under the partial lump sum program. Currently members are allowed to receive a partial lump sum of up to J5t of the present value of their retirement allowance, and a smaller annual retirement allowance thereafter,. However, members who file for retirement after being eligible for 4 or 5 or more years should be eligible to receive a larger lump sum of up to 25% at retirement.
Legislative history
New Bill
Fiscal implications
See the bill.
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.