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S5090Senate2013-2014 Session

Increases the amount of money a retiree may earn in a position of public service to $34,000

Sponsor Hugh T. FarleySD-49Affects Finance
Status
In Senate Committee
Civil Service And Pensions
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Civil Service And Pensions

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Who cares

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Sponsors

Primary sponsor
Hugh T. Farley

Senator · Senate District 49

No co-sponsors yet.

History

  1. Referred to civil service and pensions
  2. Referred to civil service and pensions

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S5090

Title of bill

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

Purpose

This bill would increase the amount that a public retiree under sixty-five years of age may earn in public employment without a diminution of his or her retirement benefits.

SUMMARY OF PROVISIONS:. The bill amends subdivision 2 of Section 212 of the Retirement and Social Security Law. It would allow a public retiree to earn up to $34,000 in public employment without reducing the retiree's pension.

Existing law

Current law permits such an individual to earn up to $30,000 without a loss of pension benefits.

Justification

Under current law, retirees may earn up to $30,000 without diminution of retirement earnings. From 1996 through 2004 this earnings limit was raised each year. The last time it was increased was in 2007 when it was raised from $27,500 to $30,000.

This legislation would update the amount to account for inflation. The increase reflects the increase in the Consumer Price Index As a result, it would extend a program which has seen significant cost savings to states and localities by giving them the ability to hire experienced employees at a significantly reduced cost without paying for employee benefits.

Pursuant to subdivision one of section 212, there are no earning limitations applicable to retired persons who are age sixty-five or older.

Legislative history

This is a new bill.

Fiscal implications

No additional cost.

Effective date

Immediately

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.