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
No co-sponsors yet.
History
- Signed chap.468
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.197
- Substituted for A9392
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 58–0
- Ordered to third reading cal.1300
- 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.
Relates to the section 384-d retirement plan
Assembly Floor Calendar · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7120
Title of bill
An act to amend the retirement and social security law, in relation to authorizing enrollment in the section 384-d retirement plan for all new members of the New York state and local police and fire retirement system
Purpose or general idea of bill
This bill would provide automatic enrollment into the provisions of section 384-d of the Retirement and Social Security Law for members who first become members of the New York State and Local Police and Fire Retirement System on or after January 1, 2015 who are employed by an employer who has elected the benefits of such plan. Any member so enrolled may thereafter withdraw from such plan.
Summary of specific provisions
This bill would add a new section 1201-a to the Retirement and Social Security Law to require enrollment in the section 384-d retirement plan for all new members of the New York State and Local Police and Fire Retirement System. This new section would also permit any member covered by the provisions of such section to later withdraw from the section 384-d retirement plan.
Justification
Although a vast majority of public employers had previously elected to offer the optional twenty-year retirement plan, established pursuant to Section 384-d of the Retirement and Social Security Law, to firefighters and/or policemen in its employ, oftentimes members fail to make a timely election to participate in this retirement plan. Presently, the only way to correct this unfortunate oversight is with special legislation which is costly and time consuming. To correct this situation this bill will require automatic enrollment in the twenty year retirement plan. This bill also allows a member to withdraw from the plan in those rare instances when a member has decided that another available plan is more advantageous. In addition, it should be noted that the Actuary for the New York State and Local Police and Fire Retirement System has determined that there is no cost associated with this legislation.
Prior legislative history
None.
Fiscal implications
see fiscal note
Effective date
This act shall take effect January 1, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.