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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.
Relates to refunding contributions for New York city transit authority members in the title transit manager
In Senate Committee · Rules · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7544
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 in the title transit manager
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 the title transit manager to the titles covered under this benefit.
Section 2- Amends section 604-d of the retirement and social security law by adding the title transit manager to the titles covered under this benefit.
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 did not opt into the 55/25 pension program were put into the 55/25 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.
Similar legislation has been enacted for competitive class members through various collective bargaining agreements (See Chapter 734 of 2006, Chapter 379 of 2007 and Chapter 522 of 2013. The members covered by this new legislation are managerial titles and not subject to collective bargaining and can only pursue this benefit through legislative means.
Legislative history
New Legislation
Fiscal implications
The enactment of this legislation would increase annual employer contributions to NYCERS by $340,000 per year for 5 years. There are approximately 230 active and retired members eligible for this refund. Retirees, would only accrue interest up to their date of retirement. See Fiscal Note 2014-21, prepared by Chief Actuary for the New York City Employees' Retirement System on May 9, 2014. 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.