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
- Substituted by A9952
- Ordered to third reading cal.1648
- 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 a lump sum payment at retirement
Signed by Governor · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7756
Title of bill
An act to amend the retirement and social security law, in relation to a lump sum payment at retirement
Purpose
This bill, would allow larger lump sum payments to be made under the partial lump sum payment program for certain members of the retirement system employed by a county that elects to participate.
Summary of provisions
This bill amends section 1100 of the retirement and social security law allowing certain employees partial lump sum benefits, if their county so elects.
Justification
Under current law, Retirement and Social Security Law Section 1100 has allowed certain members of the New York State and Local Employees' Retirement System and members of the New York State and Local Police and Fire Retirement System to elect an optional form of retirement in the form of a partial lump sum at retirement. Correction Officers across the state are not eligible to take advantage of this option, though their counterparts in the adjacent City of New York are. This measure would redress that inequity. Since its inception, the Partial Lump Sum has proven to be a viable option for retiring members with no adverse effects on the retirement system.
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.