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S4345Senate2015-2016 Session

Increases the amount of money a public retirement system retiree may earn in a position of public service to $50,000

Sponsor Andrew J. LanzaSD-24Affects 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
Andrew J. Lanza

Senator · Senate District 24

Chair, Cities

No co-sponsors yet.

History

  1. Print number 4345a
  2. Amend and recommit to civil service and pensions
  3. Referred to civil service and pensions
  4. Committed to rules
  5. Advanced to third reading
  6. 2nd report cal.
  7. 1st report cal.340
  8. Referred to civil service and pensions

Full text

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

Sponsor's memo

Title of bill

An act to amend the retirement and social security law, in relation to increasing the retiree public 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 reduction 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 $50,000 in public employment without reducing the retiree's pension.

Justification

Under current law, retirees may earn up to $30,000 from public employment 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. Increasing the mount up to $50,000 for retirees under 65 years of age would allow state and local governments the ability to hire experienced employees at a significant) 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

2015: S.4345 - 3rd Reading Calendar.

Fiscal implications

None.

Effective date

Immediately.

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