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History
- Committed to rules
- Amended on third reading 4702b
- Advanced to third reading
- 2nd report cal.
- 1st report cal.737
- Print number 4702a
- Amend and recommit to civil service and pensions
- Referred to civil service and pensions
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.511
Show 1 earlier action
- 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 members of the twenty-year/age fifty retirement program for Triborough bridge and tunnel members
In Senate Committee · Rules · Sponsor Peter Abbate
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 members of the twenty-year/age fifty retirement program for Triborough bridge and tunnel members
Summary of provisions
Sec. 1 - requires that members retiring under the TBTA 20-Year/Age 50 Plan pay the required Additional Member Contribution (AMC) for time credited toward retirement from the period service in a non-participating TBTA management title.
Sec. 2 - Effective Date
Purpose
This proposed legislation would amend Retirement and Social Security Law Section 604-c.e(1) to require that AMC for a period of non-participation be made by a member of the Triborough Bridge and Tunnel Authority (TBTA) 20-Year/Age 50 Retirement Plan (TBTA 20/50 Plan) who ceases to be a participant and later again becomes a participant of the TBTA 20/50 Plan.
Justification
This bill is to amend an oversight in the TBTA 20/50 Plan (RSSL § 604-c) to address when a member leaves the plan to take a managerial (non-plan) position and then subsequently return to ranks covered by the plan and retires under the plan. While in management positions those members stop making the AMC which can range from 5.5% 6% depending on their rank prior to taking the managerial position. At a later date the member can return to the 20 year/age 50 plan rank to retire under the plan and include the time as a manager toward the 20 years required to retire without repaying the system for the non-contributory, yet credited time. In many cases it has been as much as 10 years without making any AMC toward their pension.
Legislative history
2015 Session - New Bill
Fiscal implications
Enactment of this proposed legislation could decrease employer costs, where such amounts would depend on the number of members affected, upon the number of years that they were in non-participating positions and their gross wages during those years and would equal the value of the additional AMC paid.
The increase in the assets of NYCERS as a result of the additional AMC paid in any year would be treated as an actuarial gain and be amortized over 15 years. Based on the assumptions herein, the cost savings would be approximately $7,000 per year per affected member. Fiscal Note 2016-07 prepared March 9, 2016 by the Chief Actuary of the New York City Employees Retirement System.
Effective date
Immediately and shall only apply to new hires to the TBTA
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.