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History
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Companion bill
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Relates to the right of members of the optional twenty-five year/age fifty improved benefit program for automotive members to revoke their participation in the program
In Assembly Committee · Governmental Employees · Sponsor Peter Abbate
Full text
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Sponsor's memo
Title of bill
An act to amend the retirement and social security law, in relation to the right of members of the optional twenty-five year/age fifty improved benefit program for automotive members to revoke their participation in the program
Summary of provisions
This bill would amend section 445-G of the retirement and social security law to allow participants to revoke their participation in the twenty-five year/age fifty improved benefit program. In order to revoke, participants must have at least five, but no more than twenty-five years of credited service. The bill would also amend section 604-G to reflect the same.
Justification
In 2002, the Legislature enacted a 25-year, age 50 retirement program for automotive members of NYCERS. Those who were employed in automotive service positions at the time of enactment were given the option to join the program. For certain participants who were employed in automotive service positions at the time, the program represented a better pension program and some of those participants elected to join. For other participants who were employed at the time, the program was not advantageous and they did not join. However, for all persons hired into automotive service positions after the program's enactment, it was disadvantageous. This bill would allow participants to revoke their participation in the 25-year, age 50 improved benefit program; and therefore choose what works best for them.
Prior legislative history
New bill.
Fiscal implications
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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.