Bill Text: NY A06859 | 2009-2010 | General Assembly | Introduced
Bill Title: Authorizes certain Tier II police officers and firefighters to retire at age 55 without diminution of retirement benefits; applies to those covered under the improved career retirement plan for employees of participating employers and who were previously covered under the optional 20 year retirement plan for certain firemen and policemen whose employer elects to provide same; requires additional annual employer contributions and an immediate past service cost.
Spectrum: Moderate Partisan Bill (Democrat 16-2)
Status: (Introduced - Dead) 2010-01-06 - referred to governmental employees [A06859 Detail]
Download: New_York-2009-A06859-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6859
2009-2010 Regular Sessions
I N A S S E M B L Y
March 13, 2009
___________
Introduced by M. of A. PHEFFER, ABBATE, GREENE, CHRISTENSEN, ENGLEBRIGHT
-- Multi-Sponsored by -- M. of A. ALFANO, AUBRY, BARRA, CLARK, COLTON,
COOK, CYMBROWITZ, DIAZ, HOOPER, HOYT, V. LOPEZ, MAYERSOHN, PRETLOW,
P. RIVERA, TOWNS, WALKER -- read once and referred to the Committee on
Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
the receipt of full pension benefits for certain Tier II police offi-
cers and firefighters
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision b of section 442 of the retirement and social
2 security law is amended by adding a new paragraph 5 to read as follows:
3 5. A PERSON WHO IS A MEMBER OF AN OPTIONAL TWENTY YEAR RETIREMENT PLAN
4 FOR POLICE OFFICERS AND FIREFIGHTERS IN JURISDICTIONS WHICH HAVE ELECTED
5 TO PROVIDE SUCH PLAN AND WHO HAS ELECTED TO JOIN UNDER SECTION THREE
6 HUNDRED SEVENTY-FIVE-I OR THREE HUNDRED SEVENTY-FIVE-J OF THIS CHAPTER,
7 MAY RETIRE WITHOUT REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON
8 ATTAINING THE AGE OF FIFTY-FIVE.
9 S 2. Section 445 of the retirement and social security law is amended
10 by adding a new subdivision d to read as follows:
11 D. A PERSON WHO IS A MEMBER OF AN OPTIONAL TWENTY YEAR RETIREMENT PLAN
12 FOR POLICE OFFICERS AND FIREFIGHTERS IN JURISDICTIONS WHICH HAVE ELECTED
13 TO PROVIDE SUCH PLAN AND WHO HAS ELECTED TO JOIN UNDER SECTION THREE
14 HUNDRED SEVENTY-FIVE-I OR THREE HUNDRED SEVENTY-FIVE-J OF THIS CHAPTER,
15 MAY RETIRE WITHOUT REDUCTION OF HIS OR HER RETIREMENT BENEFIT UPON
16 ATTAINING THE AGE OF FIFTY-FIVE.
17 S 3. This act shall take effect immediately.
FISCAL NOTE.--This bill will provide Tier 2 police officers and fire-
fighters who are covered under Section 384-d of the Retirement and
Social Security Law and who subsequently become covered under Sections
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06855-02-9
A. 6859 2
375-i or 375-j of such law, to retire without a reduction due to early
retirement upon the attainment of age 55.
If this bill is enacted, it is estimated that there will be increases
in annual contributions of approximately 0.3% of the annual salaries of
all Tier 2 members covered under the provisions of Section 384-d. These
increases will be shared by all the employers which employ Tier 2
members covered by the provisions of Section 384-d.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $113 million which will
be borne, as a one-time payment, by the employers which employ Tier 2
members covered by the provisions of Section 384-d.
This estimate, dated December 2, 2008 and intended for use only during
the 2009 Legislative Session, is Fiscal Note No. 2009-3, prepared by the
Actuary for the New York State and Local Police and Fire Retirement
System.
