Bill Text: NY A09851 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to mandatory retirement age; increases the age at which a member must retire to receive an additional pension from sixty-two to sixty-five.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-06-15 - substituted by s7387 [A09851 Detail]

Download: New_York-2015-A09851-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9851
                   IN ASSEMBLY
                                     April 15, 2016
                                       ___________
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
        AN  ACT  to amend the retirement and social security law, in relation to
          mandatory retirement age
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subparagraph (f) of paragraph 1 and the opening paragraph
     2  of subparagraph (g) of paragraph 2 of subdivision e and  subdivisions  h
     3  and  k  of  section  384  of  the retirement and social security law, as
     4  amended by chapter 1043 of the laws of 1968,  are  amended  to  read  as
     5  follows:
     6    (f)  Upon  completion  of  twenty-five  years  service,  an additional
     7  pension, if required, of such amount as shall be necessary  to  increase
     8  the  total  amount  of  the  benefits provided herein to one-half of his
     9  final average salary.  The  pension  provided  by  this  [sub-paragraph]
    10  subparagraph  shall  be payable only if a member retires from service on
    11  or before the last day of the calendar month next succeeding the  calen-
    12  dar  month  in  which  he attains age [sixty-two] sixty-five.  Provided,
    13  however, that in the case of any member who attained the age of  [sixty-
    14  two]  sixty-five on or before July first, nineteen hundred sixty-six, to
    15  be eligible for additional pension  credit  under  this  [sub-paragraph]
    16  subparagraph,  his service shall be terminated and he shall retire on or
    17  before December thirty-first,  nineteen  hundred  sixty-seven.  For  the
    18  purpose  only  of determining the amount of the pension provided in this
    19  paragraph, the annuity shall be computed as it would be if it  were  not
    20  reduced  by  the actuarial equivalent of any outstanding loan, and if it
    21  were not  increased  by  the  actuarial  equivalent  of  any  additional
    22  contributions,  and  if  it  were  not reduced by reason of the member's
    23  election to decrease his annuity contributions to the retirement  system
    24  in  order  to  apply  the  amount  of  such  reduction in payment of his
    25  contributions for old-age and survivors insurance coverage.
    26    Upon completion of twenty-five years service, an  additional  pension,
    27  if  required, of such amount as shall be necessary to increase the total
    28  amount of the benefits provided herein to one-half of his final  average
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14784-02-6