Bill Text: NY A10109 | 2009-2010 | General Assembly | Introduced


Bill Title: Allows members of the New York state and local police and fire retirement system who retire to elect the alternative option and provides for cessation of membership in such system upon the occurrence of certain conditions.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Passed) 2010-09-17 - signed chap.498 [A10109 Detail]

Download: New_York-2009-A10109-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10109
                                 I N  A S S E M B L Y
                                     March 4, 2010
                                      ___________
       Introduced  by  M. of A. ABBATE -- (at request of the State Comptroller)
         -- read once and referred to the Committee on Governmental Employees
       AN ACT to amend the retirement and social security law, in  relation  to
         allowing  members  of  the  New  York  state and local police and fire
         retirement system who retire  to  elect  the  alternative  option  and
         providing  for  cessation of membership in such system upon occurrence
         of certain conditions
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision a-1 of section 514 of the retirement and social
    2  security law, as added by chapter 106 of the laws of 1996, is amended to
    3  read as follows:
    4    a-1.  A  member  of the New York state and local employees' retirement
    5  system OR THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM
    6  who retires pursuant to the provisions of this article,  may  elect,  in
    7  lieu  of  the  options  set  forth in subdivision a of this section, the
    8  following optional settlement:
    9    Alternative Option. The actuarial equivalent of the  member's  retire-
   10  ment  allowance  at  the  time  of  retirement, in the form of a smaller
   11  retirement allowance payable to such members for  life  and  some  other
   12  benefit  or  benefits  paid  either  to  the member or to such person or
   13  persons as he shall nominate, provided such other benefit  or  benefits,
   14  together  with such smaller allowance, shall be certified by the actuary
   15  of such retirement system to be of equivalent  actuarial  value  to  his
   16  retirement  allowance  and shall be approved by the head of such retire-
   17  ment system and provided further that nothing herein shall require  such
   18  retirement  system  to  pay  a benefit in violation of paragraph nine of
   19  subsection a of section four hundred one of the Internal Revenue Code of
   20  1986, as amended, 26 U.S.C. S 401(a)(9).
   21    S 2. The opening paragraph of section  517-a  of  the  retirement  and
   22  social  security  law,  as  added by chapter 774 of the laws of 1986, is
   23  amended to read as follows:
   24    With respect to the New York state employees'  retirement  system  AND
   25  THE  NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM, member-
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16021-02-0
       A. 10109                            2
    1  ship in the retirement system shall cease upon the occurrence of any one
    2  of the following conditions:
    3    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill would make technical changes to Article 14 of the Retirement
       and  Social Security Law affecting members who joined the New York State
       and Local Police and Fire Retirement System (PFRS) on and after July  1,
       2009. Members would be allowed to elect an actuarially equivalent alter-
       nate  retirement  option  upon  retirement.  Further, it would establish
       certain conditions upon which membership shall cease.
         If this bill is enacted, there would be no additional costs.
         This estimate, dated March 3, 2010, and intended for use  only  during
       the 2010 Legislative Session, is Fiscal Note Number 2010-117 prepared by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.
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