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.