Bill Text: NY S04738 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Increases the amount of money a retiree may earn in a position of public service in the year 2015 and thereafter to $32,500.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-02-28 - PRINT NUMBER 4738A [S04738 Detail]

Download: New_York-2013-S04738-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4738
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    April 19, 2013
                                      ___________
       Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to amend the retirement and social security law, in  relation  to
         increasing the retiree earnings cap
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 2 of section 212 of the retirement  and  social
    2  security  law,  as amended by chapter 74 of the laws of 2006, is amended
    3  to read as follows:
    4    2. The earning limitations for retired persons in positions of  public
    5  service  under  this  section  shall be in accordance with the following
    6  table:
    7          For the year                               Earnings limitation
    8          1996                                       $12,500
    9          1997                                       $13,500
   10          1998                                       $14,500
   11          1999                                       $15,500
   12          2000                                       $17,000
   13          2001                                       $18,500
   14          2002                                       $20,000
   15          2003                                       $25,000
   16          2004                                       $27,500
   17          2005 and 2006                              $27,500
   18          2007 [and thereafter] THROUGH 2013         $30,000
   19          2014 AND THEREAFTER                        $32,500
   20    S 2. This act shall take effect immediately.
         FISCAL NOTE.--This bill would amend Section 212 of the Retirement  and
       Social  Security  Law  to  set  the  amount a retired person may earn in
       public employment without reduction in retirement allowance  during  the
       year 2014 and thereafter, to $32,500.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08328-02-3
       S. 4738                             2
         If this bill is enacted, insofar as it would affect the New York State
       and  Local Employees' Retirement System and the New York State and Local
       Police and Fire Retirement System, the resulting 8.3% increase over  the
       current  $30,000  limit,  in  place  since  2007, which is less than the
       increase  in  the  consumer  price  index over the same period would not
       affect retirement patterns. Therefore, there will be no additional cost.
         Summary of relevant resources:
         Data: March 31, 2012 Actuarial Year End File  with  distributions  and
       membership  and  other  statistics  displayed  in the 2012 Report of the
       Actuary and 2012 Comprehensive Annual Financial Report.
         Assumptions and Methods: 2010, 2011 and  2012  Annual  Report  to  the
       Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
       State of New York Audit and Control.
         Market  Assets and GASB Disclosures: March 31, 2012 New York State and
       Local Retirement System Financial Statements and Supplementary  Informa-
       tion.
         Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
       the 2012 Actuarial Valuations report.
         I am a member of the American Academy of Actuaries and meet the Quali-
       fication Standards to render the actuarial opinion contained herein.
         This estimate, dated March 7, 2013 and intended for  use  only  during
       the  2013  Legislative  Session, is Fiscal Note No. 2013-98, prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System  and  the  New  York  State  and Local Police and Fire Retirement
       System.