Bill Text: NY S08142 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to providing an application process for opting out of the pop-up retirement option; requires a member to show a valid change of circumstances.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-04-06 - REFERRED TO CIVIL SERVICE AND PENSIONS [S08142 Detail]
Download: New_York-2017-S08142-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8142 IN SENATE April 6, 2018 ___________ Introduced by Sen. PHILLIPS -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the education law, in relation to providing an applica- tion process for opting out of the pop-up retirement option The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The education law is amended by adding a new section 514-a 2 to read as follows: 3 § 514-a. Application to rescind optional election. Notwithstanding any 4 other provision of law, any member who elects to receive the "pop-up 5 option" allowance defined in part 5014.2 of title 21 of the New York 6 codes, rules and regulations shall be eligible to submit a written 7 application to the board to rescind such optional allowance election 8 after the prescribed thirty-day window, upon showing a valid change of 9 circumstance. A valid change of circumstance may include, but is not 10 limited to, significant financial hardship, continuing medical expenses 11 or change in marital status. The application shall be approved by the 12 sole discretion of the board. 13 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13978-01-7
