Assembly Bill A7262

2019-2020 Legislative Session

Relates to calculating certain pensions

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A7262 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§504, 604, 516 & 1312, R & SS L
Versions Introduced in Other Legislative Sessions:
2021-2022: A7049
2023-2024: A6635

2019-A7262 (ACTIVE) - Summary

Relates to calculating certain pensions; increases pension calculation from thirty-five to forty per centum of final average salary.

2019-A7262 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7262
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 18, 2019
                                ___________
 
 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
   calculating certain pensions
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivision a of section 504 of the retirement and social
 security law, as amended by chapter 18 of the laws of 2012,  is  amended
 to read as follows:
   a.  The  service  retirement  benefit  for  general  members at normal
 retirement age with twenty or more years of credited service shall be  a
 pension  equal  to  one-fiftieth  of final average salary times years of
 credited service, not in excess of thirty years, less fifty  percent  of
 the  primary  social  security retirement benefit as provided in section
 five hundred eleven of this article. The service retirement benefit  for
 general  members  at  normal retirement age with twenty or more years of
 service who first become members of the New York state and local employ-
 ees' retirement system on or after April first, two thousand  twelve  at
 normal  retirement  age  shall be a pension equal to the sum of [thirty-
 five] FORTY per centum and one-fiftieth of final average salary for each
 year of service in excess of twenty, but not in excess of thirty,  times
 final average salary times years of credited service.
   § 2. Subdivision b-1 of section 604 of the retirement and social secu-
 rity law, as added by chapter 18 of the laws of 2012, is amended to read
 as follows:
   b-1.  Notwithstanding  any other provision of law to the contrary, the
 service retirement benefit for members with  twenty  or  more  years  of
 credit  service  who first become a member of a public retirement system
 of the state on or after April first, two thousand twelve at age  sixty-
 three  shall  be  a  pension equal to the sum of [thirty-five] FORTY per
 centum and one-fiftieth of final average salary for each year of service
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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