Assembly Bill A5487

2023-2024 Legislative Session

Relates to providing reforms to employee pension contributions; repealer

download bill text pdf

Sponsored By

Current 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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2023-A5487 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§613, 603, 517 & 1204, rpld §613 sub g, R & SS L; amd §182, Ed L
Versions Introduced in 2021-2022 Legislative Session:
A10335

2023-A5487 (ACTIVE) - Summary

Relates to providing reforms to employee pension contributions; provides that members of Tier 6 shall contribute three percent of annual wages to their retirement system.

2023-A5487 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5487
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 13, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security law and the education
   law, in relation to providing reforms  to  employee  pension  contrib-
   utions;  and repealing certain provisions of the retirement and social
   security law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision a of section 613 of the retirement and social
 security law, as amended by chapter 10 of the laws of 2000, paragraphs 1
 and 2 as amended by chapter 510 of the laws of 2015, the second undesig-
 nated paragraphs of paragraphs 1 and 2 as amended by section 2  of  part
 SS of chapter 56 of the laws of 2022, is amended to read as follows:
   a.  1.  [Except  as  provided  by  paragraph  two of this subdivision,
 members] MEMBERS shall contribute three percent of annual wages  to  the
 retirement  system in which they have membership[, except that beginning
 April first, two thousand thirteen for members who first become  members
 of  a public retirement system of the state on or after April first, two
 thousand twelve, the rate at which each such member shall contribute  in
 any  current  plan  year  (April first to March thirty-first, except for
 members of the New York city employees' retirement system, New York city
 teachers' retirement system and New York city board of education retire-
 ment system, plan year shall mean January first through  December  thir-
 ty-first commencing with the January first next succeeding the effective
 date  of  the  chapter  of the laws of two thousand fifteen that amended
 this paragraph) shall be determined by reference to the  wages  of  such
 member  in  the  second  plan  year  (April first to March thirty-first,
 except for members of the New York city  employees'  retirement  system,
 New  York  city  teachers'  retirement system and New York city board of
 education retirement system, plan year shall mean January first  through
 December  thirty-first commencing with the January first next succeeding

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08569-02-3
              

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