Assembly Bill A6508B

2023-2024 Legislative Session

Provides additional benefits for certain retirement system members with thirty years credited service

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Sponsored By

Current Bill Status Via S6141 - Passed Assembly


  • 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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Bill Amendments

2023-A6508 - Details

See Senate Version of this Bill:
S6141
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-f & 604, R & SS L

2023-A6508 - Summary

Provides additional benefits for certain county correction officers in Suffolk county; provides benefits to retirement system members with credited service of thirty years.

2023-A6508 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6508
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 12, 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, in  relation  to
   providing  additional  benefits  for certain retirement system members
   with credited service in excess of twenty-five years

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivisions c and g of section 89-f of the retirement and
 social security law, as added by chapter 591 of the laws of  1988,  such
 section  as  renumbered by chapter 771 of the laws of 1988, and subdivi-
 sion g as relettered by chapter 543 of the laws of 1992, are amended  to
 read as follows:
   c.  Upon  completion  of  twenty-five  years  of such service and upon
 retirement, each such member shall receive  a  pension  which,  together
 with  an  annuity  which shall be the actuarial equivalent of [his] SUCH
 MEMBER'S accumulated contributions at the time of  [his]  SUCH  MEMBER'S
 retirement  and  an additional pension which is the actuarial equivalent
 of the reserved-for-increased-take-home-pay to which  [he]  SUCH  MEMBER
 may  then  be entitled shall be sufficient to provide him with a retire-
 ment allowance equal to one-half of [his] SUCH  MEMBER'S  final  average
 salary,  PROVIDED  HOWEVER THAT A MEMBER WITH CREDITED SERVICE IN EXCESS
 OF TWENTY-FIVE YEARS SHALL RECEIVE AN  ADDITIONAL  RETIREMENT  ALLOWANCE
 EQUAL  TO  ONE-SIXTIETH  OF  SUCH MEMBER'S FINAL AVERAGE SALARY FOR EACH
 YEAR OF CREDITABLE SERVICE IN EXCESS OF TWENTY-FIVE  YEARS  BUT  NOT  IN
 EXCESS OF THIRTY YEARS.
   g.  A  member contributing on the basis of this section at the time of
 retirement, [shall] MAY retire after the completion of twenty-five years
 of total creditable service. Application therefor  may  be  filed  in  a
 manner similar to that provided in section seventy of this article. Upon
 completion  of  AT  LEAST  twenty-five  years  of  such service and upon
 retirement, each such member shall receive  a  pension  which,  together
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10296-02-3
              

2023-A6508A - Details

See Senate Version of this Bill:
S6141
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-f & 604, R & SS L

2023-A6508A - Summary

Provides additional benefits for certain county correction officers in Suffolk county; provides benefits to retirement system members with credited service of thirty years.

2023-A6508A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6508--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 12, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to amend the retirement and social security law, in  relation  to
   providing  additional  benefits  for certain retirement system members
   with credited service in excess of twenty-five years
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivisions c and g of section 89-f of the retirement and
 social security law, as added by chapter 591 of the laws of  1988,  such
 section  as  renumbered by chapter 771 of the laws of 1988, and subdivi-
 sion g as relettered by chapter 543 of the laws of 1992, are amended  to
 read as follows:
   c.  Upon  completion  of  twenty-five  years  of such service and upon
 retirement, each such member shall receive  a  pension  which,  together
 with  an  annuity  which shall be the actuarial equivalent of [his] SUCH
 MEMBER'S accumulated contributions at the time of  [his]  SUCH  MEMBER'S
 retirement  and  an additional pension which is the actuarial equivalent
 of the reserved-for-increased-take-home-pay to which  [he]  SUCH  MEMBER
 may  then  be  entitled shall be sufficient to provide [him] SUCH MEMBER
 with a retirement allowance equal to one-half  of  [his]  SUCH  MEMBER'S
 final  average  salary,  PROVIDED  HOWEVER  THAT  A MEMBER WITH CREDITED
 SERVICE IN EXCESS OF  TWENTY-FIVE  YEARS  SHALL  RECEIVE  AN  ADDITIONAL
 RETIREMENT  ALLOWANCE EQUAL TO ONE-SIXTIETH OF SUCH MEMBER'S FINAL AVER-
 AGE SALARY FOR EACH YEAR OF CREDITABLE SERVICE IN EXCESS OF  TWENTY-FIVE
 YEARS BUT NOT IN EXCESS OF THIRTY YEARS.
   g.  A  member contributing on the basis of this section at the time of
 retirement, [shall] MAY retire after the completion of twenty-five years
 of total creditable service. Application therefor  may  be  filed  in  a
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10296-03-4
              

co-Sponsors

2023-A6508B (ACTIVE) - Details

See Senate Version of this Bill:
S6141
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-f & 604, R & SS L

2023-A6508B (ACTIVE) - Summary

Provides additional benefits for certain county correction officers in Suffolk county; provides benefits to retirement system members with credited service of thirty years.

2023-A6508B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6508--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 12, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee -- again reported  from  said  committee
   with  amendments, ordered reprinted as amended and recommitted to said
   committee
 
 AN ACT to amend the retirement and social security law, in  relation  to
   the retirement of county correction officers in Suffolk county
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions c, g and h of section 89-f of  the  retirement
 and  social  security  law, as added by chapter 591 of the laws of 1988,
 and such section as renumbered by chapter  771  of  the  laws  of  1988,
 subdivisions  g  and h as relettered by chapter 543 of the laws of 1992,
 are amended to read as follows:
   c. (1) Upon completion of twenty-five years of such service  and  upon
 retirement,  each  such  member  shall receive a pension which, together
 with an annuity which shall be the actuarial equivalent  of  [his]  SUCH
 MEMBER'S  accumulated  contributions  at the time of [his] SUCH MEMBER'S
 retirement and an additional pension which is the  actuarial  equivalent
 of  the  reserved-for-increased-take-home-pay  to which [he] SUCH MEMBER
 may then be entitled shall be sufficient to provide  [him]  SUCH  MEMBER
 with  a  retirement  allowance  equal to one-half of [his] SUCH MEMBER'S
 final average salary.
   (2) UPON COMPLETION OF THIRTY YEARS OF SUCH SERVICE AND  UPON  RETIRE-
 MENT,  EACH  SUCH MEMBER SHALL RECEIVE A PENSION WHICH, TOGETHER WITH AN
 ANNUITY WHICH SHALL BE THE ACTUARIAL EQUIVALENT OF SUCH MEMBER'S ACCUMU-
 LATED CONTRIBUTIONS AT THE TIME OF SUCH MEMBER'S RETIREMENT AND AN ADDI-
 TIONAL PENSION WHICH IS THE ACTUARIAL EQUIVALENT OF THE RESERVED-FOR-IN-
 CREASED-TAKE-HOME-PAY TO WHICH SUCH MEMBER MAY THEN BE ENTITLED SHALL BE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10296-14-4
              

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