Assembly Bill A6635B

2023-2024 Legislative Session

Relates to calculating certain pensions

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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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Bill Amendments

2023-A6635 - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§504, 604 & 1312, R & SS L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7262
2021-2022: A7049

2023-A6635 - Summary

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

2023-A6635 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6635
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 25, 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
   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. Subdivisions a, b and b-1 of section 604 of  the  retirement  and
 social  security  law,  subdivision  a as amended and subdivision b-1 as
 added by chapter 18 of the laws of 2012, subdivision  b  as  amended  by
 chapter 266 of the laws of 1998 and the opening paragraph of subdivision
 b  as  amended  by  section  8-b of part B of chapter 504 of the laws of
 2009, are amended to read as follows:
   a. The service retirement benefit  at  normal  retirement  age  for  a
 member  with  less  than twenty years of credited service[, or less than
 twenty-five years credited service for a member who joins the  New  York

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06271-03-3
              

2023-A6635A - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§504, 604 & 1312, R & SS L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7262
2021-2022: A7049

2023-A6635A - Summary

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

2023-A6635A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6635--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 25, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental  Employees  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 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. Subdivisions a, b and b-1 of section 604 of  the  retirement  and
 social  security  law,  subdivision  a as amended and subdivision b-1 as
 added by chapter 18 of the laws of 2012, subdivision  b  as  amended  by
 chapter 266 of the laws of 1998 and the opening paragraph of subdivision
 b  as  amended  by  section  8-b of part B of chapter 504 of the laws of
 2009, are amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06271-05-3
 A. 6635--A                          2
              

co-Sponsors

2023-A6635B (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§504, 604 & 1312, R & SS L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7262
2021-2022: A7049

2023-A6635B (ACTIVE) - Summary

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

2023-A6635B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6635--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 25, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental  Employees  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- 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  commit-
   tee
 
 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.  Subdivisions  a, b and b-1 of section 604 of the retirement and
 social security law, subdivision a as amended  and  subdivision  b-1  as
 added  by  chapter  18  of the laws of 2012, subdivision b as amended by
 chapter 266 of the laws of 1998 and the opening paragraph of subdivision
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06271-06-4
              

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