Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 21, 2024 |
print number 6862a |
Mar 21, 2024 |
amend and recommit to governmental employees |
Jan 03, 2024 |
referred to governmental employees |
May 08, 2023 |
referred to governmental employees |
Assembly Bill A6862A
2023-2024 Legislative Session
Sponsored By
PHEFFER AMATO
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
Actions
Bill Amendments
2023-A6862 - Details
2023-A6862 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6862 2023-2024 Regular Sessions I N A S S E M B L Y May 8, 2023 ___________ Introduced by M. of A. PHEFFER AMATO -- read once and referred to the Committee on Governmental Employees AN ACT to amend the administrative code of the city of New York, in relation to increasing benefits payable by the correction officers' variable supplements fund to beneficiaries THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 13-194 of the administrative code of the city of New York is amended by adding a new subdivision 12 to read as follows: 12. IN ADDITION TO THE PAYMENTS SET FORTH IN PARAGRAPHS (C) AND (D) OF SUBDIVISION FOUR OF THIS SECTION, THERE SHALL BE PAID TO EACH BENEFICI- ARY ON OR ABOUT THE DECEMBER FIFTEENTH NEXT SUCCEEDING HIS OR HER DATE OF RETIREMENT, AN AMOUNT EQUAL TO THE VARIABLE SUPPLEMENTS PAYMENTS, SUBJECT TO THE PROVISIONS OF ITEMS (I) AND (II) OF SUBPARAGRAPH ONE OF PARAGRAPH (E) OF SUBDIVISION FOUR OF THIS SECTION, THAT HE OR SHE WOULD HAVE RECEIVED, HAD HE OR SHE RETIRED ON THE DATE OF HIS OR HER EARLIEST ELIGIBILITY FOR SERVICE RETIREMENT, IN THE PERIOD MEASURED FROM (1) THE LATER OF (I) SUCH EARLIEST ELIGIBILITY DATE AND (II) JANUARY FIRST, TWO THOUSAND TWENTY-FOUR AND (2) HIS OR HER DATE OF RETIREMENT. § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: SUMMARY OF BILL: This bill provides certain New York City Employees' Retirement System (NYCERS) Correction officers a lump sum benefit upon retirement, commonly referred to as a Deferred Retirement Option Plan (DROP), equal to the amount of Correction Officer Variable Supplements Fund (COVSF) payments such officer would have received if he or she had retired at the later of their respective earliest service retirement eligibility date or January 1, 2024. Effective Date: Upon enactment. BACKGROUND: Correction officers who participate in NYCERS and who retire with immediate payability of a service retirement at their earli- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08663-02-3
2023-A6862A (ACTIVE) - Details
2023-A6862A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6862--A 2023-2024 Regular Sessions I N A S S E M B L Y May 8, 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 administrative code of the city of New York, in relation to increasing benefits payable by the correction officers' variable supplements fund to beneficiaries THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 13-194 of the administrative code of the city of New York is amended by adding a new subdivision 12 to read as follows: 12. IN ADDITION TO THE PAYMENTS SET FORTH IN PARAGRAPHS (C) AND (D) OF SUBDIVISION FOUR OF THIS SECTION, THERE SHALL BE PAID TO EACH BENEFICI- ARY ON OR ABOUT THE DECEMBER FIFTEENTH NEXT SUCCEEDING HIS OR HER DATE OF RETIREMENT, AN AMOUNT EQUAL TO THE VARIABLE SUPPLEMENTS PAYMENTS, SUBJECT TO THE PROVISIONS OF ITEMS (I) AND (II) OF SUBPARAGRAPH ONE OF PARAGRAPH (E) OF SUBDIVISION FOUR OF THIS SECTION, THAT HE OR SHE WOULD HAVE RECEIVED, HAD HE OR SHE RETIRED ON THE DATE OF HIS OR HER EARLIEST ELIGIBILITY FOR SERVICE RETIREMENT, IN THE PERIOD MEASURED FROM (1) THE LATER OF (I) SUCH EARLIEST ELIGIBILITY DATE AND (II) JANUARY FIRST, TWO THOUSAND TWENTY-FOUR AND (2) HIS OR HER DATE OF RETIREMENT. § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: SUMMARY: This proposed legislation would provide certain NYCERS Correction officers a lump sum benefit upon retirement, commonly referred to as a Deferred Retirement Option Plan (DROP), equal to the amount of Correction Officer Variable Supplements Fund (COVSF) payments such officer would have received if he or she had retired at the later of their respective earliest service retirement eligibility date or January 1, 2024. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08663-03-4
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.