Assembly Bill A6862A

2023-2024 Legislative Session

Relates to increasing benefits payable by the correction officers' variable supplements fund to beneficiaries

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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-A6862 - Details

See Senate Version of this Bill:
S6560
Current Committee:
Assembly Governmental Employees
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-194, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2019-2020: S6135
2021-2022: S6983

2023-A6862 - Summary

Increases benefits payable by the correction officers' variable supplements fund to beneficiaries.

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

See Senate Version of this Bill:
S6560
Current Committee:
Assembly Governmental Employees
Law Section:
New York City Administrative Code
Laws Affected:
Amd §13-194, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2019-2020: S6135
2021-2022: S6983

2023-A6862A (ACTIVE) - Summary

Increases benefits payable by the correction officers' variable supplements fund to beneficiaries.

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
              

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