Senate Bill S6141B

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 - Passed Senate & 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

co-Sponsors

2023-S6141 - Details

See Assembly Version of this Bill:
A6508
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-f & 604, R & SS L

2023-S6141 - 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-S6141 - Sponsor Memo

2023-S6141 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6141
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 30, 2023
                                ___________
 
 Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 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
              

co-Sponsors

2023-S6141A - Details

See Assembly Version of this Bill:
A6508
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-f & 604, R & SS L

2023-S6141A - 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-S6141A - Sponsor Memo

2023-S6141A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6141--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 30, 2023
                                ___________
 
 Introduced  by Sens. JACKSON, CHU -- read twice and ordered printed, and
   when printed to be committed to the Committee  on  Civil  Service  and
   Pensions -- recommitted to the Committee on Civil Service and Pensions
   in accordance with Senate Rule 6, sec. 8 -- 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
   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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10296-04-4
              

co-Sponsors

2023-S6141B (ACTIVE) - Details

See Assembly Version of this Bill:
A6508
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-f & 604, R & SS L

2023-S6141B (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-S6141B (ACTIVE) - Sponsor Memo

2023-S6141B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6141--B
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 30, 2023
                                ___________
 
 Introduced  by Sens. JACKSON, CHU -- read twice and ordered printed, and
   when printed to be committed to the Committee  on  Civil  Service  and
   Pensions -- recommitted to the Committee on Civil Service and Pensions
   in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee --  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
   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.
                                                            LBD10296-13-4
              

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