Senate Bill S8723

2023-2024 Legislative Session

Authorizes an optional 20-year retirement benefits plan for Elmira traffic officers

download bill text pdf

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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2023-S8723 (ACTIVE) - Details

See Assembly Version of this Bill:
A9656
Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§89-q, 603 & 604, R & SS L

2023-S8723 (ACTIVE) - Summary

Authorizes an optional 20-year retirement plan for traffic officers employed by the town of Elmira, who submit an application therefor within one year of the effective date of such provisions, or within one year of start of employment.

2023-S8723 (ACTIVE) - Sponsor Memo

2023-S8723 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8723
 
                             I N  S E N A T E
 
                               March 4, 2024
                                ___________
 
 Introduced  by  Sen.  O'MARA -- 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
   the retirement of traffic officers with the town of Elmira
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivisions b, c, g, and h of section 89-q of the  retire-
 ment  and  social  security  law, as added by chapter 158 of the laws of
 1995, are amended and a new subdivision k is added to read as follows:
   b. Such member shall be entitled to  retire  upon  the  completion  of
 twenty-five  years of total creditable service, OR TWENTY YEARS OF TOTAL
 CREDITABLE SERVICE IF SUCH MEMBER HAS SUBMITTED AN APPLICATION  PURSUANT
 TO  SUBDIVISION  K OF THIS SECTION, by filing an application therefor in
 the manner provided for in section seventy of this article.
   c. Upon completion of twenty-five years of  such  service,  OR  TWENTY
 YEARS OF SUCH SERVICE IF SUCH MEMBER HAS SUBMITTED AN APPLICATION PURSU-
 ANT  TO  SUBDIVISION  K  OF THIS SECTION, and upon retirement, each such
 member shall receive a pension which, together  with  an  annuity  which
 shall  be  the  actuarial equivalent of his accumulated contributions at
 the time of his retirement and an additional pension which is the  actu-
 arial equivalent of the reserved-for-increased-take-home-pay to which he
 may  then  be entitled shall be sufficient to provide him with a retire-
 ment allowance equal to one-half of his final average salary.
   g. A member contributing on the basis of this section at the  time  of
 retirement,  may  retire  after  the  completion of twenty-five years of
 total creditable service, OR TWENTY YEARS OF TOTAL CREDITABLE SERVICE IF
 SUCH MEMBER HAS SUBMITTED AN APPLICATION PURSUANT TO  SUBDIVISION  K  OF
 THIS  SECTION.  Application therefor may be filed in a manner similar to
 that provided in section seventy of this  article.  Upon  completion  of
 twenty-five  years  of  such service, OR TWENTY YEARS OF SUCH SERVICE IF
 SUCH MEMBER HAS SUBMITTED AN APPLICATION PURSUANT TO  SUBDIVISION  K  OF
 THIS  SECTION,  and  upon  retirement,  each such member shall receive a
 pension which, together with an annuity which  shall  be  the  actuarial
 equivalent  of  his accumulated contributions at the time of his retire-
 ment and an additional pension which is the actuarial equivalent of  the
 reserved-for-increased-take-home-pay  to  which  he may then be entitled
 
              

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