Senate Bill S8757

2023-2024 Legislative Session

Relates to the retirement contributions of career public employees

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Civil Service And Pensions 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-S8757 (ACTIVE) - Details

See Assembly Version of this Bill:
A9527
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L

2023-S8757 (ACTIVE) - Summary

Provides that retirement contributions of certain public employees shall be three per centum of annual wages.

2023-S8757 (ACTIVE) - Sponsor Memo

2023-S8757 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8757
 
                             I N  S E N A T E
 
                               March 7, 2024
                                ___________
 
 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 and the education
   law, in relation to the  retirement  contributions  of  career  public
   employees
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision a of section 517 of the retirement  and  social
 security  law,  as amended by chapter 18 of the laws of 2012, the second
 undesignated paragraph as amended by section 1 of part SS of chapter  56
 of the laws of 2022, is amended to read as follows:
   a.  Members  shall  contribute  three  percent  of annual wages to the
 retirement system in which they  have  membership,  provided  that  such
 contributions  shall  not  be  required  for more than thirty years, for
 general members, or twenty-five years, for police/fire members,  [except
 that  beginning April first, two thousand thirteen for members who first
 become members of the New York state  and  local  employees'  retirement
 system  on  or after April first, two thousand twelve, the rate at which
 each such member shall contribute in any current plan year (April  first
 to  March thirty-first) shall be determined by reference to the wages of
 such member in the second plan year (April first to March  thirty-first)
 preceding such current plan year as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half per centum of annual wages;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half per centum of annual wages;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages; and

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14515-04-4
              

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