Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5843A
SPONSOR: Pheffer Amato TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
service retirement benefits for uniformed sanitation members of the New
York city employees' retirement system
PURPOSE OR GENERAL IDEA OF BILL:
To remove a statutory reduction totaling 50% of the primary social secu-
rity benefit imposed on the early service, normal service, and vested
retirement benefits for Tier 3 Sanitation members of the New York City
Employees Retirement System (NYCERS).
SUMMARY OF PROVISIONS:
Section 1 amends section 505 of the Retirement and Social Security Law
to remove the Social Security offset for the normal service and early
service benefit of Tier 3 Sanitations members.
Section 2 amends 511 of the Retirement and Social Security Law to
exempt. Tier 3 Sanitation members from provisions imposing the Social
Security offset.
Section 3 amends Section 516 of the Retirement and Social Security Law
to remove the Social Security offset for the deferred vested benefit of
Tier 3 Sanitations members.
Section 4 establishes that this act shall take effect on the sixtieth
day after it shall have become a law.
JUSTIFICATION:
Under the New York City Tier 3 original, revised, and enhanced plans for
Sanitation members, retirees are subject to a reduction in retirement
benefits equal to 50% of the primary Social Security benefit commencing
at age 62. Uniformed sanitation officers who were employed prior to 2012
are not subject to this offset. Therefore, this legislation would estab-
lish equity in the pension system.
FISCAL IMPLICATIONS:
Please see fiscal note
EFFECTIVE DATE:
This act shall take effect on the sixtieth day after it shall have
become a law.
