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A07834 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
TITLE OF BILL: An act to amend the retirement and social security law, in relation to decreasing the minimum amount of time required before a service retirement may become effective and retirees of certain retirement systems may begin to receive their retirement PURPOSE: Decreases from 30 days to 15 days the minimum amount of time within which a service retirement may take effect for a prospective retiree of the New York State and Local Employees' Retirement System or the New York State and Local Police and Fire Retirement System. SUMMARY OF PROVISIONS:; Section 1 of this bill amends subdivision a of section 70 of the retirement and social security law to reduce from 30 days to 15 days the minimum amount of time within which a service retirement may take effect for a prospective retiree who is a member of the New York State and Local Employees' Retirement System. Section 2 of this bill amends subdivision a of section 370 of the retirement and social security law to reduce from 30 days to 15 days the minimum amount of time within which a service retirement may take effect for a prospective retiree who is a member of the New York State and Local Police and Fire Retirement System. Section 3 of this bill provides for an immediate effective date. PRIOR LEGISLATIVE HISTORY: 2009 - Passed Assembly 2010 - Passed Senate. JUSTIFICATION: In the electronic age we live, in, a thirty day wait- ing period before a service retirement may take effect for a member of the New York State and Local Employees' Retirement System or the New York State and Local Police and Fire Retirement System is unnecessary. The laws governing other retirement systems, such as the New York State Teachers' Retirement System, allow a retirement to become effective on the date the application is filed. By reducing from thirty days to fifteen days the minimum amount of time within which a prospective reti- ree who is a member of the New York State and Local Employees' Retire- ment System or the New York State and Local Police and Fire Retirement System must wait before an application for retirement becomes effective, this bill would help such members who are potentially no longer on the state pay roll receive their pension in a more timely fashion. The Comptroller urges passage of this legislation. BUDGET IMPLICATIONS: This bill has no significant fiscal impact. EFFECTIVE DATE: This bill take effect immediately.