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A10109 Summary:

A10109 Actions:

A10109 Floor Votes:

A10109 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10109
 
                   IN ASSEMBLY
 
                                      March 4, 2010
                                       ___________
 
        Introduced  by  M. of A. ABBATE -- (at request of the State Comptroller)
          -- read once and referred to the Committee on Governmental Employees
 
        AN ACT to amend the retirement and social security law, in  relation  to
          allowing  members  of  the  New  York  state and local police and fire
          retirement system who retire  to  elect  the  alternative  option  and

          providing  for  cessation of membership in such system upon occurrence
          of certain conditions
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision a-1 of section 514 of the retirement and social
     2  security law, as added by chapter 106 of the laws of 1996, is amended to
     3  read as follows:
     4    a-1.  A  member  of the New York state and local employees' retirement
     5  system or the New York state and local police and fire retirement system
     6  who retires pursuant to the provisions of this article,  may  elect,  in
     7  lieu  of  the  options  set  forth in subdivision a of this section, the
     8  following optional settlement:
     9    Alternative Option. The actuarial equivalent of the  member's  retire-
    10  ment  allowance  at  the  time  of  retirement, in the form of a smaller

    11  retirement allowance payable to such members for  life  and  some  other
    12  benefit  or  benefits  paid  either  to  the member or to such person or
    13  persons as he shall nominate, provided such other benefit  or  benefits,
    14  together  with such smaller allowance, shall be certified by the actuary
    15  of such retirement system to be of equivalent  actuarial  value  to  his
    16  retirement  allowance  and shall be approved by the head of such retire-
    17  ment system and provided further that nothing herein shall require  such
    18  retirement  system  to  pay  a benefit in violation of paragraph nine of
    19  subsection a of section four hundred one of the Internal Revenue Code of
    20  1986, as amended, 26 U.S.C. § 401(a)(9).
    21    § 2. The opening paragraph of section  517-a  of  the  retirement  and
    22  social  security  law,  as  added by chapter 774 of the laws of 1986, is
    23  amended to read as follows:

    24    With respect to the New York state employees'  retirement  system  and
    25  the  New York state and local police and fire retirement system, member-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16021-02-0
        A. 10109                            2
 
     1  ship in the retirement system shall cease upon the occurrence of any one
     2  of the following conditions:
     3    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would make technical changes to Article 14 of the Retirement
        and  Social Security Law affecting members who joined the New York State

        and Local Police and Fire Retirement System (PFRS) on and after July  1,
        2009. Members would be allowed to elect an actuarially equivalent alter-
        nate  retirement  option  upon  retirement.  Further, it would establish
        certain conditions upon which membership shall cease.
          If this bill is enacted, there would be no additional costs.
          This estimate, dated March 3, 2010, and intended for use  only  during
        the 2010 Legislative Session, is Fiscal Note Number 2010-117 prepared by
        the  Actuary for the New York State and Local Police and Fire Retirement
        System.