S07757 Summary:
BILL NO | S07757 |
  | |
SAME AS | SAME AS A09958 |
  | |
SPONSOR | GOLDEN |
  | |
COSPNSR | |
  | |
MLTSPNSR | |
  | |
Amd SS503, 603 & 604, R & SS L | |
  | |
Relates to age and services eligibility requirements for ordinary retirement for members of the unified court system; restores 55/30 for all members and reduces the retirement age from 63 to 62. |
S07757 Actions:
BILL NO | S07757 | |||||||||||||||||||||||||||||||||||||||||||||||||
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06/05/2014 | REFERRED TO CIVIL SERVICE AND PENSIONS | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | COMMITTEE DISCHARGED AND COMMITTED TO RULES | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | ORDERED TO THIRD READING CAL.1649 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | referred to ways and means | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | substituted for a9958 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | ordered to third reading rules cal.613 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
06/19/2014 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
12/05/2014 | DELIVERED TO GOVERNOR | |||||||||||||||||||||||||||||||||||||||||||||||||
12/17/2014 | VETOED MEMO.568 |
S07757 Floor Votes:
Yes
Abbate
Yes
Curran
Yes
Hawley
ER
Markey
Yes
Quart
Yes
Steck
Yes
Abinanti
Yes
Cusick
Yes
Heastie
Yes
Mayer
Yes
Ra
Yes
Stirpe
ER
Arroyo
Yes
Cymbrowitz
Yes
Hennessey
Yes
McDonald
Yes
Raia
Yes
Sweeney
Yes
Aubry
Yes
Davila
Yes
Hevesi
Yes
McDonough
Yes
Ramos
Yes
Tedisco
Yes
Barclay
Yes
DenDekker
ER
Hikind
Yes
McKevitt
Yes
Rivera
ER
Tenney
Yes
Barrett
Yes
Dinowitz
Yes
Hooper
Yes
McLaughlin
Yes
Roberts
Yes
Thiele
Yes
Benedetto
Yes
DiPietro
Yes
Jacobs
Yes
Miller
ER
Robinson
Yes
Titone
Yes
Blankenbush
Yes
Duprey
Yes
Jaffee
Yes
Millman
Yes
Rodriguez
Yes
Titus
Yes
Borelli
Yes
Englebright
Yes
Johns
Yes
Montesano
Yes
Rosa
Yes
Walter
Yes
Braunstein
Yes
Fahy
Yes
Katz
Yes
Morelle
Yes
Rosenthal
Yes
Weinstein
Yes
Brennan
Yes
Farrell
Yes
Kavanagh
Yes
Mosley
Yes
Rozic
ER
Weisenberg
Yes
Brindisi
Yes
Finch
Yes
Kearns
Yes
Moya
Yes
Russell
Yes
Weprin
Yes
Bronson
Yes
Fitzpatrick
AB
Kellner
Yes
Nojay
Yes
Ryan
Yes
Wright
Yes
Brook-Krasny
Yes
Friend
Yes
Kim
Yes
Nolan
Yes
Saladino
Yes
Zebrowski
Yes
Buchwald
Yes
Galef
Yes
Kolb
Yes
Oaks
Yes
Santabarbara
Yes
Mr. Speaker
Yes
Butler
ER
Gantt
Yes
Lalor
Yes
O'Donnell
ER
Scarborough
Yes
Cahill
Yes
Garbarino
Yes
Lavine
Yes
Ortiz
Yes
Schimel
ER
Camara
Yes
Giglio
Yes
Lentol
Yes
Otis
Yes
Schimminger
Yes
Ceretto
Yes
Gjonaj
Yes
Lifton
Yes
Palmesano
Yes
Sepulveda
Yes
Clark
Yes
Glick
Yes
Lopez
Yes
Palumbo
Yes
Simanowitz
Yes
Colton
Yes
Goldfeder
Yes
Lupardo
Yes
Paulin
Yes
Simotas
Yes
Cook
Yes
Goodell
Yes
Lupinacci
Yes
Peoples-Stokes
Yes
Skartados
Yes
Corwin
AB
Gottfried
Yes
Magee
Yes
Perry
Yes
Skoufis
Yes
Crespo
Yes
Graf
Yes
Magnarelli
Yes
Pichardo
Yes
Solages
Yes
Crouch
Yes
Gunther
Yes
Malliotakis
Yes
Pretlow
Yes
Stec
‡ Indicates voting via videoconference
S07757 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 7757 IN SENATE June 5, 2014 ___________ Introduced by Sen. GOLDEN -- 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 eligibility for retirement benefits for certain members of the unified court system The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision a of section 503 of the retirement and social 2 security law, as amended by chapter 18 of the laws of 2012, is amended 3 to read as follows: 4 a. The normal service retirement benefit specified in section five 5 hundred four of this article shall be payable to general members, other 6 than elective members, who have met the minimum service requirements 7 upon retirement and attainment of age sixty-two, provided, however, a 8 general member who is a peace officer employed by the unified court 9 system or a member of a teachers' retirement system may retire without 10 reduction of his or her retirement benefit upon attainment of at least 11 fifty-five years of age and completion of thirty or more years of 12 service. For members who become members of the New York state and local 13 employees' retirement system on or after April first, two thousand 14 twelve, the normal service retirement benefits specified in section five 15 hundred four of this article shall be payable to general members, other 16 than elective members, who have met the minimum service requirements 17 upon retirement and attainment of age sixty-three; provided that, a 18 member who is a peace officer employed by the unified court system may 19 retire without reduction of his or her retirement benefit upon attain- 20 ment of at least fifty-five years of age and completion of thirty or 21 more years of service. 22 § 2. Subdivisions a and a-1 of section 603 of the retirement and 23 social security law, subdivision a as amended and subdivision a-1 as 24 added by chapter 18 of the laws of 2012, are amended to read as follows: 25 a. The service retirement benefit specified in section six hundred 26 four of this article shall be payable to members who have met the mini- 27 mum service requirements upon retirement and attainment of age sixty- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14479-03-4S. 7757 2 1 two, other than members who are eligible for early service retirement 2 pursuant to subdivision c of section six hundred four-b of this article, 3 subdivision c of section six hundred four-c of this article, subdivision 4 d of section six hundred four-d of this article, subdivision c of 5 section six hundred four-e of this article, subdivision c of section six 6 hundred four-f of this article, subdivision c of section six hundred 7 four-g of this article, subdivision c of section six hundred four-h of 8 this article or subdivision c of section six hundred four-i of this 9 article, provided, however, a member of a teachers' retirement system or 10 the New York state and local employees' retirement system who first 11 joins such system before January first, two thousand ten or a member who 12 is a uniformed court officer or peace officer employed by the unified 13 court system [who first becomes a member of the New York state and local14employees' retirement system before April first, two thousand twelve] 15 may retire without reduction of his or her retirement benefit upon 16 attainment of at least fifty-five years of age and completion of thirty 17 or more years of service, provided, however, that a uniformed court 18 officer or peace officer employed by the unified court system who first 19 becomes a member of the New York state and local employees' retirement 20 system on or after January first, two thousand ten and retires without 21 reduction of his or her retirement benefit upon attainment of at least 22 fifty-five years of age and completion of thirty or more years of 23 service pursuant to this section shall be required to make the member 24 contributions required by subdivision f of section six hundred thirteen 25 of this article for all years of credited and creditable service, 26 provided further that the [the] preceding provisions of this subdivision 27 shall not apply to a New York city revised plan member. 28 a-1. For members who first become a member of a public retirement 29 system of the state on or after April first, two thousand twelve, except 30 for uniformed court officers or peace officers employed by the unified 31 court system, the service retirement benefit specified in section six 32 hundred four of this article shall be payable to members who have met 33 the minimum service requirements upon retirement and have attained age 34 sixty-three. 35 § 3. Subdivisions a and b-1 of section 604 of the retirement and 36 social security law, subdivision a as amended and subdivision b-1 as 37 added by chapter 18 of the laws of 2012, are amended to read as follows: 38 a. The service retirement benefit at normal retirement age for a 39 member with less than twenty years of credited service, or less than 40 twenty-five years credited service for a member who joins the New York 41 state teachers' retirement system on or after January first, two thou- 42 sand ten, shall be a retirement allowance equal to one-sixtieth of final 43 average salary times years of credited service. Normal retirement age 44 for members who first become members of a public retirement system of 45 the state on or after April first, two thousand twelve shall be age 46 sixty-three; except that the normal retirement age shall be sixty-two 47 for a member who is a peace officer or uniformed court officer employed 48 by the unified court system. 49 b-1. Notwithstanding any other provision of law to the contrary, the 50 service retirement benefit for members with twenty or more years of 51 credit service who first become a member of a public retirement system 52 of the state on or after April first, two thousand twelve at age sixty- 53 three, or at age sixty-two for uniformed court officers or peace offi- 54 cers employed by the unified court system, shall be a pension equal to 55 the sum of thirty-five per centum and one-fiftieth of final average 56 salary for each year of service in excess of twenty times final averageS. 7757 3 1 salary times years of credited service. In no event shall any retirement 2 benefit payable without optional modification be less than the actuari- 3 ally equivalent annuitized value of the member's contributions accumu- 4 lated with interest at five percent per annum compounded annually to the 5 date of retirement. 6 § 4. This act shall take effect immediately; provided that the amend- 7 ments to subdivision a of section 603 of the retirement and social secu- 8 rity law made by section two of this act shall not affect the expiration 9 of such subdivision and shall be deemed to expire therewith. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will allow any Tier 6 member who is a uniformed court offi- cer or peace officer employed by the unified court system to retire without early age reduction upon attaining 30 years of creditable service and age 55. It would also reduce the normal retirement age from 63 to 62, and lessen the reductions in benefits for those who retire prior to normal retirement age. If this legislation is enacted during the 2014 legislative session, we anticipate that there will be an increase in the annual contributions of the state of New York of approximately 1.0% of the compensation of the affected members. For the fiscal year ending March 31, 2015, this is estimated to be approximately $20,000. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $11,300 which would be borne by the state of New York as a one-time payment. This estimate is based on the assumption that payment will be made on March 1, 2015. Summary of relevant resources: The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2013 actuarial valu- ation. Distributions and other statistics can be found in the 2013 Report of the Actuary and the 2013 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2010, 2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial Assumptions, and the Codes Rules and Regulations of the State of New York: Audit and Control. The Market Assets and GASB Disclosures are found in the March 31, 2013 New York State and Local Retirement System Financial Statements and Supplementary Information. I am a member of the American Academy of Actuaries and meet the Quali- fication Standards to render the actuarial opinion contained herein. This estimate, dated May 15, 2014, and intended for use only during the 2014 Legislative Session, is Fiscal Note No. 2014-113, prepared by the Actuary for the New York State and Local Employees' Retirement System.