Loading chat...
NY A10109
Bill
Status
9/17/2010
Primary Sponsor
Peter Abbate
Click for details
AI Summary
-
Expands eligibility for the alternative retirement option to members of the New York State and Local Police and Fire Retirement System (PFRS) who retire, allowing them to elect an actuarially equivalent benefit instead of standard options.
-
Permits retiring PFRS members to receive a smaller lifetime retirement allowance combined with other benefits (paid to the member or designated beneficiaries) that are certified by the system's actuary as actuarially equivalent to their standard retirement allowance.
-
Applies the same membership cessation conditions that apply to the New York State Employees' Retirement System to the PFRS.
-
Takes effect immediately upon enactment with no additional fiscal costs to the state.
-
Applies to members who joined the PFRS on or after July 1, 2009.
Legislative Description
Allows members of the New York state and local police and fire retirement system who retire to elect the alternative option and provides for cessation of membership in such system upon the occurrence of certain conditions.
Last Action
signed chap.498
9/17/2010