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NY A11490
Bill
Status
6/17/2010
Primary Sponsor
Peter Abbate
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AI Summary
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Court reporters employed by the unified court system become eligible to retire after completing 25 years of total creditable service, as an alternative to other retirement plan provisions.
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Retiring court reporters receive a pension equal to one-half of their final average salary upon completion of 25 years of service, with no reduction for early retirement.
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Tier 5 court reporters are required to contribute only 3% of salary for the first 10 years of service, rather than for all years of service.
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The unified court system bears all costs of the act, estimated at approximately $3.2 million in annual contributions plus a one-time past service cost of $15.2 million.
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The act takes effect immediately, with provisions for expiration and reversion of certain section amendments based on existing law sunset dates.
Legislative Description
Provides that court reporters employed by the unified court system may retire upon the completion of 25 years of creditable service; provides that the benefit upon retirement would be an allowance of one-half of final average salary; provides that there shall be no reduction for early service retirement.
Last Action
referred to governmental employees
6/17/2010