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NY S05628
Bill
Status
Introduced
5/22/2009
Primary Sponsor
Diane Savino
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AI Summary
- Members of the New York State and Local Employees' Retirement System with a minimum of 10 years of credited service may purchase up to 5 years of additional service credit
- Members must pay the full cost as determined by the Comptroller into the Pension Accumulation Fund, either in a lump sum or in installments spread over a period not exceeding the number of months of service being purchased
- Exemption applies to members in retirement plans providing for retirement at half pay after 20 or 25 years of service without regard to age
- If a member dies before retirement, amounts paid for service credit shall be refunded with interest to the extent the purchased credit does not produce a greater death benefit than would otherwise be payable
- If a member retires, amounts paid for service credit shall be refunded with interest to the extent the purchased credit does not produce a greater retirement allowance than would otherwise be payable
- Act takes effect 90 days after becoming law
Legislative Description
Allows members of the New York state and local employees retirement system who have at least ten years of credited service to purchase and obtain up to five years of additional service credit.
Last Action
ORDERED TO THIRD READING CAL.1331
6/29/2010
Committee Referrals
Rules6/29/2010
Finance6/8/2010
Civil Service and Pensions5/22/2009
Full Bill Text
No bill text available