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NY S02133
Bill
Status
1/18/2011
Primary Sponsor
Carl Kruger
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AI Summary
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Amends the definition of "pension fund beneficiary" to include discontinued members who are eligible for supplemental benefits under the Police Officer's Variable Supplements Fund.
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Applies to discontinued members who left police service between July 1, 1969 and July 19, 1989 and are receiving deferred retirement allowance payments.
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Deems the retirement date of eligible discontinued members to be the first day they began receiving deferred retirement allowance payments for purposes of determining supplemental benefit eligibility.
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Requires the annual actuarial valuation of fund liabilities to include both pension fund beneficiaries and persons eligible for supplemental benefits under the new provisions.
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Takes effect immediately and is retroactively effective to July 1, 1988.
Legislative Description
Allows any discontinued member of the NYC Police Pension Fund to be a pension fund beneficiary for purposes of eligibility to receive supplemental benefits from the police officers supplements fund for any time period for which the discontinued member received payments of a deferred retirement allowance under the pension fund's original plan or improved benefits plan; specifies that the date of retirement of the discontinued member for determining benefit eligibility will be deemed to be the first day of the period for which the discontinued member first began receiving such deferred retirement allowance payments.
Last Action
RECOMMIT, ENACTING CLAUSE STRICKEN
2/14/2011