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NY S07074

Bill

Official Source

Status

Introduced

4/27/2012

Primary Sponsor

Martin Golden

Click for details

Origin

Senate

2011-2012 General Assembly

AI Summary

  • Removes the April 1, 2013 expiration date from Chapter 735 of the laws of 2006, making the Partial Lump Sum option permanent for members of the New York State and Local Police and Fire Retirement System
  • Changes the effective date from April 1, 2008 to immediate enactment upon passage
  • Partial Lump Sum distributions are calculated on an actuarially equivalent basis, with no anticipated additional costs to the system after April 1, 2013
  • Allows eligible police and fire retirement system members to receive a portion of their retirement benefits as a lump sum payment upon retirement

Legislative Description

Makes permanent provisions of the retirement and social security law that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement.

Last Action

SUBSTITUTED BY A9889A

6/21/2012

Committee Referrals

Rules6/21/2012
Civil Service and Pensions4/27/2012

Full Bill Text

No bill text available