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NY A09952
Bill
Status
7/22/2014
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Expands eligibility for optional lump sum retirement payments to include sheriffs, undersheriffs, deputy sheriffs, and correction officers employed in counties that elect to participate
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Allows eligible members who file for service retirement to receive a partial lump sum of 5%, 10%, 15%, 20%, or 25% based on years of eligibility to retire (1, 2, 3, 4, or 5+ years respectively)
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Lump sum payments are calculated as a percentage of the present value of the actuarially determined retirement allowance and are not eligible for cost of living adjustments
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Reduces annual retirement allowance for members who elect the lump sum option on an actuarially equivalent basis
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Takes effect immediately upon enactment
Legislative Description
Relates to a lump sum payment at retirement; includes sheriffs, deputy sheriffs and correction officers in the group of eligible members who may elect an optional form of retirement which provides for a partial lump sum at retirement with a reduced service retirement allowance.
Last Action
signed chap.135
7/22/2014