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NY A09958
Bill
Status
6/3/2014
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Allows uniformed court officers and peace officers employed by the unified court system to retire without reduction at age 55 with 30 years of service, regardless of when they became members (removes prior April 1, 2012 threshold)
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Reduces normal retirement age from 63 to 62 for peace officers and uniformed court officers employed by the unified court system who became members on or after April 1, 2012
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Exempts peace officers and uniformed court officers employed by the unified court system from the age 63 retirement requirement imposed on other Tier 6 members (those joining after April 1, 2012)
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Estimated to increase annual state contributions by approximately 1.0% of affected members' compensation (approximately $20,000 for fiscal year ending March 31, 2015) with a one-time past service cost of approximately $11,300
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Takes effect immediately upon enactment
Legislative Description
Relates to age and services eligibility requirements for ordinary retirement for members of the unified court system; restores 55/30 for all members and reduces the retirement age from 63 to 62.
Last Action
substituted by s7757
6/19/2014