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NY S04732
Bill
Status
6/19/2014
Primary Sponsor
John DeFrancisco
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AI Summary
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Increases the earnings limit for retired persons employed in public service positions from $30,000 to $32,500, effective for 2014 and thereafter.
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Retired persons whose earnings exceed the applicable limit have their retirement allowances suspended for the remainder of that calendar year, unless they have reached age 65.
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The change applies to retirees of New York State and Local Employees' Retirement System, Police and Fire Retirement System, and New York City Retirement Systems.
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Fiscal impact is estimated as de minimis, with less than $125,000 in additional annual payouts and no measurable effect on retirement patterns or employer contribution costs.
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Effective date is January 1, 2014, retroactive to that date.
Legislative Description
Increases the amount of money a retiree may earn in a position of public service in the year 2014 and thereafter to $32,500.
Last Action
COMMITTED TO RULES
6/20/2014