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NY S07756
Bill
Status
6/5/2014
Primary Sponsor
Martin Golden
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 in the program
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Members who file for service retirement after being eligible to retire for 1, 2, 3, 4, or 5+ years may receive partial lump sum payments of up to 5%, 10%, 15%, 20%, or 25% respectively of their actuarially determined retirement allowance
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Lump sum payments are not eligible for cost of living adjustments and are determined on an actuarially equivalent basis to avoid additional pension system costs
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County election is required to offer this option to eligible employees
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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
SUBSTITUTED BY A9952
6/19/2014