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NY S07757
Bill
Status
12/17/2014
Primary Sponsor
Martin Golden
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 (removing prior date restrictions)
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Reduces normal retirement age from 63 to 62 for peace officers and uniformed court officers in 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 normal retirement requirement that applies to other Tier 6 members (those joining public retirement systems 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 2015) plus 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
VETOED MEMO.568
12/17/2014