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NY S08497
Bill
Status
12/21/2018
Primary Sponsor
Diane Savino
Click for details
AI Summary
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Allows New York City Employees' Retirement System (NYCERS) members in certain special plans to use excess basic or additional member contributions to offset deficits in the other contribution account at any time, rather than only at retirement.
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Applies to 14 special plans under Articles 14 and 15 of the Retirement and Social Security Law, covering correction officers, sanitation workers, transit authority members, dispatchers, EMTs, and other specified city employee groups.
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Removes the requirement that contribution transfers occur only "upon the participant's separation from city service as a result of retirement," enabling immediate reallocation of excess contributions.
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Does not affect benefits payable to participants or employer contribution amounts.
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Takes effect immediately upon enactment.
Legislative Description
Relates to amending the contribution provisions applicable to certain special plans to allow using any excess basic or additional member contributions to offset any deficits in such other contribution account prior to the date of retirement.
Last Action
SIGNED CHAP.448
12/21/2018