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NY S08477
Bill
Status
12/16/2022
Primary Sponsor
Robert Jackson
Click for details
AI Summary
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Establishes a 20-year retirement plan for non-seasonally appointed sworn law enforcement members including DEC environmental conservation officers, forest rangers, police officers, regional state park police, and university police officers.
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Members completing 20 years of service receive a pension equal to one-half of final average salary; for each additional year beyond 20 years, members receive an additional one-sixtieth of final average salary (capped at three-quarters total).
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Members with less than 20 years who reach mandatory retirement age receive one-fortieth of final average salary per year of service, not to exceed one-half of final average salary.
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Allows members currently employed to elect coverage within one year of the effective date; grants full service credit for prior law enforcement and police service with participating retirement systems.
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Past service implementation costs estimated at $55.6 million as a one-time payment or $7.10 million annually if amortized over 10 years; annual ongoing contributions estimated at $4.5 million for fiscal year 2023.
Legislative Description
Relates to establishing a twenty year retirement plan for members or officers of law enforcement; includes every non-seasonally appointed sworn member or officer of the division of law enforcement in the department of environmental conservation, a forest ranger in the service of the department of environmental conservation, a police officer in the department of environmental conservation, the regional state park police, and university police officers in such twenty year plan.
Last Action
VETOED MEMO.133
12/16/2022