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NY A06422
Bill
Status
4/6/2023
Primary Sponsor
Karl Brabenec
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AI Summary
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Allows members who retired from the New York State and Local Police and Fire Retirement System (PFRS) before January 1, 1980 and later returned to work in the Employees' Retirement System (ERS) to transfer their PFRS service credit to ERS
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Permits eligible retirees to receive a pension based on combined service credit from both PFRS and ERS, provided they paid the required pro rata contributions plus interest as determined under Chapter 666 of the Laws of 1990
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Removes the actuarial reduction currently applied to pensions for individuals receiving PFRS retirement payments while actively working in the ERS
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Requires eligible retirees to file a written request with the New York State Comptroller within one year of the effective date to benefit from this legislation
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Estimated cost for one known beneficiary is approximately $58,300, with all costs borne by the State of New York
Legislative Description
Provides for the payment of retirement benefits to members of the New York state employees retirement system who reentered service after retiring before January 1, 1980, pursuant to chapter 666 of the laws of 1990.
Last Action
referred to governmental employees
1/3/2024