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Bill > S07498
NY S07498
NY S07498Relates to eligibility for participants in the automotive 25 year/age 50 pension plan with more than 30 years of credited service who remain in active service after age 62 to receive a service retirement benefit equivalent to the standard service retirement benefit received by Tier IV members with the same age and service.
summary
Introduced
06/01/2023
06/01/2023
In Committee
06/06/2024
06/06/2024
Crossed Over
06/07/2024
06/07/2024
Passed
12/02/2024
12/02/2024
Dead
Vetoed
12/13/2024
12/13/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the retirement and social security law, in relation to eligibility for participants in the automotive 25 year/age 50 pension plan with more than 30 years of credited service who remain in active service after age 62 to receive a service retirement benefit equivalent to the standard service retirement benefit received by Tier IV members with the same age and service
AI Summary
This bill amends the Retirement and Social Security Law to allow participants in the Automotive 25-Year/Age 50 pension plan with more than 30 years of credited service who remain in active service after age 62 to receive a service retirement benefit equivalent to the standard service retirement benefit received by Tier IV members with the same age and service. This change provides these participants with a potentially higher retirement benefit compared to the previous calculation under the Automotive 25-Year/Age 50 plan. The bill also includes details on the expected increase in employer contributions and actuarial liabilities for the New York City Employees' Retirement System (NYCERS) and Board of Education Retirement System (BERS) as a result of this amendment.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (2)
Last Action
VETOED MEMO.101 (on 12/13/2024)
Official Document
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