New York S 7529: Relates to supplemental military retirement allowances for members of public retirement systems of the state

Bill Text

STATE OF NEW YORK
        ________________________________________________________________________
                                         7529--A
                               2023-2024 Regular Sessions
                    IN SENATE
                                      June 2, 2023
                                       ___________
        Introduced  by Sen. SCARCELLA-SPANTON -- read twice and ordered printed,
          and when printed to be committed to the Committee on Rules  --  recom-
          mitted  to  the  Committee on Civil Service and Pensions in accordance
          with Senate Rule 6, sec. 8  --  committee  discharged,  bill  amended,
          ordered reprinted as amended and recommitted to said committee
        AN  ACT  to  amend the retirement and social security law, the education
          law and the administrative code of the city of New York,  in  relation
          to  supplemental  military retirement allowances for members of public
          retirement systems of the state
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section 1000 of the retirement and social security law is
     2  amended by adding a new subdivision 8-a to read as follows:
     3    8-a. A person who retired prior  to  May  thirty-first,  two  thousand
     4  sixteen  and  who  would  have  been  entitled to the provisions of this
     5  section, may make application to such retirement system  no  later  than
     6  December thirty-first, two thousand twenty-four for a supplemental mili-
     7  tary  retirement  allowance  pursuant to this subdivision.   The supple-
     8  mental retirement allowance provided by this  subdivision  shall  be  in
     9  lieu  of any benefit otherwise provided pursuant to this section and any
    10  credit granted for military service with any retirement system  of  this
    11  state pursuant to any other section of law.  Upon receipt of an applica-
    12  tion, the retirement system shall determine the amount of service credit
    13  such person would have been entitled to receive pursuant to subdivisions
    14  one  and  two  of  this section, subject to the limitations contained in
    15  this section. The supplemental military retirement allowance shall equal
    16  the retirement allowance  of  such  person,  computed  without  optional
    17  modification  and  not to exceed fifteen thousand dollars, multiplied by
    18  twenty-five one-hundredths of one percent per month of the service cred-
    19  it as determined pursuant to  this  subdivision.    One-twelfth  of  the
    20  supplemental military retirement allowance shall be added to the retire-
         EXPLANATION--Matter in  (underscored) is new; matter in bracketsitalics
                              [] is old law to be omitted. 
                                                                   LBD01409-06-4

        S. 7529--A                          2
     1  ment  allowance  of such person each month. The benefit payable pursuant
     2  to this section shall commence on the next retirement allowance  payable
     3  at  least  thirty  days  after  the  receipt of an application from such
     4  person. For the purposes of this subdivision, retirement allowance shall
     5  exclude  any  annuity  derived  from voluntary contributions made by the
     6  individual, except those made pursuant to  elections  under  subdivision
     7  one of section five hundred eleven-a or paragraph c of subdivision three
     8  of  section five hundred sixteen of the education law, but shall include
     9  any cost of living adjustment derived from sections seventy-eight-a  and
    10  three  hundred  seventy-eight-a  of this chapter or section five hundred
    11  thirty-two-a of the education law, as applicable.   The benefit  payable
    12  pursuant  to  this  subdivision  shall  be  payable  for the life of the
    13  retired member only, except that the  surviving  spouse  of  a  deceased
    14  member  who  retired under an option providing a benefit to be continued
    15  for life to the surviving spouse after the death of the member shall  be
    16  entitled  to  receive  fifty  percent  of  the  monthly benefit that the
    17  retired member would be  receiving  pursuant  to  this  subdivision,  if
    18  living,  commencing  with the next retirement allowance payable at least
    19  thirty days after receipt of an application from the retired member  for
    20  the benefit or payable after the death of the retired member.
    21    §  2. Subdivision b of section 78-a of the retirement and social secu-
    22  rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
    23  read as follows:
    24    b.  Said cost-of-living adjustment shall be a percentage of the annual
    25  retirement  allowance  otherwise  payable,  computed  without   optional
    26  modification,  but  inc