New York S 2710: Relates to permitting payments 14 days after the due date

Bill Text

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S02710 Summary:

BILL NOS02710 

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SAME ASSAME AS A03968

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SPONSORSCARCELLA-SPANTON

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COSPNSRADDABBO, BAILEY, BYNOE, CANZONERI-FITZPATRICK, CHAN, CLEARE, COMRIE, COONEY, FELDER, FERNANDEZ,
 GOUNARDES, HARCKHAM, HINCHEY, HOYLMAN-SIGAL, JACKSON, LANZA, LIU, MARTINEZ, MATTERA, MAYER, MURRAY,
 MYRIE, PALUMBO, PARKER, PERSAUD, RAMOS, RHOADS, ROLISON, RYAN C, SANDERS, SERRANO, SKOUFIS,
 STAVISKY, TEDISCO, WEBER, WEIK

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MLTSPNSR

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Amd §§501, 503 & 505, R & SS L

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Restores 20 year service retirement for New York city police officers.

Go to top S02710 Actions:

BILL NOS02710 

&nbsp

01/22/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS02710 Committee&nbspVotes:

Go to topS02710 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS02710 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2710

 2025-2026 Regular Sessions

 IN SENATE

 January 22, 2025
 ___________

 Introduced by Sen. SCARCELLA-SPANTON -- read twice and ordered printed,
 and when printed to be committed to the Committee on Civil Service and
 Pensions

 AN ACT to amend the retirement and social security law, in relation to
 the restoration of 20 year service retirement for New York city police
 officers

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 17 of section 501 of the retirement and social
 2 security law, as amended by chapter 18 of the laws of 2012, is amended
 3 to read as follows:
 4 17. "Normal retirement age" shall be age sixty-two, for general
 5 members, and the age at which a member completes or would have completed
 6 twenty-two years of service, for police/fire members, New York city
 7 uniformed correction/sanitation revised plan members and investigator
 8 revised plan members, except that for police/fire members of the New
 9 York city police pension fund, normal retirement age shall be the age at
 10 which a member completes or would have completed twenty years of
 11 service.
 12 § 2. Subdivision d of section 503 of the retirement and social securi-
 13 ty law, as amended by chapter 18 of the laws of 2012, is amended to read
 14 as follows:
 15 d. The normal service retirement benefit specified in section five
 16 hundred five of this article shall be paid to police/fire members, New
 17 York city uniformed correction/sanitation revised plan members and
 18 investigator revised plan members without regard to age upon retirement
 19 after twenty-two years of service, except that the normal service
 20 retirement benefit specified in section five hundred five of this arti-
 21 cle shall be paid to police/fire members of the New York city police
 22 pension fund, after twenty years of service. Early service retirement
 23 shall be permitted upon retirement after twenty years of credited

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05882-02-5

 S. 2710 2

 1 service or attainment of age sixty-two, provided, however, that New York
 2 city police/fire revised plan members, New York city uniformed
 3 correction/sanitation revised plan members and investigator revised plan
 4 members shall not be eligible to retire for service prior to the attain-
 5 ment of twenty years of credited service.
 6 § 3. Section 505 of the retirement and social security law is amended
 7 by adding a new subdivision d to read as follows:
 8 d. Notwithstanding anything to the contrary in any other law,
 9 police/fire members of the New York city police pension fund shall be
 10 eligible for a normal service retirement benefit in lieu of an early
 11 service retirement benefit upon completing twenty years of service
 12 pursuant to subdivision d of section five hundred three of this article.
 13 § 4. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 SUMMARY: This proposed legislation would reduce the Normal Retirement
 Age for Tier 3 members of the New York City Police Pension Fund (POLICE)
 to be the age at which a member completes or would have completed twenty
 years of service.

 EXPECTED IMPACT ON EMPLOYER CONTRIBUTIONS
 ($ in Millions)