New York S 7378: Relates to extending the top state income tax rate and foundation aid funding

Bill Text

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S07378 Summary:

BILL NOS07378A

&nbsp

SAME ASNo Same As

&nbsp

SPONSORGRIFFO

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COSPNSRJACKSON

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MLTSPNSR

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Add 89-z, amd 445, 603, 503 & 604, R & SS L

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Establishes an optional twenty-five year retirement plan for employees of the New York Power Authority who are a member of the public employee organization certified or recognized to represent employees of such authority.

Go to top S07378 Actions:

BILL NOS07378A

&nbsp

04/11/2025REFERRED TO CIVIL SERVICE AND PENSIONS

05/20/2025REPORTED AND COMMITTED TO FINANCE

05/27/2025AMEND AND RECOMMIT TO FINANCE

05/27/2025PRINT NUMBER 7378A

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS07378 Committee&nbspVotes:

Go to topS07378 Floor&nbspVotes:

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

Go to topS07378 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7378--A

 2025-2026 Regular Sessions

 IN SENATE

 April 11, 2025
 ___________

 Introduced by Sens. GRIFFO, JACKSON -- read twice and ordered printed,
 and when printed to be committed to the Committee on Civil Service and
 Pensions -- reported favorably from said committee and committed to
 the Committee on Finance -- committee discharged, bill amended,
 ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the retirement and social security law, in relation to
 establishing an optional twenty-five year retirement plan for certain
 employees of the New York Power Authority

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

 1 Section 1. The retirement and social security law is amended by adding
 2 a new section 89-z to read as follows:
 3 § 89-z. Retirement of certain employees employed by the New York power
 4 authority. a. Any person who is employed by the New York power authority
 5 and is a member of the labor organization certified or recognized to
 6 represent the employees of such power authority shall be eligible to
 7 retire pursuant to the provisions of this section. Such eligibility
 8 shall be an alternative to the eligibility provisions available under
 9 any other plan of this article to which such member is subject.
 10 b. Such member shall be entitled to retire upon the completion of
 11 twenty-five years of total creditable service by filing an application
 12 therefor in the manner provided for in section seventy of this article.
 13 c. Upon completion of twenty-five years of such service and upon
 14 retirement, each such member shall receive a pension which, together
 15 with an annuity which shall be the actuarial equivalent of such member's
 16 accumulated contributions at the time of their retirement and an addi-
 17 tional pension which is the actuarial equivalent of the reserved-for-in-
 18 creased-take-home-pay to which such member may then be entitled shall be
 19 sufficient to provide such member with a retirement allowance equal to
 20 fifty percent of such member's final average salary.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00633-07-5

 S. 7378--A 2

 1 d. Notwithstanding section forty-one of this article, as used in this
 2 section "creditable service" shall include any and all services
 3 performed as an employee of the New York power authority.
 4 e. A member, contributing on the basis of this section at the time of
 5 retirement, shall retire after the completion of twenty-five years of
 6 total creditable service. Application therefor may be filed in a manner
 7 similar to that provided in section seventy of this article. Upon
 8 completion of twenty-five years of such service and upon retirement,
 9 each such member shall receive a pension which, together with an annuity
 10 which shall be the actuarial equivalent of such member's accumulated
 11 contributions at the time of their retirement and an additional pension
 12 which is the actuarial equivalent of the reserve-for-increased-take-
 13 home-pay to which such member may then be entitled shall be sufficient
 14 to provide such member with a retirement allowance equal to fifty
 15 percent of such member's final average salary.
 16 f. In computing the twenty-five years of total service of a member
 17 pursuant to this sec