New York A 6981: Relates to the redomestication of insurance companies

Bill Text

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A06981 Summary:

BILL NOA06981 

&nbsp

SAME ASSAME AS S06411

&nbsp

SPONSORPheffer Amato

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§501, 503 & 505, R & SS L

&nbsp

Restores the 20 year service retirement for certain New York city corrections officers.

Go to top A06981 Actions:

BILL NOA06981 

&nbsp

03/18/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA06981 Committee&nbspVotes:

Go to topA06981 Floor&nbspVotes:

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

Go to topA06981 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6981

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

 Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
 Committee on Governmental Employees

 AN ACT to amend the retirement and social security law, in relation to
 the restoration of 20 year service retirement for certain New York
 city corrections 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 New York city uniformed correction
 9 revised plan members, normal retirement age shall be the age at which a
 10 member completes or would have completed twenty years of service.
 11 § 2. Subdivision d of section 503 of the retirement and social securi-
 12 ty law, as amended by chapter 18 of the laws of 2012, is amended to read
 13 as follows:
 14 d. The normal service retirement benefit specified in section five
 15 hundred five of this article shall be paid to police/fire members, New
 16 York city uniformed correction/sanitation revised plan members and
 17 investigator revised plan members without regard to age upon retirement
 18 after twenty-two years of service, except that the normal service
 19 retirement benefit specified in section five hundred five of this arti-
 20 cle shall be paid to New York city uniformed correction revised plan
 21 members after twenty years of service. Early service retirement shall be
 22 permitted upon retirement after twenty years of credited service or
 23 attainment of age sixty-two, provided, however, that New York city
 24 police/fire revised plan members, New York city uniformed

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09759-02-5

 A. 6981 2

 1 correction/sanitation revised plan members and investigator revised plan
 2 members shall not be eligible to retire for service prior to the attain-
 3 ment of twenty years of credited service.
 4 § 3. Section 505 of the retirement and social security law is amended
 5 by adding a new subdivision d to read as follows:
 6 d. Notwithstanding anything to the contrary in any other law, New York
 7 city uniformed correction revised plan members shall be eligible for a
 8 normal service retirement benefit in lieu of an early service retirement
 9 benefit upon completing twenty years of service pursuant to subdivision
 10 d of section five hundred three of this article.
 11 § 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 NYCERS Tier 3 members of the Uniformed Correction Force 22-Year
 Plans (i.e., Revised Plan members) to be the age at which a member
 completes or would have completed twenty years of service.

 EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
 by Fiscal Year for the first 25 years ($ in Millions)

 Year NYCERS
 2026 3.0
 2027 3.2
 2028 3.4
 2029 3.7
 2030 3.9
 2031 4.2
 2032 4.4
 2033 4.6
 2034 4.8
 2035 4.9
 2036 5.0
 2037 5.1
 2038 5.2
 2039 3.7
 2040 3.8
 2041 3.9
 2042 4.1
 2043 4.2
 2044 4.4
 2045 4.5
 2046 4.7
 2047 4.8
 2048 5.0
 2049 5.1
 2050 5.3
 Projected contribut