Relates to the calculation of past service credit for members in the title of deputy sheriff who provided police protection or correction officer service transferring between the New York state and local employees' retirement system to the New York state and local police and fire retirement system.
Impact
The bill expands the definition of creditable service under twenty-year and twenty-five-year retirement plans to include time served as deputy sheriffs and correction officers in the New York State and Local Employees' Retirement System. Importantly, the time credited towards retirement benefits will not exceed ten years, offering members an opportunity to maximize their retirement benefits for their law enforcement service. This change aims to streamline the transition of service credits between the different retirement systems.
Summary
S07750 aims to amend the Retirement and Social Security Law concerning the calculation of past service credit for members who served as deputy sheriffs transferring between the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System. The bill introduces provisions that ensure deputy sheriffs can receive service credits adequate to their years of service when transferring retirement plans, thereby enhancing their retirement benefits.
Contention
Debate surrounding S07750 primarily revolves around the financial implications for the New York State and Local Police and Fire Retirement System. Concerns have been raised regarding the fiscal burden that additional service credit could place on the state pension fund, particularly as the increased costs will be shared among all participating employers. Furthermore, the projected administrative costs to implement this legislation also add to the worries of budget constraints, with various stakeholders expressing differing views on the sustainability of funding such changes in the long term.
Same As
Relates to the calculation of past service credit for members in the title of deputy sheriff who provided police protection or correction officer service transferring between the New York state and local employees' retirement system to the New York state and local police and fire retirement system.
Relates to the calculation of past service credit for members in the title of deputy sheriff who provided police protection or correction officer service transferring between the New York state and local employees' retirement system to the New York state and local police and fire retirement system.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Grants retroactive tier II membership in the New York state and local police and fire retirement system to Javier-Luis I. Martinez, a current member of the New York state and local police and fire retirement system employed by the town of Colonie.
Grants retroactive tier II membership in the New York state and local police and fire retirement system to Javier-Luis I. Martinez, a current member of the New York state and local police and fire retirement system employed by the town of Colonie.
Authorizes Brian Studley, a police officer employed by the New York state university police department at SUNY Fredonia, to transition his pension from the New York state and local employees' retirement system to the New York state and local police and fire retirement system.
Authorizes active members of the New York state and local police and fire retirement system to purchase service credit for service with the Long Island Railroad Company police department.