Allows a one-year window for application for a disability retirement for members of the New York state and local employees' retirement system or the New York state and local police and fire retirement system who retired from service on or after January 1, 2021 due to heart disease; provides for the repeal of such provisions upon the expiration thereof.
Impact
The bill's implementation will have significant fiscal implications for the New York State and Local Retirement System (NYSLRS). Should eligible retirees apply and be granted a 75% accidental disability benefit, it is estimated that annual pension payments will increase by approximately $2.8 million. Furthermore, this could generate a past service cost of about $30 million, highlighting the potential budgetary impact on the state's retirement system. Participation in this program will have a shared cost implication for local employers involved in the NYSLRS.
Summary
Bill S10030 seeks to amend the retirement and social security law in New York, specifically targeting the eligibility for accidental disability benefits related to heart diseases. The legislation opens a one-year window for members of the New York state and local employees' retirement system and police and fire retirement system who retired after January 1, 2021, allowing them to apply for these benefits. This initiative is part of broader efforts to ensure that retirees suffering from heart diseases acquired during their tenure can receive financial assistance through state-sponsored programs.
Contention
Debate surrounding S10030 may arise from differing perspectives on fiscal responsibility versus the welfare of retirees. Proponents of the bill argue that it acknowledges the unique risks faced by police officers and firefighters and ensures they are cared for in retirement. However, potential opponents may express concern over the legislation's long-term costs, particularly amid existing fiscal challenges, and question whether the parameters of eligibility may be too broad or insufficiently defined. As such, it may be important to closely monitor discussions about the bill during legislative sessions to track public sentiment and any amendments proposed.
Same As
Allows a one-year window for application for a disability retirement for members of the New York state and local employees' retirement system or the New York state and local police and fire retirement system who retired from service on or after January 1, 2021 due to heart disease; provides for the repeal of such provisions upon the expiration thereof.
Allows a one-year window for application for a disability retirement for members of the New York state and local employees' retirement system or the New York state and local police and fire retirement system who retired from service on or after January 1, 2021 due to heart disease; provides for the repeal of such provisions upon the expiration thereof.
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.
Allows members of the New York city fire department pension fund to obtain service credit for retirement eligibility and retirement allowance from any of the public retirement systems of New York state.
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.
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 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 Liliana Fernandez-Clemente, the widow of Daniel Clemente, to file a new service retirement application and option election form with the New York state and local employees' retirement system on behalf of such deceased member.