NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9851
SPONSOR: Abbate TITLE OF BILL: An act to amend the retirement and social security
law, in relation to mandatory retirement age
PURPOSE OR GENERAL IDEA OF BILL:
This bill would raise the mandatory retirement age from 62 to 65 for
certain members of the New York State and Local Police and Fire Retire-
ment System.
SUMMARY OF SPECIFIC PROVISIONS:
Section one: Raises the mandatory retirement age from 62 to 65 for
members of the New York State and Local Police and Fire Retirement
System (PFRS) who are covered under the provisions of Section 384 of the
Retirement and Social Security Law. This aforementioned section allows
any member of the PFRS to contribute to certain retirement plans contin-
gent upon 25 years of service.
Section two: Effective date.
JUSTIFICATION:
This bill would provide the option of participating in the retirement
plans outlined in Section 384 of the Retirement and Social Security Law
to more police officers and fire fighters. Under current law, if a
person chose to become a police officer or fire fighter at any age 38 or
above, they would not be able to participate in such retirement plans,
as they would reach age 62 before serving for the required 25 years.
Under this proposed legislation, a person could choose to become a
police officer or fire fighter at any age 40 or below and still have
access to these retirement plans. This legislation would remove discour-
agement based on retirement plans for persons between the ages of 38 and
40, who may be transitioning from other professions and may be fully
qualified, from becoming police officers or fire fighters. Persons
currently serving as police officers and fire fighters, who would be
able to complete 25 years of service with a mandatory retirement age of
65, but not with a mandatory retirement age of 62, would also have new
access to these retirement plans.
FISCAL IMPLICATIONS:
If this bill is enacted, there would be additional benefits for certain
members who remain unemployed beyond age 62. However, if some members
delay retirement due to the enactment of this bill, we would not antic-
ipate that there would be an increase in the annual contributions of the
participating employers in the PFRS.
EFFECTIVE DATE:
Immediately.
