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A06978 Summary:

BILL NOA06978
 
SAME ASSAME AS S05579
 
SPONSORFall
 
COSPNSR
 
MLTSPNSR
 
Amd §212, R & SS L
 
Increases the amount of money a public retirement system retiree may earn in a position of public service in the year 2026 and thereafter to $50,000.
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A06978 Actions:

BILL NOA06978
 
03/18/2025referred to governmental employees
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A06978 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A6978
 
SPONSOR: Fall
  TITLE OF BILL: An act to amend the retirement and social security law, in relation to increasing the retiree public earnings cap   PURPOSE: This bill would increase the amount that a public retiree under sixty- five years of age may earn in public employment without a reduction of his or her retirement benefits.   SUMMARY OF PROVISIONS: The bill amends subdivision 2 of Section 212 of the Retirement and Social Security Law. It would allow a public retiree to earn up to $50,000 in public employment without reducing the retiree's pension.   JUSTIFICATION: Under current law, retirees may earn up to $30,000 from public employ- ment without diminution of retirement earnings. From 1996 through 2004 this earnings limit was raised each year. The last time it was increased was in 2007 when it was raised from $27,500 to $30,000. Increasing the mount up to $50,000 for retirees under 65 years of age would allow state and local governments the ability to hire experienced employees at a significant) reduced cost without paying for employee benefits. Pursuant to subdivision one of section 212, there are no earning limitations applicable to retired persons who are age sixty-five or older.   LEGISLATIVE HISTORY: 2024: S.4124 - Referred to Civil Service 2023: S.4124 - Referred to Civil Service 2022: S.4920 - Referred to Civil Service/A.2453 - Referred to Govermen- tat Employees 2021: S.4920 - Referred to Civil Service/A.2453 - Referred to Govermen- tal Employees 2020: S.795 -Referred to Civil Service/A.7109 Referred to Governmental Employees 2019: S.795 - Referred to Civil Service/ A.7109 Referred to Governmental Employees 2018: S.5725-A - Referred to Civil Service & Pensions / A.7872-A Referred to Governmental Employees 2017: S.5725 - Died on Third Reading Calendar / A.7872 - Referred to Governmental Employees 2016: S.4345A - Referred to Civil Service & Pensions 2015: S.4345 - 3rd Reading Calendar   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: Immediately.
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A06978 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6978
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 18, 2025
                                       ___________
 
        Introduced  by  M. of A. FALL -- read once and referred to the Committee
          on Governmental Employees
 
        AN ACT to amend the retirement and social security law, in  relation  to
          increasing the retiree public earnings cap
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 2 of section 212 of the retirement  and  social
     2  security  law, as amended by chapter 589 of the laws of 2019, is amended
     3  to read as follows:
     4    2. The earning limitations for retired persons in positions of  public
     5  service  under  this  section  shall be in accordance with the following
     6  table:
 
     7          For the year               Earnings limitation
     8              1996                         $12,500
     9              1997                         $13,500
    10              1998                         $14,500
    11              1999                         $15,500
    12              2000                         $17,000
    13              2001                         $18,500
    14              2002                         $20,000
    15              2003                         $25,000
    16              2004                         $27,500
    17              2005 and 2006                $27,500
    18              2007 through 2019            $30,000
    19              2020 [and thereafter]
    20              through 2025                 $35,000
    21              2026 and thereafter          $50,000
    22    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09658-01-5
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