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
If enacted, the bill will enable deputy sheriffs to count their prior service toward retirement eligibility in a manner that was not previously possible. The legislation recognizes the unique role that deputy sheriffs play within law enforcement and aims to create more favorable retirement outcomes for these officers. By allowing the transfer of service credits, it promotes the retention of experienced personnel within the police and fire retirement system.
Summary
Bill S07750 seeks to amend the retirement and social security law by modifying the criteria for calculating past service credit for certain deputy sheriffs. Specifically, it allows deputy sheriffs who provided police protection or correction officer service to transfer service credit from the New York State and Local Employees' Retirement System to the New York State and Local Police and Fire Retirement System. This change is designed to include eligible service under 20-year and 25-year retirement plans, which is significant for those transitioning between the two retirement systems.
Contention
However, the bill might raise concerns about fiscal impacts on the retirement systems involved since it expands eligibility criteria and thus could potentially increase liabilities. The estimated average cost of the past service credit will be approximately 20% of the affected member's compensation for each year of additional credit granted. As more members potentially qualify for these benefits, debates may emerge surrounding the sustainability of retirement funding and the implications for local employers who participate in the related retirement system.
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.
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 police officers employed by the division of law enforcement in the department of environmental protection in the city of New York transferring between the New York city employees' retirement system to the New York state and local police and fire retirement system.
Relates to the calculation of past service credit for police officers employed by the division of law enforcement in the department of environmental protection in the city of New York transferring between the New York city employees' retirement system to the New York state and local police and fire retirement system.
Relates to the calculation of past service credit for police officers employed by the division of law enforcement in the department of environmental protection in the city of New York transferring between the New York city employees' retirement system to the New York state and local police and fire retirement system.
Relates to the calculation of past service credit for police officers employed by the division of law enforcement in the department of environmental protection in the city of New York transferring between the New York city 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.
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.
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.
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.