S 6735 - Amends the Public Employee Retirement System - New York Key Vote
Rubén Díaz, Sr. Did Not Vote on this Legislation.
Timeline
- Executive Signed
- March 16, 2012
- House Bill Passed
- March 15, 2012
- Introduced
- March 14, 2012
- Senate Bill Passed
- March 14, 2012
Related Issues
Stage Details
Title: Amends the Public Employee Retirement System
Signed by Governor Andrew Cuomo
Title: Amends the Public Employee Retirement System
Vote Smart's Synopsis:
Vote to pass a bill that increases the retirement age and increases retirement contributions for public employees who join the retirement system after April 1, 2012.
Highlights:
- Increases the retirement age as follows for public employees who join the retirement system after April 1, 2012 (Sec. 1):
- From age 55 to age 63 for police officers and firefighters; and
- From age 60 to age 63 for all other employees.
- Increases the amount of employee contributions to the retirement system from 3 percent to the following amounts (Sec. 1):
- 3.5 percent for employees who earn $45,000 to $55,000 per year;
- 4.5 percent for employees who earn $55,000 to $75,000 per year;
- 5.75 percent for employees who earn $75,000 to $100,000 per year; and
- 6 percent for employees who earn more than $100,000 per year.
- Increases the number of consecutive years in the calculation of highest average wage, which is used to determine the amount of retirement benefits, from 3 years to 5 years for all public employees who join the retirement system after April 1, 2012 (Sec. 1).
Title: Amends the Public Employee Retirement System
Title: Amends the Public Employee Retirement System
Vote Smart's Synopsis:
Vote to pass a bill that increases the retirement age and increases retirement contributions for public employees who join the retirement system after April 1, 2012.
Highlights:
- Increases the retirement age as follows for public employees who join the retirement system after April 1, 2012 (Sec. 1):
- From age 55 to age 63 for police officers and firefighters; and
- From age 60 to age 63 for all other employees.
- Increases the amount of employee contributions to the retirement system from 3 percent to the following amounts (Sec. 1):
- 3.5 percent for employees who earn $45,000 to $55,000 per year;
- 4.5 percent for employees who earn $55,000 to $75,000 per year;
- 5.75 percent for employees who earn $75,000 to $100,000 per year; and
- 6 percent for employees who earn more than $100,000 per year.
- Increases the number of consecutive years in the calculation of highest average wage, which is used to determine the amount of retirement benefits, from 3 years to 5 years for all public employees who join the retirement system after April 1, 2012 (Sec. 1).
Committee Sponsors
- Rules Committee (Sponsor)
More Info About this Vote
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.