Provides alternative retirement benefits for the police force at Erie County Medical Center; provides a qualifying member shall receive a retirement allowance consisting of a pension equal to one-fiftieth of their final average salary for each year of qualifying creditable service.
Summary
Bill A07861 proposes amendments to the retirement and social security law, specifically aimed at providing alternative retirement benefits for sworn members of the police department at the Erie County Medical Center. The bill allows qualifying members to retire after 25 years of service or after 10 years with full annuity benefits, which is calculated as one-fiftieth of their final average salary for each year of qualifying service, capped at 75% of their final average salary. Additionally, the bill allows for the transfer of service credits from other retirement plans and mandates that any new members must retire by age 62 without penalties.
Impact
If enacted, this bill will create a new retirement option for police officers at the Erie County Medical Center, potentially leading to increased retirement benefits for those members. The financial implications include an estimated increase in annual contributions of approximately $250,000 for Erie County Medical Center, along with a one-time past service cost of about $1.32 million. These costs will be borne by the employer, which may affect the budgetary allocations for the medical center.
Sentiment
The sentiment surrounding Bill A07861 appears to be overwhelmingly positive, as indicated by the unanimous votes in favor from various committees and the final assembly and senate votes. The discussions leading to the votes did not reveal significant opposition, suggesting broad support for the bill among legislators.
Contention
While there were no notable points of contention reported during the discussions or votes, the bill's financial implications may raise concerns among budget-conscious stakeholders at the Erie County Medical Center. However, no specific opposition was documented in the available transcripts or voting records.
Same As
Provides alternative retirement benefits for the police force at Erie County Medical Center; provides a qualifying member shall receive a retirement allowance consisting of a pension equal to one-fiftieth of their final average salary for each year of qualifying creditable service.