Authorizes a thirty year retirement benefit for certain members in Nassau county; provides a retirement allowance equal to 60 percent of a member's final average salary.
Summary
Bill S06671 amends the retirement and social security law to authorize a thirty-year retirement benefit for certain members employed by Nassau County in designated correction officer titles. Under this bill, members who complete thirty years of service will receive a pension equal to sixty percent of their final average salary, as opposed to the current benefit of fifty percent after twenty-five years of service. This change aims to enhance retirement benefits for correction officers, acknowledging the demanding nature of their work.
Impact
The enactment of this bill will modify the retirement benefits for approximately 713 correction officers in Nassau County, increasing their pension benefits significantly upon retirement. The county will incur an immediate past service cost of approximately $5.50 million, which can be amortized over ten years, along with an expected increase in annual contributions of about $390,000 for the fiscal year ending March 31, 2026. This adjustment is expected to average an additional 0.3% of salary annually in future years.
Sentiment
The sentiment surrounding Bill S06671 appears to be overwhelmingly positive, as evidenced by the unanimous votes in various committees and the Senate floor. The bill received support from all committee members during the voting process, indicating a strong consensus on the importance of enhancing retirement benefits for correction officers in Nassau County.
Contention
There are no notable points of contention regarding Bill S06671, as it has passed through the legislative process without opposition. The unanimous support in committee votes and the final Senate floor vote suggests that there are no significant disagreements among lawmakers about the provisions of this bill.
Same As
Authorizes a thirty year retirement benefit for certain members in Nassau county; provides a retirement allowance equal to 60 percent of a member's final average salary.
Authorizes a thirty year retirement benefit for certain members in Nassau county; provides a retirement allowance equal to 60 percent of a member's final average salary.
Authorizes a thirty year retirement benefit for certain members in Nassau county; provides a retirement allowance equal to 60 percent of a member's final average salary.
Authorizes a thirty year retirement benefit for certain members in Nassau county; provides a retirement allowance equal to 60 percent of a member's final average salary.
Provides that a member with credited service in excess of twenty-five years shall receive an additional retirement allowance equal to one-sixtieth of such member's final average salary for each year of creditable service in excess of twenty-five years; makes related provisions.
Provides for retirement without reduction of their retirement benefit upon attainment of at least fifty-five years of age and completion of thirty or more years of service for certain retirement system members.
Provides for retirement without reduction of their retirement benefit upon attainment of at least fifty-five years of age and completion of thirty or more years of service for certain retirement system members.
District attorneys, prosecutors, office of prosecution services' attorneys, retirement benefits and allowances further provided for; membership of District Attorneys' Plan expanded; participation in supernumerary program and employees retirement system further provided for
District Attorneys’ Plan for Retirement under the Judicial Retirement Fund; calculation of service retirement allowance and disability retirement allowance revised; limitation on amount of service retirement allowance compared to member's average final compensation revised