June 23, 2008
End-of-session pension sweeteners
If history is any indication, you can't count on the Legislature to wrap up business time to adjourn today. However, you can expect it to pass pension sweeteners before leaving Albany.
Among the candidates for passage in both houses are five pension bills--all dealing with police officers--that had passed one house and were pending in key committees as of this morning:
A8150 would allow 532 State University police officers to switch pension systems, permitting them to retire with half pay after 25 years. Bill's fiscal note estimates, it would cost $1.3 million annually plus $13 million retroactively for past service. Also SUNY would pay higher pension contributions annually for new employees. Passed Assembly.
A10589a would offer a 20-year, half-pay retirement option to county corrections officers or deputy sheriffs who have served as corrections officers. According to bill's fiscal note, the cost includes an unspecified amount for past service credit plus higher employer pension annual contributions (an increase of 2.3 percent or 4.3 percent of salary). Passed Senate.
A8341 is similar to A10589a except that it applies to 38 Suffolk County park police. The bill estimates it would cost the county $64,000 annually--plus $1.2 million retroactively for past service. Passed Senate.
A7697 would credit all service as a Nassau County deputy sheriff toward a 20-year, half-pay retirement plan. The bill says cost depends on how service is credited. Passed Senate.
A10279 would allow former employees of sheriff departments who have transferred to a police department to get pension credit for prior service. Passed Senate. According to the bill:
If this bill is enacted, the cost of crediting such service will aver
age approximately 25% of salary for a year of service....These total costs would be shared by the State of New York and all the participating employers in the New York State and Local Police and Fire Retirement System.
In opposing the bill, the Conference of Mayors states:
The cost probably exceeds $50 million....[and] the increase would be borne by real property taxpayers.
Missing from the list are New York City pension bills, because the bills include cost estimates calculated by actuary Jonathan Schwartz. After it was revealed, he was a union-paid consultant, 238 bills bearing his name were halted. Included is the perennial early retirement bill covering state and local government employees.
Prior to the Schwartz controversy, Governor Spitzer signed an early retirement bill for New York City school teachers.
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