Current Pension Topics: Key Legislative Improvements

By JOEL L. FRANK

There is very valuable and useful information on the Web site of the New York City Employees Retirement System. Check in on a regular basis at: http://www.nycers.org. The following items became law during 2006.

Chapter 445

Chapter 445 of the laws of 2006 amends the World Trade Center (WTC) Presumption Law enacted in 2005 to cover the statutory beneficiaries of eligible employees who die from illnesses or diseases contracted as a result of their participation in WTC rescue, recovery or cleanup operations.

This law also amends the accidental disability provisions for Tier 3 Correction Officers (Section 507-c of the Retirement and Social Security Law) to include the WTC Presumption Law, and as a result, the deadline to file the Notice of Participation for such officers is now Aug. 14, 2008.

Chapter 697

This law permits Carpenters and Supervisor Carpenters who were laid off because of economy measures on or after June 1, 1991 and who returned to service prior to July 1, 1993 to purchase credit for the period of time they were laid off. Eligible Carpenters and Supervisory Carpenters are required to contribute an amount equal to the ordinary member contributions that would have paid during the layoff period as if they had actually been in service during such period.

Chapter 652

This law extends the option of electing an annuity to a Tier 2 member or, upon the member's death, to his or her beneficiary. Currently, only Tier 1 members may elect to receive death benefits in the form of an annuity.

Chapter 713

This law permits retired police officers, correction officers, deputy sheriffs and fire marshals, who are appointed to the office of the New York City Marshal, to collect the full amount of their retirement allowance payments while receiving compensation as a New York City Marshal.

Chapter 711

This law corrects certain technical errors in the District Attorney's Investigator (DAI) 20-year retirement plan enacted in 2004. Specifically, this law allows prior non-investigator service to count as creditable service beyond the required 20-year minimum. The law also clarifies the calculation for both investigator and non-investigator service for credited service beyond the 20-year minimum.

Chapter 734

This measure allows non-supervisory transit operating members of the Amalgamated Transit Union (ATU) to apply for a refund of their accumulated additional member contributions made in accordance with the 25 year/age 55 retirement plan enacted in 1994. ATU transit operating members who, on Dec. 28, 2005, had an accumulated balance of additional member contributions at NYCERS, are eligible to apply for a refund of such contributions.

Chapter 225

This new law amends RSSL §651, which provides for a reduction of the retirement age for TBTA officers, sergeants or lieutenants (with at least one competitive appointment), bridge and tunnel maintainer titles or TBTA laborers for each year of covered employment. This law expands the covered period to employment performed on or before December 31, 2008 (previously the covered period ended on 12/31/06).

Chapter 74

This law amended RSSL §212 regarding the earnings limitation for retired person in positions of public service. For the year 2007 and thereafter, the earnings limitation is $30,000. This law was signed into effect on June 7, 2006.

Chapter 88

A law that increases the special accidental death benefit, by 3 percent or more, for deaths that occurred in 2006 or earlier for Correction Officers, Housing and Transit Police, certain EMTs and TBTA members. The benefit is payable to the widow or widower or the children of the deceased who are under 18 years of age, or under 23 if the child is a student if the widow or widower is deceased. This law was signed into effect on June 7, 2006.

Mr. Frank is a fee-only Retirement Financial Planner. He can be reached by telephone at (732) 536-9472, or via e-mail at rollover@optonline.net .