Chapter 211 – Actuarial Interest Rate Extender
Chapter 211 of the Laws of 2009 extends the actuarial interest rate of 8% for one year (expires June 30, 2010). The law also extends the “special” and “additional” interest rates used to credit the contributions and Increased-Take-Home-Pay (ITHP) Reserves for Tier 1 and 2 members for one year (expires June 30, 2010). Such interest rates equal 1.25% and, when added to the regular rate of interest of 7%, bring the total interest rate used to credit Tier 1 and 2 members’ accounts to 8.25%.
Chapter 211 was signed by the Governor on July 11, 2009 and shall be deemed to have been in full force and effect on and after July 1, 2009.
Chapter 305 – Increase in Special Accidental Death Benefit
Chapter 305 of the Laws of 2009 increases the special accidental death benefit payable under Section 208-f of the NYS General Municipal Law by 3%. The beneficiaries of the following NYCERS members are covered: Correction Officers, Housing and Transit Police, Emergency Medical Technicians and Triborough Bridge and Tunnel Authority (TBTA) members. The benefit is payable to the widow or widower, or the children of the deceased (under 18 years of age or under 23 if the child is a student) if the widow or widower is deceased.
Chapter 305 was signed by the Governor on August 11, 2009 and takes effect on July 1, 2009.
Chapter 461 – Earnings Limitations for Emergency Medical Technician Disability Retirees (retired under RSSL §607-b)
Chapter 461 of the Laws of 2009 amends Section 607-b of the Retirement and Social Security Law (RSSL), a performance of duty disability retirement statute for Tier 4 Emergency Medical Technicians (EMTs), by removing a cross-reference to subdivision c of RSSL §605. As a result of the enactment of Chapter 461, EMTs who retired under RSSL §607-b can earn an unlimited amount of income from private sector employment. EMTs who retired under RSSL §607-b and who accept employment with a public agency in New York City or New York State (or locality within New York State) can earn no more than $1,800 in a calendar year, including any pension earned.
Chapter 461 takes effect immediately and is deemed to have been in full force and effect on and after January 01, 2009.