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S 8143

Relates to the refund of additional member contributions of certain persons who cease to be members of the age fifty-seven retirement program for certain New York city members

2025 Regular Session Introduced by Robert Jackson

Bill S 8143 allows New York City members of the age fifty-seven retirement program to receive refunds of extra contributions when they cease membership.

REFERRED TO CIVIL SERVICE AND PENSIONS
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Bill Summary · S 8143

Summary of Bill S 8143

Bill Information

  • Bill Number: S 8143
  • Title: Relates to the refund of additional member contributions of certain persons who cease to be members of the age fifty-seven retirement program for certain New York City members
  • Status: Referred to Civil Service and Pensions
  • Introduced: May 15, 2025
  • Classification: Bill

Purpose and Intent

Bill S 8143 aims to address the financial implications for certain members of the age fifty-seven retirement program in New York City who choose to cease their membership. The bill proposes a mechanism for these individuals to receive refunds of additional contributions they have made to the retirement system.

Key Provisions

  • Refund Mechanism: The bill outlines the process through which eligible members can apply for refunds of their additional contributions upon ceasing membership in the retirement program.
  • Eligibility Criteria: Specific criteria will be established to determine which members qualify for the refund, focusing on those who have reached the age of fifty-seven and have made additional contributions beyond standard requirements.
  • Administrative Process: The bill may include provisions for how the refunds will be processed, including timelines and any necessary documentation required from the members.

Affected Parties

  • Members of the Age Fifty-Seven Retirement Program: The primary beneficiaries of this bill are individuals who are part of this retirement program and decide to terminate their membership.
  • New York City Retirement System: The bill will also impact the administrative operations of the retirement system, as it will need to implement the refund process.

Procedural Aspects

  • Current Status: As of May 15, 2025, the bill has been referred to the Civil Service and Pensions Committee for further consideration.
  • Next Steps: The committee will review the bill, and it may undergo amendments before being brought to the floor for a vote.

Conclusion

Bill S 8143 seeks to provide financial relief to certain members of the New York City age fifty-seven retirement program by allowing them to reclaim additional contributions upon leaving the program. The bill's progress will be closely monitored as it moves through the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

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