A09889 Summary:

BILL NOA09889A
 
SAME ASSAME AS S07074-A
 
SPONSORAbbate
 
COSPNSR
 
MLTSPNSRPerry
 
Amd S2, Chap 735 of 2006
 
Makes permanent provisions of the retirement and social security law that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement.
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A09889 Actions:

BILL NOA09889A
 
04/20/2012referred to governmental employees
05/14/2012amend and recommit to governmental employees
05/14/2012print number 9889a
06/05/2012reported referred to ways and means
06/14/2012reported referred to rules
06/20/2012reported
06/20/2012rules report cal.520
06/20/2012ordered to third reading rules cal.520
06/20/2012passed assembly
06/20/2012delivered to senate
06/20/2012REFERRED TO RULES
06/21/2012SUBSTITUTED FOR S7074A
06/21/20123RD READING CAL.1475
06/21/2012PASSED SENATE
06/21/2012RETURNED TO ASSEMBLY
08/06/2012delivered to governor
08/17/2012signed chap.391
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A09889 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9889--A
 
                   IN ASSEMBLY
 
                                     April 20, 2012
                                       ___________
 
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on  Governmental  Employees  --  committee  discharged,  bill amended,
          ordered reprinted as amended and recommitted to said committee
 
        AN ACT to amend chapter 735 of the laws of 2006, amending the retirement
          and social security law relating to permitting certain members of  the

          New  York state and local police and fire retirement system to receive
          a partial lump sum distribution upon retirement, in  relation  to  the
          effectiveness thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 2 of chapter 735 of the laws of 2006, amending  the
     2  retirement  and  social  security  law  relating  to  permitting certain
     3  members of the New York state  and  local  police  and  fire  retirement
     4  system  to  receive  a partial lump sum distribution upon retirement, is
     5  amended to read as follows:
     6    § 2. This act shall take effect April 1, 2008 [and shall expire  April
     7  1,  2013  when upon such date the provisions of this act shall be deemed
     8  repealed].
     9    § 2. This act shall take effect immediately.

          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will repeal the  expiration  date  of  April  1,  2013  from
        Section 2 of Chapter 735 of the laws of 2006, thereby making the Partial
        Lump  Sum  option  permanent for members of the New York State and Local
        Police and Fire System.
          If this legislation is enacted during the 2012 legislative session, we
        anticipate that there will not be costs for the lump sum  payments  made
        on and after April 1, 2013 since the payments are determined on an actu-
        arially equivalent basis.
          Summary of relevant resources:
          Data:  March  31,  2011  Actuarial Year End File with distributions of
        membership and other statistics displayed in  the  2011  Report  of  the
        Actuary and 2011 Comprehensive Annual Financial Report.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets

                              [ ] is old law to be omitted.
                                                                   LBD15334-02-2

        A. 9889--A                          2
 
          Assumptions  and  Methods:  2010  and  2011 Annual Report to the Comp-
        troller on Actuarial Assumptions, Codes Rules  and  Regulations  of  the
        State of New York: Audit and Control.
          Market  Assets and GASB Disclosures: March 31, 2011 New York State and
        Local Retirement System Financial Statements and Supplementary  Informa-
        tion.
          Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
        the 2011 Actuarial Valuations report.
          I am a member of the American Academy of Actuaries and meet the Quali-
        fication Standards to render the actuarial opinion contained herein.
          This estimate, dated May 10, 2012, and intended for  use  only  during

        the  2012  Legislative  Session, is Fiscal Note No. 2012-149 prepared by
        the Actuary for the New York State and Local Police and Fire  Retirement
        System.
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