A09958 Summary:

BILL NO    A09958 

SAME AS    SAME AS S07757

SPONSOR    Rules (Abbate)

COSPNSR    

MLTSPNSR   

Amd SS503, 603 & 604, R & SS L

Relates to age and services eligibility requirements for ordinary retirement
for members of the unified court system; restores 55/30 for all members and
reduces the retirement age from 63 to 62.
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A09958 Actions:

BILL NO    A09958 

06/03/2014 referred to governmental employees
06/12/2014 reported referred to ways and means
06/19/2014 reported referred to rules
06/19/2014 reported 
06/19/2014 rules report cal.613
06/19/2014 substituted by s7757
           S07757  AMEND=  GOLDEN
           06/05/2014 REFERRED TO CIVIL SERVICE AND PENSIONS
           06/19/2014 COMMITTEE DISCHARGED AND COMMITTED TO RULES
           06/19/2014 ORDERED TO THIRD READING CAL.1649
           06/19/2014 PASSED SENATE
           06/19/2014 DELIVERED TO ASSEMBLY
           06/19/2014 referred to ways and means
           06/19/2014 substituted for a9958
           06/19/2014 ordered to third reading rules cal.613
           06/19/2014 passed assembly
           06/19/2014 returned to senate
           12/05/2014 DELIVERED TO GOVERNOR
           12/17/2014 VETOED MEMO.568
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A09958 Votes:

There are no votes for this bill in this legislative session.
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A09958 Memo:

BILL NUMBER:A9958

TITLE  OF  BILL:    An act to amend the retirement and social security
law, in relation to eligibility for retirement  benefits  for  certain
members of the unified court system

PURPOSE:

This  bill  will  allow  any  Tier  6  member who is a uniformed court
officer or peace officer employed  by  the  unified  court  system  to
retire  without  early  age  reduction  upon  attaining  30  years  of
creditable service  and  age  55.  It  will  also  reduce  the  normal
retirement  age  from  63 to 62, and lessen the reductions in benefits
for those who retire prior to normal retirement age.

SUMMARY OF PROVISIONS:

This bill amends sections 503 and 603 of  the  retirement  and  social
security  law,  allowing  uniformed  court  officers or peace officers
employed by the unified court system into the age-55  retirement  laws
already in place for other, similar employees.

JUSTIFICATION:

When  changes were made to the retirement and social security law that
allowed employees to retire without early age reduction upon attaining
30 years of service and age 55,  court  officers  and  peace  officers
employed by the unified court system were left out of the legislation.
This  bill  will  redress  those  inequities  and  provide these vital
employees with the same opportunities as their counterparts.  As  they
work  in  the  high-stress  environment that is our court system, they
deserve the same retirement benefits already  afforded  to  other  law
enforcement personnel.

LEGISLATIVE HISTORY:

New bill

FISCAL IMPLICATIONS:

See the bill

EFFECTIVE DATE:

This act shall take effect immediately.
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A09958 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         9958

                                 I N  A S S E M B L Y

                                     June 3, 2014
                                      ___________

       Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Abbate) --
         read once and referred to the Committee on Governmental Employees

       AN ACT to amend the retirement and social security law, in  relation  to
         eligibility for retirement benefits for certain members of the unified
         court system

         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section 1. Subdivision a of section 503 of the retirement  and  social
    2  security  law,  as amended by chapter 18 of the laws of 2012, is amended
    3  to read as follows:
    4    a. The normal service retirement benefit  specified  in  section  five
    5  hundred  four of this article shall be payable to general members, other
    6  than elective members, who have met  the  minimum  service  requirements
    7  upon  retirement  and  attainment of age sixty-two, provided, however, a
    8  general member who is a peace officer  employed  by  the  unified  court
    9  system  or  a member of a teachers' retirement system may retire without
   10  reduction of his or her retirement benefit upon attainment of  at  least
   11  fifty-five  years  of  age  and  completion  of  thirty or more years of
   12  service. For members who become members of the New York state and  local
   13  employees'  retirement  system  on  or  after  April first, two thousand
   14  twelve, the normal service retirement benefits specified in section five
   15  hundred four of this article shall be payable to general members,  other
   16  than  elective  members,  who  have met the minimum service requirements
   17  upon retirement and attainment of  age  sixty-three;  PROVIDED  THAT,  A
   18  MEMBER  WHO  IS A PEACE OFFICER EMPLOYED BY THE UNIFIED COURT SYSTEM MAY
   19  RETIRE WITHOUT REDUCTION OF HIS OR HER RETIREMENT BENEFIT  UPON  ATTAIN-
   20  MENT  OF  AT  LEAST  FIFTY-FIVE YEARS OF AGE AND COMPLETION OF THIRTY OR
   21  MORE YEARS OF SERVICE.
   22    S 2. Subdivisions a and a-1 of  section  603  of  the  retirement  and
   23  social  security  law,  subdivision  a as amended and subdivision a-1 as
   24  added by chapter 18 of the laws of 2012, are amended to read as follows:
   25    a. The service retirement benefit specified  in  section  six  hundred
   26  four  of this article shall be payable to members who have met the mini-
   27  mum service requirements upon retirement and attainment  of  age  sixty-

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14479-03-4
       A. 9958                             2

    1  two,  other  than  members who are eligible for early service retirement
    2  pursuant to subdivision c of section six hundred four-b of this article,
    3  subdivision c of section six hundred four-c of this article, subdivision
    4  d  of  section  six  hundred  four-d  of  this article, subdivision c of
    5  section six hundred four-e of this article, subdivision c of section six
    6  hundred four-f of this article, subdivision c  of  section  six  hundred
    7  four-g  of  this article, subdivision c of section six hundred four-h of
    8  this article or subdivision c of section  six  hundred  four-i  of  this
    9  article, provided, however, a member of a teachers' retirement system or
   10  the  New  York  state  and  local employees' retirement system who first
   11  joins such system before January first, two thousand ten or a member who
   12  is a uniformed court officer or peace officer employed  by  the  unified
   13  court system [who first becomes a member of the New York state and local
   14  employees'  retirement  system  before April first, two thousand twelve]
   15  may retire without reduction of  his  or  her  retirement  benefit  upon
   16  attainment  of at least fifty-five years of age and completion of thirty
   17  or more years of service, provided,  however,  that  a  uniformed  court
   18  officer  or peace officer employed by the unified court system who first
   19  becomes a member of the New York state and local  employees'  retirement
   20  system  on  or after January first, two thousand ten and retires without
   21  reduction of his or her retirement benefit upon attainment of  at  least
   22  fifty-five  years  of  age  and  completion  of  thirty or more years of
   23  service pursuant to this section shall be required to  make  the  member
   24  contributions  required by subdivision f of section six hundred thirteen
   25  of this article for  all  years  of  credited  and  creditable  service,
   26  provided further that the [the] preceding provisions of this subdivision
   27  shall not apply to a New York city revised plan member.
   28    a-1.  For  members  who  first  become a member of a public retirement
   29  system of the state on or after April first, two thousand twelve, EXCEPT
   30  FOR UNIFORMED COURT OFFICERS OR PEACE OFFICERS EMPLOYED BY  THE  UNIFIED
   31  COURT  SYSTEM,  the  service retirement benefit specified in section six
   32  hundred four of this article shall be payable to members  who  have  met
   33  the  minimum  service requirements upon retirement and have attained age
   34  sixty-three.
   35    S 3. Subdivisions a and b-1 of  section  604  of  the  retirement  and
   36  social  security  law,  subdivision  a as amended and subdivision b-1 as
   37  added by chapter 18 of the laws of 2012, are amended to read as follows:
   38    a. The service retirement benefit  at  normal  retirement  age  for  a
   39  member  with  less  than  twenty years of credited service, or less than
   40  twenty-five years credited service for a member who joins the  New  York
   41  state  teachers'  retirement system on or after January first, two thou-
   42  sand ten, shall be a retirement allowance equal to one-sixtieth of final
   43  average salary times years of credited service.  Normal  retirement  age
   44  for  members  who  first become members of a public retirement system of
   45  the state on or after April first, two  thousand  twelve  shall  be  age
   46  sixty-three;  EXCEPT  THAT  THE NORMAL RETIREMENT AGE SHALL BE SIXTY-TWO
   47  FOR A MEMBER WHO IS A PEACE OFFICER OR UNIFORMED COURT OFFICER  EMPLOYED
   48  BY THE UNIFIED COURT SYSTEM.
   49    b-1.  Notwithstanding  any other provision of law to the contrary, the
   50  service retirement benefit for members with  twenty  or  more  years  of
   51  credit  service  who first become a member of a public retirement system
   52  of the state on or after April first, two thousand twelve at age  sixty-
   53  three,  OR  AT AGE SIXTY-TWO FOR UNIFORMED COURT OFFICERS OR PEACE OFFI-
   54  CERS EMPLOYED BY THE UNIFIED COURT SYSTEM, shall be a pension  equal  to
   55  the  sum  of  thirty-five  per  centum and one-fiftieth of final average
   56  salary for each year of service in excess of twenty times final  average
       A. 9958                             3

    1  salary times years of credited service. In no event shall any retirement
    2  benefit  payable without optional modification be less than the actuari-
    3  ally equivalent annuitized value of the member's  contributions  accumu-
    4  lated with interest at five percent per annum compounded annually to the
    5  date of retirement.
    6    S  4. This act shall take effect immediately; provided that the amend-
    7  ments to subdivision a of section 603 of the retirement and social secu-
    8  rity law made by section two of this act shall not affect the expiration
    9  of such subdivision and shall be deemed to expire therewith.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill will allow any Tier 6 member who is a uniformed court  offi-
       cer  or  peace  officer  employed  by the unified court system to retire
       without early age  reduction  upon  attaining  30  years  of  creditable
       service  and age 55. It would also reduce the normal retirement age from
       63 to 62, and lessen the reductions in benefits  for  those  who  retire
       prior to normal retirement age.
         If this legislation is enacted during the 2014 legislative session, we
       anticipate that there will be an increase in the annual contributions of
       the  state  of New York of approximately 1.0% of the compensation of the
       affected members. For the fiscal year ending March  31,  2015,  this  is
       estimated to be approximately $20,000.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past service cost of approximately $11,300 which would be
       borne by the state of New York as a one-time payment. This  estimate  is
       based on the assumption that payment will be made on March 1, 2015.
         Summary of relevant resources:
         The  membership  data  used  in  measuring  the impact of the proposed
       change was the same as that used in the March 31, 2013  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2013
       Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
       Assumptions,  and  the  Codes  Rules and Regulations of the State of New
       York: Audit and Control.
         The Market Assets and GASB Disclosures are found in the March 31, 2013
       New York State and Local  Retirement  System  Financial  Statements  and
       Supplementary Information.
         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 15, 2014, and intended for use only during
       the 2014 Legislative Session, is Fiscal Note No. 2014-113,  prepared  by
       the  Actuary  for  the  New  York  State and Local Employees' Retirement
       System.
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