Provides that retirement benefits for certain managerial and confidential employees who retire within a specified period shall be calculated pursuant to chapter 10 of 2008 and chapter 491 of 2011.
STATE OF NEW YORK
________________________________________________________________________
4590
2013-2014 Regular Sessions
IN SENATE
April 12, 2013
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to amend the retirement and social security law, in relation to
calculation of final average salary for certain members
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision b of section 902 of the retirement and social
2 security law is amended by adding a new paragraph 4 to read as follows:
3 4. Notwithstanding any other provision of law, any member who has
4 retired between the effective date of this paragraph through March thir-
5 ty-first, two thousand sixteen pursuant to the provisions of this chap-
6 ter, from a position or positions in the competitive, non-competitive,
7 exempt and labor classes of the classified service of the state of New
8 York designated managerial or confidential pursuant to article fourteen
9 of the civil service law or a member of a public authority under the
10 civil service jurisdiction of the state department of civil service,
11 shall have his or her retirement benefit calculated as if all salary
12 increases, performances advances, longevity payments, or merit payments
13 were received in accordance with chapter ten of the laws of two thousand
14 eight and chapter four hundred ninety-one of the laws of two thousand
15 eleven.
16 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
Re: Fiscal note #2013-93 (revised)
This bill will provide pension benefits to members of the retirement
system designated managerial or confidential pursuant to article four-
teen of the civil service law, or a member of a public authority under
civil service jurisdiction of the state department of civil service, as
if all salary increases, performance advances, longevity payments, or
merit payments were received in accordance with chapter 10 of the laws
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10212-01-3
S. 4590 2
of 2008 and chapter 491 of the laws of 2011 for those who retire between
the effective date of this bill and March 31, 2016.
If this bill is enacted, for those that retire between the effective
date of this bill and March 31, 2016 there will be an immediate past
service cost of up to 90% of each member's salary which will be borne by
the State of New York. This one-time cost is dependent on each member's
benefit improvement due to the salary increase provided by this legis-
lation.
Summary of relevant resources:
Data: March 31, 2012 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 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.
This estimate, dated March 18, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-93, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.
