Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
STATE OF NEW YORK
________________________________________________________________________
7139--A
2023-2024 Regular Sessions
IN SENATE
May 18, 2023
___________
Introduced by Sen. MANNION -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the retirement and social security law, in relation to
authorizing the transfer of memberships for certain members of the New
York state and local police and fire retirement system to the New York
state and local employees' retirement system
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 384-d of the retirement and social security law is
2 amended by adding a new subdivision z to read as follows:
3 z. Any member currently enrolled pursuant to this section and who
4 previously had a membership with the New York state and local employees'
5 retirement system may elect to retroactively transfer his or her member-
6 ship in the New York state and local police and fire retirement system
7 to the New York state and local employees' retirement system.
8 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow any active member of the New York State and
Local Police and Fire Retirement System (NYSLPFRS) covered by the
provisions of section 384-d of the Retirement and Social Security Law
(RSSL) and who was previously a member of the New York State and Local
Employees' Retirement System (NYSLERS) to retroactively transfer all
NYSLPFRS service credit to the NYSLERS. Such transfer would not require
employment in any position that would grant membership in the NYSLERS.
Resulting plan coverage, as well as the cost of mandatory member
contributions, would be based upon date of membership and last reported
employment instance in the NYSLERS.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11197-04-4
S. 7139--A 2
Insofar as this bill affects the New York State and Local Retirement
System, the cost will depend upon the applicant's age, service, salary,
plan, and any benefit type otherwise payable.
Insofar as this bill affects the NYSLERS, pursuant to Section 25 of
the RSSL, any costs would be borne entirely by the State of New York and
would require an itemized appropriation sufficient to pay the cost of
the provision.
In addition to the per-person costs discussed above, implementing the
provisions of this legislation would generate administrative costs.
The number of members and retirees who could be affected by this
legislation cannot be readily determined, but all 25,968 active NYSLPFRS
members covered by the provisions of section 384-d of the RSSL would be
eligible.
Summary of relevant resources:
Membership data as of March 31, 2023 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2023 actuari-
al valuation. Distributions and other statistics can be found in the
2023 Report of the Actuary and the 2023 Annual Comprehensive Financial
Report.
The actuarial assumptions and methods used are described in the 2023
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, 2023
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 fiscal note does not constitute a legal opinion on the viability
of the proposed change nor is it intended to serve as a substitute for
the professional judgment of an attorney.
This estimate, dated February 5, 2024, and intended for use only
during the 2024 Legislative Session, is Fiscal Note No. 2024-117,
prepared by the Actuary for the New York State and Local Retirement
System.
