STATE OF NEW YORK
________________________________________________________________________
7512
2023-2024 Regular Sessions
IN SENATE
June 2, 2023
___________
Introduced by Sen. JACKSON -- (at request of the New York State Teach-
ers' Retirement System) -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend the education law, the retirement and social security
law, the administrative code of the city of New York and chapter 666
of the laws of 1990, amending the administrative code of the city of
New York and the education law relating to the availability of addi-
tional pension benefits for an extended second public employment to
certain retirees, in relation to the transfer of reserves between
public employee retirement systems of the state
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 5 of section 522 of the education law, as
2 amended by chapter 41 of the laws of 2009, is amended to read as
3 follows:
4 5. Notwithstanding any other provision of law to the contrary, except
5 for the purposes of providing the benefits, if any, of subdivision four
6 of this section, with respect to transfers pursuant to this section
7 which occur on or after the effective date of the chapter of the laws of
8 two thousand twenty-three that amended this subdivision, no transfer of
9 a pension reserve pursuant to subdivision one or two of this section
10 shall be required when the member is transferring from a public [employ-
11 ee] retirement system of [this] the state [to any other public employee
12 retirement system of this state] with less than ten years of credited
13 service with the transferring retirement system at the time the transfer
14 is initiated. With respect to transfers pursuant to subdivision one or
15 two of this section which occur on or after the effective date of the
16 chapter of the laws of two thousand twenty-three that amended this
17 subdivision, the transfer of a pension reserve shall be required when
18 the member is transferring ten or more years of credited service from a
19 public retirement system of the state to any other public retirement
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11602-04-3
S. 7512 2
1 system of the state, excluding any transfers within and between the New
2 York city employees' retirement system, the New York city teachers'
3 retirement system and the New York city board of education retirement
4 system. For the purpose of giving the transferring member such status
5 and crediting such service in the retirement system to which the member
6 is transferring as such member was allowed in the retirement system from
7 which the member has transferred, the transfer shall be deemed complete
8 upon receipt by the transferee retirement system of (a) a statement from
9 the transferor retirement system of the transferring member's date of
10 membership in the transferor retirement system, tier status, service
11 credited to the transferred membership, and such other information as
12 the transferee retirement system may require to effectuate the transfer,
13 [and] (b) such member's accumulated contributions from the transferor
14 retirement system, if same had not been previously withdrawn, or notice
15 from the transferor retirement system that such member had no accumu-
16 lated contributions, or notice from the transferor retirement system
17 that such member's accumulated contributions had been withdrawn and the
18 amount thereof and, as applicable, receipt from such member of such
19 member's accumulated contributions and interest, and (c) the pension
20 reserve in the case of a member who transfers in ten or more years of
21 credited service, except when transferring within and between the New
22 York city employees' retirement system, the New York city teachers'
23 retirement system and the New York city board of education retirement
24 system.
25 § 2. Subdivisions k and l of section 43 of the retirement and social
26 security law, as amended by chapter 41 of the laws of 2009, are amended
27 to read as follows:
28 k. Notwithstanding any other provision of this section, any member of
29 the New York state and local employees' retirement system or the New
30 York city teachers' retirement system who retired from service from
31 either the New York city employees' retirement system or the New York
32 city board of education retirement system as a member of the career
33 pension plan maintained by such system and who, but for the fact that he
34 or she retired, would be eligible for transfer and who has not, in fact,
35 received a pension payment from such system shall be permitted to trans-
36 fer his or her retirement system membership pursuant to the provisions
37 of this section. In such event, the application for retirement shall be
38 deemed to have been rescinded and the retirement system from which the
39 service shall be transferred shall transfer the appropriate reserves as
40 provided by this section, provided, however, that with respect to trans-
41 fers pursuant to this subdivision which occur on or after the [twenty-
42 sixth day of October, two thousand four] effective date of the chapter
43 of the laws of two thousand twenty-three that amended this subdivision,
44 except for the purposes of providing the benefits, if any, of subdivi-
45 sion four of section five hundred twenty-two of the education law, no
46 determination of a reserve pursuant to subdivision c of this section or
47 transfer thereof pursuant to the first sentence of subdivision d of this
48 section shall be required in the case of any transfer pursuant to this
49 subdivision with less than ten years of credited service with the trans-
50 ferring retirement system at the time the transfer is initiated. With
51 respect to transfers pursuant to this section which occur on or after
52 the effective date of the chapter of the laws of two thousand twenty-
53 three that amended this subdivision, the transfer of a pension reserve
54 shall be required when the member is transferring ten or more years of
55 credited service from a public retirement system of the state to any
56 other public retirement system of the state, excluding any transfers
S. 7512 3
1 within and between the New York city employees' retirement system, the
2 New York city teachers' retirement system and the New York city board of
3 education retirement system. Notwithstanding the provision of this
4 subdivision or any other provision of law, an individual who transfers
5 pursuant to this subdivision shall not be required to render any minimum
6 period of service following transfer in order to be eligible to receive
7 the full benefit provided hereunder. Notwithstanding the foregoing, a
8 retiree covered by either the career pension plan or the fifty-five-
9 year-increased-service-fraction plan who has received a pension payment
10 or payments from such system shall be eligible for the provisions of
11 this subdivision upon payment, to the retirement system from which the
12 pension payment or payments were made, of an amount equal to such
13 pension payment or payments. After such payments and the pension
14 reserve, in the case of a member who transfers in ten or more years of
15 credited service, except when transferring within and between the New
16 York city employees' retirement system, the New York city teachers'
17 retirement system and the New York city board of education retirement
18 system, are received, such person shall be permitted to transfer his or
19 her retirement system membership pursuant to the provisions of this
20 section.
21 l. Notwithstanding any other provision of law to the contrary, with
22 respect to transfers pursuant to this section which occur on or after
23 the [twenty-sixth day of October, two thousand four] effective date of
24 the chapter of the laws of two thousand twenty-three that amended this
25 subdivision, except for the purposes of providing the benefits, if any,
26 of subdivision four of section five hundred twenty-two of the education
27 law, no determination of a reserve pursuant to subdivision c of this
28 section or transfer thereof pursuant to the first sentence of subdivi-
29 sion d of this section shall be required in the case of any transfer
30 pursuant to this section with less than ten years of credited service
31 with the transferring retirement system at the time the transfer is
32 initiated. With respect to transfers pursuant to this section which
33 occur on or after the effective date of the chapter of the laws of two
34 thousand twenty-three that amended this subdivision, the transfer of a
35 pension reserve shall be required when the member is transferring ten or
36 more years of credited service from a public retirement system of the
37 state to any other public retirement system of the state, excluding any
38 transfers within and between the New York city employees' retirement
39 system, the New York city teachers' retirement system and the New York
40 city board of education retirement system. For the purpose of giving
41 the transferring member such status and crediting such service in the
42 second retirement system as such member was allowed in the first retire-
43 ment system in those cases to which this subdivision shall apply, the
44 transfer shall be deemed complete upon receipt by the second retirement
45 system of:
46 1. a statement from the first retirement system of the transferring
47 member's date of membership in the first retirement system, tier status,
48 service credited to such membership being transferred, and such other
49 information as the second retirement system may require to effectuate
50 the transfer; [and]
51 2. such member's accumulated contributions from the first retirement
52 system, if same had not been previously withdrawn, or notice from the
53 first retirement system that such member had no accumulated contrib-
54 utions, or notice from the first retirement system that such member's
55 accumulated contributions had been withdrawn and the amount thereof and,
S. 7512 4
1 as applicable, receipt from such member of such member's accumulated
2 contributions and interest; and
3 3. the pension reserve in the case of a member who transfers in ten or
4 more years of credited service, except when transferring within and
5 between the New York city employees' retirement system, the New York
6 city teachers' retirement system and the New York city board of educa-
7 tion retirement system.
8 § 3. Subdivision h of section 343 of the retirement and social securi-
9 ty law, as amended by chapter 533 of the laws of 2015, is amended to
10 read as follows:
11 h. Notwithstanding any other provision of law to the contrary, with
12 respect to transfers pursuant to this section which occur on or after
13 the effective date of the chapter of the laws of two thousand twenty-
14 three that amended this subdivision, no determination of a reserve
15 pursuant to subdivision c of this section or transfer thereof pursuant
16 to the first sentence of subdivision d of this section shall be required
17 in the case of any transfer pursuant to this section (other than a
18 transfer from the New York state and local police and fire retirement
19 system to either (1) the New York city police department subchapter two
20 pension fund, (2) the New York city fire department subchapter two
21 pension fund or (3) the MTA police retirement program or a transfer from
22 either (i) the New York city police department subchapter two pension
23 fund or (ii) the New York city fire department subchapter two pension
24 fund to either (A) the New York state and local police and fire retire-
25 ment system or (B) the MTA police retirement program or a transfer from
26 the MTA police retirement program to the New York state and local police
27 and fire retirement system) in the case of a member with less than ten
28 years of credited service with the transferring retirement system at the
29 time the transfer is initiated. With respect to transfers pursuant to
30 such subdivisions which occur on or after the effective date of the
31 chapter of the laws of two thousand twenty-three that amended this
32 subdivision, the transfer of a pension reserve shall be required when
33 the member is transferring ten or more years of credited service from a
34 public retirement system of the state to any other public retirement
35 system of the state, excluding any transfers within and between the New
36 York city employees' retirement system, the New York city teachers'
37 retirement system and the New York city board of education retirement
38 system. For the purpose of giving the transferring member such status
39 and crediting such service in the second retirement system as such
40 member was allowed in the first retirement system in those cases to
41 which this subdivision shall apply, the transfer shall be deemed
42 complete upon receipt by the second retirement system of:
43 1. a statement from the first retirement system of the transferring
44 member's date of membership in the first retirement system, tier status,
45 service credited to such membership being transferred, and such other
46 information as the second retirement system may require to effectuate
47 the transfer; [and]
48 2. such member's accumulated contributions from the first retirement
49 system, if same had not been previously withdrawn, or notice from the
50 first retirement system that such member had no accumulated contrib-
51 utions, or notice from the first retirement system that such member's
52 accumulated contributions had been withdrawn and the amount thereof and,
53 as applicable, receipt from such member of such member's accumulated
54 contributions and interest; and
55 3. the pension reserve in the case of a member who transfers in ten or
56 more years of credited service, except when transferring within and
S. 7512 5
1 between the New York city employees' retirement system, the New York
2 city teachers' retirement system and the New York city board of educa-
3 tion retirement system.
4 § 4. Paragraph 4 of subdivision a of section 13-143 of the administra-
5 tive code of the city of New York, as added by chapter 647 of the laws
6 of 2004, is amended to read as follows:
7 (4) Notwithstanding the provisions of paragraph two of this subdivi-
8 sion, with respect to transfers pursuant to this section which occur on
9 or after the effective date of the chapter of the laws of two thousand
10 twenty-three that amended this paragraph, the actuary of the New York
11 city employees' retirement system shall not be required to determine the
12 reserve on the benefits allowable to the transferring member as the
13 result of employer contributions, including the reserve-for-increased-
14 take-home-pay, and the transfer of such reserve, including the reserve-
15 for-increased-take-home-pay, from the New York city employees' retire-
16 ment system to said police pension fund [shall not be required] when a
17 member is transferring with less than ten years of credited service with
18 the transferring retirement system at the time the transfer is initi-
19 ated. With respect to transfers pursuant to this subdivision which occur
20 on or after the effective date of the chapter of the laws of two thou-
21 sand twenty-three that amended this paragraph, the transfer of a pension
22 reserve shall be required when the member is transferring ten or more
23 years of credited service from a public retirement system of the state
24 to any other public retirement system of the state, excluding any trans-
25 fers within and between the New York city employees' retirement system,
26 the New York city teachers' retirement system and the New York city
27 board of education retirement system. The New York city employees'
28 retirement system, within one year from the date of the request for the
29 transfer of credit, shall comply with all requirements for completing
30 the transfer imposed on it by the provisions of this section, including
31 the pension reserve in the case of a member who transfers ten or more
32 years of credited service, except when transferring within and between
33 the New York city employees' retirement system, the New York city teach-
34 ers' retirement system and the New York city board of education retire-
35 ment system. Nothing set forth in this paragraph shall be deemed to
36 modify the requirement set forth in paragraph two of this subdivision
37 that the New York city employees' retirement system transfer to said
38 police pension fund the accumulated deductions of such member.
39 § 5. Paragraph 4 of subdivision a of section 13-144 of the administra-
40 tive code of the city of New York, as added by chapter 647 of the laws
41 of 2004, is amended to read as follows:
42 (4) Notwithstanding the provisions of paragraph two of this subdivi-
43 sion, with respect to transfers pursuant to this section which occur on
44 or after the effective date of the chapter of the laws of two thousand
45 twenty-three that amended this paragraph, the actuary of the New York
46 city employees' retirement system shall not be required to determine the
47 reserve on the benefits allowable to the transferring member as the
48 result of employer contributions, including [the reserve-for-increased-
49 take-home-pay, and] the transfer of such reserve[, including] and the
50 reserve-for-increased-take-home-pay[,] from the New York city employees'
51 retirement system to said fire department pension fund [shall not be
52 required], with less than ten years of credited service from the trans-
53 ferring retirement system at the time the transfer is initiated. With
54 respect to transfers pursuant to this section which occur on or after
55 the effective date of the chapter of the laws of two thousand twenty-
56 three that amended this paragraph, the transfer of a pension reserve
S. 7512 6
1 pursuant to paragraph two of this subdivision shall be required when the
2 member is transferring ten or more years of credited service from a
3 public retirement system of the state to any other public retirement
4 system of the state, excluding any transfers within and between the New
5 York city employees' retirement system, the New York city teachers'
6 retirement system and the New York city board of education retirement
7 system. The New York city employees' retirement system, within one year
8 from the date of the request for the transfer of credit, shall comply
9 with all requirements for completing the transfer imposed on it by the
10 provisions of this section, including the pension reserve in the case of
11 a member who transfers ten or more years of member service credit,
12 except when transferring within and between the New York city employees'
13 retirement system, the New York city teachers' retirement system and the
14 New York city board of education retirement system. Nothing set forth in
15 this paragraph shall be deemed to modify the requirement set forth in
16 paragraph two of this subdivision that the New York city employees'
17 retirement system transfer to said fire department pension fund the
18 accumulated deductions of such member.
19 § 6. Subdivision d of section 3 of chapter 666 of the laws of 1990,
20 amending the administrative code of the city of New York and the educa-
21 tion law relating to the availability of additional pension benefits for
22 an extended second public employment to certain retirees, as added by
23 chapter 647 of the laws of 2004, is amended to read as follows:
24 d. Notwithstanding the provisions of subdivision b of this section or
25 any other provision of law to the contrary, with respect to transfers
26 pursuant to this section which occur on or after the effective date of
27 the chapter of the laws of two thousand twenty-three that amended this
28 subdivision, no determination or transfer of the reserve on the benefits
29 allowable to the transferring member as the result of employer contrib-
30 utions, including the reserve-for-increased-take-home-pay, shall be
31 required for a member with less than ten years of credited service from
32 the transferring system at the time the transfer is initiated. With
33 respect to transfers pursuant to this section which occur on or after
34 the effective date of the chapter of the laws of two thousand twenty-
35 three that amended this subdivision, the transfer of a pension reserve
36 shall be required when the member is transferring ten or more years of
37 credited service from a public retirement system of the state to any
38 other public retirement system of the state, excluding any transfers
39 within and between the New York city employees' retirement system, the
40 New York city teachers' retirement system and the New York city board of
41 education retirement system.
42 § 7. This act shall take effect immediately and shall apply to any
43 covered membership transfer initiated on or after such effective date;
44 provided, however, that no provision of this act shall affect (a) the
45 transfer of reserves required with respect to transfers between any two
46 of the New York state and local police and fire retirement system, the
47 New York city police department subchapter two pension fund and the New
48 York city fire department subchapter two pension fund and with respect
49 to transfers from the New York state and local police and fire retire-
50 ment system to the metropolitan transportation authority police pension
51 fund; and (b) the transfer of reserves with respect to transfers within
52 and between the New York city employees' retirement system, the New York
53 city teachers' retirement system and the New York city board of educa-
54 tion retirement system.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
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This bill would amend Section 522 of the Education Law and various
sections of the Retirement and Social Security Law and the Administra-
tive Code of the City of New York to require the transfer of pension
reserves between retirement systems in cases in which a member of the
New York State Teachers' Retirement System (NYSTRS) or any Retirement
System of the State or City of New York transfers a membership with ten
or more years of credited service at the time the transfer is initiated.
This act shall take effect immediately and shall apply to any membership
transfer initiated on or after the effective date of this act. No trans-
fer of reserves will be required for transfers within and between the
NYC Retirement Systems. The current transfer of reserves that occurs due
to transfers between the police and fire systems shall not be disturbed.
It is estimated that there will be no additional annual cost to the
employers of members of the NYSTRS if this bill is enacted. In fact,
this bill will greatly increase equity between the retirement systems of
the state by ensuring that a member who transfers with a significant
liability will bring with him or her the pension reserve accumulated by
the prior retirement system to offset the liability assumed by the new
retirement system.
Member data is from the System's most recent actuarial valuation
files, consisting of data provided by the employers to the Retirement
System. Data distributions and statistics can be found in the System's
Annual Report. System assets are as reported in the System's financial
statements and can also be found in the System's Annual Report. Actuari-
al assumptions and methods are provided in the System's Actuarial Valu-
ation Report.
The source of this estimate is Fiscal Note 2023-1 dated October 14,
2022 prepared by the Office of the Actuary of the New York State Teach-
ers' Retirement System and is intended for use only during the 2023
Legislative Session. I, Richard A. Young, am the Chief Actuary for the
New York State Teachers' Retirement System. I am a member of the Ameri-
can Academy of Actuaries and I meet the Qualification Standards of the
American Academy of Actuaries to render the actuarial opinion contained
herein.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would amend sections 43 and 343 of the Retirement and Social
Security Law and various sections of the Education Law and the Adminis-
trative Code of the City of New York to reinstate the calculation and
transfer of a pension reserve for a member transferring between the
public retirement systems in New York State, provided such member is
transferring ten (10) or more years of service credit.
Insofar as this bill affects the New York State and Local Employees'
Retirement System (NYSLERS) and the New York State and Local Police and
Fire Retirement System (NYSLPFRS), if this legislation is enacted during
the 2023 legislative session, there would be some ongoing administrative
costs to implement the provisions of this legislation.
The actuarial gains and losses arising from the transfer of reserves
is expected to net to zero over the long term, making the proposal cost
neutral.
Summary of relevant resources:
Membership data as of March 31, 2022 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2022 actuari-
al valuation. Distributions and other statistics can be found in the
2022 Report of the Actuary and the 2022 Annual Comprehensive Financial
Report.
S. 7512 8
The actuarial assumptions and methods used are described in the 2020,
2021, and 2022 Annual Report to the Comptroller on Actuarial Assump-
tions, 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, 2022
New York State and Local Retirement System Financial Statements and
Supplementary Information.
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 January 3, 2023, and intended for use only during
the 2023 Legislative Session, is Fiscal Note No. 2023-005, prepared by
the Actuary for the New York State and Local Retirement System.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY OF BILL: This proposed legislation (see Appendix) would amend
Sections 43 and 343 of the Retirement and Social Security Law (RSSL),
Sections 13-143 and 13-144 of the Administrative Code of the City of New
York (ACCNY), Section 522 of the Education Law, and Chapter 666 of the
laws of 1990 to reinstate the transfer of reserves between certain New
York City and State retirement systems.
Effective Date: Upon enactment.
BACKGROUND: Chapter 647 of the Laws of 2004, for purposes of stream-
lining transfers between certain public retirement systems and alleviat-
ing the administrative burden of reserve calculations and transfers,
eliminated the transfer of reserves as a required step in completing the
transfer of memberships between certain public retirement systems within
New York. This proposed legislation would repeal parts of Chapter 647
and eliminate the administrative efficiencies created by such law.
Currently, members of the New York City Employees' Retirement System
(NYCERS), the New York City Teachers' Retirement System (NYCTRS), or the
New York City Board of Education Retirement System (BERS) who accept
another position that entitles them to membership in another New York
public retirement system may choose to transfer their membership. Upon
successful application for such transfer, certain member accumulated
contributions (with accrued interest) are generally transferred, but
additional employer paid reserves are not.
Under the proposed legislation, if enacted, when members with a mini-
mum of 10 years of Credited Service transfer their membership to another
retirement system, the originating system would be required to calculate
and pay such member's pension reserve, net of any accumulated salary
deductions otherwise transferred, to the destination retirement system.
Such transfers of reserves would not be required for members trans-
ferring wholly between NYCERS, NYCTRS, and BERS.
FINANCIAL IMPACT - OVERVIEW: It is not possible to accurately estimate
the number of New York City Retirement System or Pension Fund (NYCRS)
members with at least 10 years of service who would potentially transfer
between affected City and State retirement systems in the future.
Therefore, the estimated financial impact has been calculated on a per
event basis equal to the increase in Unfunded Accrued Liability (UAL)
for an average NYCERS, NYCTRS, and BERS member with at least 10 years of
service. This increase in UAL consists of the reserve required to be
transferred to the State system, net of any member contributions that
would otherwise be transferred.
With respect to an individual member, the additional cost of this
proposed legislation could vary greatly depending on the member's length
of service, age, and salary history.
S. 7512 9
These costs would be offset by any reserves reciprocally transferred
from a State system to a City system. Transfers between affected City
systems would not be expected to materially impact these costs.
FINANCIAL IMPACT - SUMMARY: The enactment of this proposed legislation
would not be expected to result in any material changes in the ultimate
costs of the NYCRS but is expected to increase administrative burdens
and potentially delay member transfers.
Enactment of this proposed legislation would, on transfers from a City
system to a State system, increase employer contributions, where such
amount would depend on the number of members affected as well as other
characteristics including the age, years of service, and salary history
of the member. A breakdown of the financial impact by System is shown in
the table below.
Average Increase in Average Increase in
NYCRS UAL Annual Employer Contributions
per Transfer per Transfer
NYCERS $307,000 $36,300
NYCTRS $396,000 $46,800
BERS $178,600 $21,100
As there is no data currently available to accurately estimate the
number and demographic characteristics of members who may transfer to
the State, the financial impact would be recognized at the time of
event. Consequently, changes in employer contributions have been esti-
mated assuming that the increase in the UAL will be recognized as an
actuarial loss and financed over a closed 15-year period (14 payments
under the One-Year Lag Methodology) using level dollar payments.
With respect to the timing, increases in employer contributions would
depend upon when eligible members file their application to transfer
their NYCRS membership to the State but, generally, increased employer
contributions will first occur the second fiscal year following the
transfer of reserves to the State.
CENSUS DATA: The estimates presented herein are based on the census
data to be used in the June 30, 2022 actuarial valuation of NYCRS to
determine the Preliminary Fiscal Year 2024 employer contributions.
The table below contains a summary of the census data for the members
in NYCERS, NYCTRS, and BERS who have at least 10 years of service as of
June 30, 2022.
Active Average Average Average
NYCRS Count Age Service Salary
NYCERS 91,970 53.5 19.4 $ 94,600
NYCTRS 67,261 49.9 18.7 $111,600
BERS 10,934 56.4 16.9 $ 64,100
ACTUARIAL ASSUMPTIONS AND METHODS: The estimates presented herein have
been calculated based on the actuarial assumptions and methods used for
the Preliminary Fiscal Year 2024 employer contributions of NYCRS.
RISK AND UNCERTAINTY: The costs presented in this Fiscal Note depend
highly on the realization of the actuarial assumptions used, demograph-
ics of the impacted population and other factors such as investment,
contribution, and other risks. If actual experience deviates from actu-
arial assumptions, the actual costs could differ from those presented
herein.
S. 7512 10
Costs are also dependent on the actuarial methods used, and therefore
different actuarial methods could produce different results. Quantifying
these risks is beyond the scope of this Fiscal Note.
Not measured in this Fiscal Note are the following:
* The initial and ongoing, additional administrative costs to imple-
ment the proposed legislation.
STATEMENT OF ACTUARIAL OPINION: I, Marek Tyszkiewicz, am the Chief
Actuary for, and independent of, the New York City Retirement Systems
and Pension Funds. I am an Associate of the Society of Actuaries and a
Member of the American Academy of Actuaries. I am a member of NYCERS but
do not believe it impairs my objectivity and I meet the Qualification
Standards of the American Academy of Actuaries to render the actuarial
opinion contained herein. To the best of my knowledge, the results
contained herein have been prepared in accordance with generally
accepted actuarial principles and procedures and with the Actuarial
Standards of Practice issued by the Actuarial Standards Board.
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2023-09 dated March 10,
2023 was prepared by the Chief Actuary for the New York City Retirement
Systems and Pension Funds. This estimate is intended for use only during
the 2023 Legislative Session.
