Provides for the extension of NYSLRS service credit for any service credit lost due to either furlough or layoff of a member from the period beginning when executive order 202 of 2020 was issued through December 31, 2020.
STATE OF NEW YORK
________________________________________________________________________
5725
2023-2024 Regular Sessions
IN ASSEMBLY
March 23, 2023
___________
Introduced by M. of A. JENSEN -- read once and referred to the Committee
on Governmental Employees
AN ACT providing for the extension of NYSLRS service credit for any
service credit lost due to either furlough or layoff of a member from
the period beginning when executive order 202 of 2020 was issued
through December 31, 2020
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any provision of law to the contrary, any
2 member of the New York state and local retirement system who has been
3 furloughed or dismissed from employment between the period beginning on
4 the date a state disaster emergency was declared pursuant to executive
5 order 202 of 2020 through December 31, 2020 and has lost New York state
6 and local retirement system service credit as a result, shall be eligi-
7 ble for service credit for the amount of time such member has been
8 furloughed or dismissed during such period. Such extension of service
9 credit shall apply to full-time, part-time and seasonal members. Such
10 members shall have at least five years of credited service, not includ-
11 ing service credited in this act, to be eligible to receive the credit
12 authorized pursuant to this act.
13 § 2. Notwithstanding any provision of law to the contrary, none of the
14 provisions of this act shall be subject to section 25 of the retirement
15 and social security law.
16 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow any member of the New York State and Local
Retirement System (NYSLRS) who was furloughed or dismissed from employ-
ment during the period beginning March 7, 2020, the date a disaster
emergency was declared in the State of New York pursuant to Executive
Order 202 of 2020, and ending on December 31, 2020 to be granted service
credit with the NYSLRS as if no period of unemployment occurred. To be
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03786-02-3
A. 5725 2
eligible for this additional service credit, a member must have accrued
at least 5 years of service credit, not including service credited under
this bill. This bill would not be consistent with the NYSLRS's policy of
granting service credit only when a salary has been paid.
Insofar as this bill affects the New York State and Local Employees'
Retirement System, if this legislation is enacted during the 2023 legis-
lative session it is estimated that the past service cost will average
approximately 21 percent of an affected member's compensation for each
year of additional service that is granted.
Insofar as this bill affects the New York State and Local Police and
Fire Retirement System, if this legislation is enacted during the 2023
legislative session it is estimated that the past service cost will
average approximately 25 percent of an affected member's compensation
for each year of additional service that is granted.
All costs arising from this bill would be shared by the State of New
York and all the participating employers in the NYSLRS.
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.
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 17, 2023, and intended for use only
during the 2023 Legislative Session, is Fiscal Note No. 2023-33,
prepared by the Actuary for the New York State and Local Retirement
System.
