STATE OF NEW YORK
________________________________________________________________________
7174--B
IN SENATE
April 5, 2016
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend chapter 504 of the laws of 2009 amending the retirement
and social security law and other laws relating to establishing police
and fire retirement provisions, in relation to persons joining a
public retirement system on or after July 1, 2009 and before January
10, 2010
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 8 of part A of chapter 504 of the laws of 2009
2 amending the retirement and social security law and other laws relating
3 to establishing police and fire retirement provisions, is amended to
4 read as follows:
5 § 8. (a) Notwithstanding any provision of law to the contrary, nothing
6 in this act shall limit the eligibility of any member of an employee
7 organization to join a special retirement plan open to him or her pursu-
8 ant to a collectively negotiated agreement with any state or local
9 government employer, where such agreement is in effect on the effective
10 date of this act and so long as such agreement remains in effect there-
11 after; provided, however, that any such eligibility shall not apply upon
12 termination of such agreement for employees otherwise subject to the
13 provisions of article twenty-two of the retirement and social security
14 law.
15 (b) Notwithstanding any other provision of law to the contrary, any
16 member of a retirement system within New York state who became a member
17 of such system on or after July 1, 2009 and before January 10, 2010 and
18 subsequently become a member of the New York state and local police and
19 fire retirement system and thereafter transferred his or her membership
20 in the first retirement system to the New York state and local police
21 and fire retirement system may elect to be covered by the provisions of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14508-09-6
S. 7174--B 2
1 article twenty-two of the retirement and social security law effective
2 on the date of membership in the first retirement system. Such member
3 shall also be permitted to elect any special retirement plan available
4 to him or her. Any contributions for previous pension benefits shall not
5 be refunded.
6 § 2. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill would amend Chapter 504 of the Laws of 2009 to allow an
individual who became a member of a public retirement system on or after
July 1, 2009 and before January 10, 2010 and who transferred membership
into the New York State and Local Police and Fire Retirement System
(PFRS) to elect to be covered by the provisions of Article 22 of the
Retirement and Social Security Law. Such member would also be allowed to
elect to become covered by any plan that would have been available to
such member had such member been covered under Article 22 on or after
July 1, 2009 and before January 10, 2010. Any member who becomes covered
under a non-contributory plan would no longer be required to make member
contributions.
If this bill is enacted, there would not be any cost to the State of
New York and the participating employers in the New York State and Local
Police and Fire Retirement System.
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, 2015 actuarial valu-
ation. Distributions and other statistics can be found in the 2015
Report of the Actuary and the 2015 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
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, 2015
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 June 7, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-112, prepared by
the Actuary for the New York State and Local Retirement System.
