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
________________________________________________________________________
8882
IN SENATE
April 27, 2022
___________
Introduced by Sen. BROOKS -- 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
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 membership in
6 the New York state and local police and fire retirement system to the
7 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 (PFRS) covered by the provisions
of section 384-d of the New York State Retirement and Social Security
Law (RSSL) who was previously a member of the New York State and Local
Employees' Retirement System (ERS) to retroactively transfer all PFRS
service credit to ERS. The member would not be required to work in a
position granting ERS membership to transfer. Plan coverage and cost of
mandatory member contributions would be based upon the member's date of
membership and last reported employment instance.
Insofar as this bill would affect the New York State and Local Retire-
ment System (NYSLRS), the cost will depend upon the applicant's age,
service, salary, plan, and any benefit type otherwise payable.
The number of members who could benefit by this legislation cannot be
readily determined, but all 25,251 active PFRS members covered by the
provisions of RSSL section 384-d would be eligible. Pursuant to Section
25 of the RSSL, those costs arising in ERS would be borne solely by the
State of New York.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11692-04-2
S. 8882 2
In addition to the per-person costs discussed above, implementing the
provisions of this legislation would generate administrative costs.
Summary of relevant resources:
Membership data as of March 31, 2021 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2021 actuari-
al valuation. Distributions and other statistics can be found in the
2021 Report of the Actuary and the 2021 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
and 2021 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, 2021
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 March 25, 2022, and intended for use only during
the 2022 Legislative Session, is Fiscal Note No. 2022-108, prepared by
the Actuary for the New York State and Local Retirement System.