Relates to authorizing certain persons in an optional twenty year retirement plan for state university police officer service, regional state park police and investigators for the office of the attorney general.
STATE OF NEW YORK
________________________________________________________________________
3638--B
2021-2022 Regular Sessions
IN ASSEMBLY
January 28, 2021
___________
Introduced by M. of A. GRIFFIN, DURSO, JACKSON -- Multi-Sponsored by --
M. of A. SILLITTI -- read once and referred to the Committee on
Governmental Employees -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- again
reported from said committee with amendments, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the retirement and social security law, in relation to
authorizing certain persons in an optional twenty year retirement plan
for state university police officer service, regional state park
police and investigators for the office of the attorney general
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 384-e of the retirement and social security law is
2 amended by adding two new subdivisions d and e to read as follows:
3 d. Notwithstanding any other provision of law to the contrary, upon
4 completion of twenty years of service, and upon retirement, each such
5 member who was previously credited with service credit in the New York
6 state and local employees' retirement system or the New York state and
7 local police and fire retirement system as an officer appointed by the
8 state university pursuant to paragraph l of subdivision two of section
9 three hundred fifty-five of the education law and who has successfully
10 completed a course of law enforcement training as provided in such
11 section of the education law or special investigator employed in the
12 office of the attorney general shall receive for each such year of
13 previous service, up to a total of no greater than five years of previ-
14 ous service, additional pension equal to one-sixtieth of his or her
15 final average salary.
16 e. Notwithstanding any other provision of law to the contrary, upon
17 completion of twenty years of service, and upon retirement, each such
18 member who was previously credited with service credit in the New York
19 state and local employees' retirement system or the New York state and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03597-07-1
A. 3638--B 2
1 local police and fire retirement system as an officer or member of the
2 regional state park police department shall receive for each such year
3 of previous service, up to a total of no greater than five years of
4 previous service, additional pension equal to one-sixtieth of his or her
5 final average salary.
6 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow up to 5 years of previous service credit
rendered as a SUNY Police officer or Regional State Park Police officer
to become creditable service under Section 384-e of the Retirement and
Social Security Law. Upon completion of 20 years of service credit and
upon retirement, an affected member would receive an additional pension
of one sixtieth of final average salary for each such additional year
credited.
If this bill is enacted during the 2021 legislative session, we esti-
mate that there would be a past service cost that would average 14% of
affected members' compensation for each year of additional service cred-
it granted by this bill. All costs would be shared by the State of New
York and the participating employers in the New York State and Local
Police and Fire Retirement System.
The exact number of current members and future members who could be
affected by this legislation cannot be readily determined.
Summary of relevant resources:
Membership data as of March 31, 2020 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2020 actuari-
al valuation. Distributions and other statistics can be found in the
2020 Report of the Actuary and the 2020 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
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, 2020
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 19, 2021, and intended for use only
during the 2021 Legislative Session, is revised Fiscal Note No. 2021-28,
prepared by the Actuary for the New York State and Local Retirement
System.
