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A03638 Summary:

BILL NOA03638B
 
SAME ASNo Same As
 
SPONSORGriffin
 
COSPNSRDurso, Jackson
 
MLTSPNSRSillitti
 
Amd §384-e, R & SS L
 
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.
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A03638 Text:



 
                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.
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