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A07480 Summary:

BILL NOA07480
 
SAME ASSAME AS S07139
 
SPONSORDarling
 
COSPNSR
 
MLTSPNSR
 
Amd 384-d, R & SS L
 
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.
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A07480 Actions:

BILL NOA07480
 
05/24/2023referred to governmental employees
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A07480 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7480
 
SPONSOR: Darling
  TITLE OF BILL: 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   PURPOSE: To allow a member of the New York State Retirement System to use all service credit in certain circumstances which would allow for the full benefit that was funded by both employee and employer contributions.   SUMMARY OF PROVISIONS: Section 1. amends section 384-d of the Retirement and Social Security Law by allowing a member of the New York State Police and Fire Retire- ment System who previously had a membership in the New York State Employee's Retirement System retroactively transfer that time back into the employees' retirement system and allow that member to retire from that system. Section 2. This bill shall take effect immediately.   JUSTIFICATION: There are several POlice Officers who have prior service credit with the New Yok State Employee's Retirement serving as another occupation such as Correction Officers. The prior service, in most cases, cannot be credited for purposes of a police officer retirement from section 384-d, 20-year special plans. This bill would allow the officer to transfer back into the employee's retirement system and allow him or her to use all service credit, including his police service credit, if the circum- stances work.   PRIOR LEGISLATIVE HISTORY: None   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: See fiscal note
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A07480 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7480
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 24, 2023
                                       ___________
 
        Introduced  by M. of A. DARLING -- read once and referred to the Commit-
          tee on Governmental Employees
 
        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  (NYSLPFRS)  covered by the
        provisions of section 384-d of the Retirement and  Social  Security  Law
        (RSSL)  and  who was previously a member of the New York State and Local
        Employees' Retirement System (NYSLERS)  to  retroactively  transfer  all
        NYSLPFRS  service credit to the NYSLERS. Such transfer would not require
        employment in any position that would grant membership in  the  NYSLERS.
        Resulting  plan  coverage,  as  well  as  the  cost  of mandatory member
        contributions, would be based upon date of membership and last  reported
        employment instance in the NYSLERS.
          Insofar as this bill would affect the New York State and Local Retire-
        ment  System,  the  cost  will depend upon the applicant's age, service,
        salary, plan, and any benefit type otherwise payable.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11197-02-3

        A. 7480                             2
 
          Insofar as this bill affects the NYSLERS, pursuant to  Section  25  of
        the RSSL, any costs would be borne entirely by the State of New York and
        would  require  an  itemized appropriation sufficient to pay the cost of
        the provision.
          In  addition to the per-person costs discussed above, implementing the
        provisions of this legislation would generate administrative costs.
          The number of members and retirees  who  could  be  affected  by  this
        legislation  cannot  be  readily  determined, but all 25,641 active PFRS
        members covered by the provisions of section 384-d of the RSSL would  be
        eligible.
          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.
          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 May 17, 2023, and intended for  use  only  during
        the  2023  Legislative Session, is Fiscal Note No. 2023-166, prepared by
        the Actuary for the New York State and Local Retirement System.
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