Relates to service credit of certain members of the New York state and local employees' retirement system who obtained credit for service with the Niagara Frontier Transit Metro System, Inc.; provides that any retirement or death benefit payable or paid by such retirement system shall be reduced by the amount of the non-forfeitable benefit payable or paid for such service under the Amalgamated Transit Union Local 1342 - Niagara Frontier Transit Metro System Pension Fund.
STATE OF NEW YORK
________________________________________________________________________
5560
2013-2014 Regular Sessions
IN ASSEMBLY
February 28, 2013
___________
Introduced by M. of A. GABRYSZAK -- read once and referred to the
Committee on Governmental Employees
AN ACT in relation to service credit of certain members of the New York
state and local employees' retirement system who obtained credit for
service with the Niagara Frontier Transit Metro System, Inc.
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding the provisions of chapter 670 of the laws
2 of 1996 or any other provision of law to the contrary, any member or
3 retiree of the New York state and local employees' retirement system who
4 obtained credit for service after March 31, 1974 with the Niagara Fron-
5 tier Transit Metro System, Inc., and who retains a non-forfeitable bene-
6 fit for such service under the Amalgamated Transit Union Local 1342 --
7 Niagara Frontier Transit Metro System Pension Fund shall remain eligible
8 for such service with the New York state and local employees' retirement
9 system; provided, however, that any retirement or death benefit payable
10 or paid by such retirement system shall be reduced by the amount of the
11 non-forfeitable benefit payable or paid for such service under the Amal-
12 gamated Transit Union Local 1342 -- Niagara Frontier Transit Metro
13 System Pension Fund. For any person currently receiving a retirement
14 allowance, such reduction shall be retroactive to the effective date of
15 retirement.
16 § 2. This act shall take effect immediately.
FISCAL NOTE.--This bill would reduce the retirement or death benefit
payable or paid by the New York State and Local Employees' Retirement
System (NYSLERS) to any member or retiree who obtained credit for
service after March 31, 1974 with the Niagara Frontier Transit Metro
System who retains a non-forfeitable benefit with the Niagara Metro
Pension Fund for such service. The reduction in the benefit from NYSLERS
will be based on the amount of the non-forfeitable benefit payable or
paid for such service, for which the affected individuals will receive
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07702-02-3
A. 5560 2
benefits from both retirement plans. For current retirees, such
reduction will be retroactive to the date of retirement.
If this bill is enacted, there will be no cost to the State or partic-
ipating employers in the NYSLERS.
Summary of relevant resources:
Data: March 31, 2012 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 Actuarial Valuations report.
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 February 12, 2013 and intended for use only
during the 2013 Legislative Session, is Fiscal Note No. 2013-82,
prepared by the Actuary for the New York State and Local Employees'
Retirement System.
