STATE OF NEW YORK
________________________________________________________________________
5711--A
2023-2024 Regular Sessions
IN ASSEMBLY
March 22, 2023
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Governmental Employees -- recommitted to the Committee on
Governmental Employees in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the retirement and social security law, in relation to
mandatory retirement age
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (f) of paragraph 1 and the opening paragraph
2 of subparagraph (g) of paragraph 2 of subdivision e and subdivisions h
3 and k of section 384 of the retirement and social security law, as
4 amended by chapter 1043 of the laws of 1968, are amended to read as
5 follows:
6 (f) Upon completion of twenty-five years service, an additional
7 pension, if required, of such amount as shall be necessary to increase
8 the total amount of the benefits provided herein to one-half of his
9 final average salary. The pension provided by this [sub-paragraph]
10 subparagraph shall be payable only if a member retires from service on
11 or before the last day of the calendar month next succeeding the calen-
12 dar month in which he attains age [sixty-two] sixty-five. Provided,
13 however, that in the case of any member who attained the age of [sixty-
14 two] sixty-five on or before July first, nineteen hundred sixty-six, to
15 be eligible for additional pension credit under this [sub-paragraph]
16 subparagraph, his service shall be terminated and he shall retire on or
17 before December thirty-first, nineteen hundred sixty-seven. For the
18 purpose only of determining the amount of the pension provided in this
19 paragraph, the annuity shall be computed as it would be if it were not
20 reduced by the actuarial equivalent of any outstanding loan, and if it
21 were not increased by the actuarial equivalent of any additional
22 contributions, and if it were not reduced by reason of the member's
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08363-03-4
A. 5711--A 2
1 election to decrease his annuity contributions to the retirement system
2 in order to apply the amount of such reduction in payment of his
3 contributions for old-age and survivors insurance coverage.
4 Upon completion of twenty-five years service, an additional pension,
5 if required, of such amount as shall be necessary to increase the total
6 amount of the benefits provided herein to one-half of his final average
7 salary. The pension provided by this [sub-paragraph] subparagraph shall
8 be payable only if a member retires from service on or before the last
9 day of the calendar month next succeeding the calendar month in which he
10 attains age [sixty-two] sixty-five. Provided, however, that in the case
11 of any member who attained the age of [sixty-two] sixty-five before or
12 within one month after his employer first elected to assume all or part
13 of the additional cost of service as provided by paragraph two of subdi-
14 vision d of this section, to be eligible for additional pension credit
15 under this [sub-paragraph] subparagraph, his service shall be terminated
16 and he shall retire within three months after his employer so elects or
17 on or before December thirty-first, nineteen hundred sixty-eight, which-
18 ever shall last occur.
19 h. Any officer or member of such organized fire department or organ-
20 ized police force or department, may, within one year after he becomes
21 such officer or member or within one year after his employer assumes the
22 additional cost therefor, whichever shall last occur, elect to receive
23 the additional benefits provided for by subdivision f [hereof] of this
24 section. Any officer or member who elects to receive such benefits shall
25 be separated from service on the first day of the calendar month next
26 succeeding his attainment of age [sixty-two] sixty-five and the
27 completion of twenty-five years of service, provided, however, that in
28 the case of any officer or member who attained the age of [sixty-two]
29 sixty-five before his employer assumed the additional cost therefor, or
30 who attains the age of [sixty-two] sixty-five within one month after his
31 employer assumes the additional cost therefor, to be eligible for addi-
32 tional pension credit under subdivision f of this section, his service
33 shall be terminated and he shall be retired within three months after
34 his employer assumes the additional cost therefor or on or before Decem-
35 ber thirty-first, nineteen hundred sixty-eight, whichever shall last
36 occur, and provided further that a member who is a chief or commanding
37 officer of a police department or police force shall retire on the first
38 day of the calendar month next succeeding his attainment of age sixty-
39 five; a member who is a chief or commanding officer of a police depart-
40 ment or police force, who attained age sixty-five before his employer
41 elected to provide this added benefit and has rendered twenty-five years
42 of total creditable service, shall retire on or before December thirty-
43 first, nineteen hundred sixty-eight, or within one year after his
44 employer assumes the additional cost therefor, whichever shall last
45 occur.
46 k. Any officer or member of such organized fire department or organ-
47 ized police force or department, may, within one year after he becomes
48 such officer or member or within one year after his employer assumes the
49 additional cost therefor, whichever shall last occur, elect to receive
50 the additional benefits provided for by subdivision i [hereof] of this
51 section. Any officer or member who elects to receive such benefits shall
52 be separated from service on the first day of the calendar month next
53 succeeding his attainment of age [sixty-two] sixty-five and the
54 completion of twenty-five years of service, provided, however, that in
55 the case of any officer or member who attained the age of [sixty-two]
56 sixty-five before his employer assumed the additional cost therefor, or
A. 5711--A 3
1 who attains the age of [sixty-two] sixty-five within one month after his
2 employer assumes the additional cost therefor, to be eligible for addi-
3 tional pension credit under subdivision i of this section, his service
4 shall be terminated and he shall be retired within three months after
5 his employer assumes the additional cost therefor, or on or before
6 December thirty-first, nineteen hundred sixty-eight, whichever shall
7 last occur, and provided further that a member who is a chief or
8 commanding officer of a police department or police force shall retire
9 on the first day of the calendar month next succeeding his attainment of
10 age sixty-five; a member who is a chief or commanding officer of a
11 police department or police force, who attained age sixty-five before
12 his employer elected to provide this added benefit and has rendered
13 twenty-five years of total creditable service, shall retire on or before
14 December thirty-first, nineteen hundred sixty-eight, or within one year
15 after his employer assumes the additional cost therefor, whichever shall
16 last occur.
17 § 2. This act shall take effect immediately.
18 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would increase the mandatory retirement age from 62 to 65
for members of the New York State and Local Police and Fire Retirement
System (NYSLPFRS) covered under the provisions of section 384 of the
Retirement and Social Security Law.
If this bill is enacted during the 2024 Legislative Session, there
would be additional benefits for certain members who remain employed
beyond age 62 which would be funded by the normal employer contrib-
utions. If members delay retirement due to the enactment of this bill,
we do not anticipate any increases in the annual contribution rates for
any of the participating employers in the NYSLPFRS.
Summary of relevant resources:
Membership data as of March 31, 2023 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2023 actuari-
al valuation. Distributions and other statistics can be found in the
2023 Report of the Actuary and the 2023 Annual Comprehensive Financial
Report.
The actuarial assumptions and methods used are described in the 2023
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, 2023
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 January 10, 2024, and intended for use only
during the 2024 Legislative Session, is Fiscal Note No. 2024-34,
prepared by the Actuary for the New York State and Local Retirement
System.
