New York State Assembly

 
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A06606 Summary:

A06606 Actions:

A06606 Committee Votes:

Committee:GOVERNMENTAL EMPLOYEES   Chair:Abbate      
DATE:06/08/2016AYE/NAY:14/0  Action: Favorable refer to committee Ways and Means        
Abbate
Aye
Malliotakis
Aye
Aubry
Aye
Saladino
Aye
Colton
Aye
Johns
Aye
Cusick
Aye
Palumbo
Aye
Zebrowski
Aye
DenDekker
Aye
Goldfeder
Aye
Solages
Aye
Santabarbara
Aye
Ceretto
Aye

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:06/16/2016AYE/NAY:34/0  Action: Favorable refer to committee Rules        
Farrell
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Aye
Gantt
Aye
Fitzpatrick
Aye
Weinstein
Aye
Saladino
Aye
Glick
Aye
Hawley
Aye
Nolan
Aye
Duprey
Aye
Pretlow
Aye
Corwin
Aye
Perry
Aye
Malliotakis
Aye
Colton
Aye
Walter
Aye
Cook
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Wright
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Markey
Aye
Moya
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Excused

Committee:RULES   Chair:Heastie      
DATE:06/16/2016AYE/NAY:28/0  Action: Favorable         
Heastie
Aye
Kolb
Aye
Gottfried
Aye
Tedisco
Aye
Lentol
Aye
Oaks
Aye
Farrell
Aye
Butler
Aye
Gantt
Aye
Crouch
Aye
Nolan
Aye
Finch
Excused
Weinstein
Aye
Barclay
Aye
Hooper
Aye
Raia
Aye
Ortiz
Aye
Duprey
Aye
Pretlow
Aye
Cook
Aye
Glick
Aye
Morelle
Aye
Aubry
Aye
Englebright
Aye
Wright
Excused
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Markey
Aye

A06606 Floor Votes:

A06606 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6606--B
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 27, 2015
                                       ___________
 
        Introduced  by  M.  of A. ABBATE, GOLDFEDER -- read once and referred to
          the Committee on Governmental Employees -- recommitted to the  Commit-
          tee on Governmental Employees in accordance with Assembly Rule 3, sec.
          2  -- committee discharged, bill amended, ordered reprinted as amended
          and recommitted to said committee --  reported  and  referred  to  the
          Committee  on  Ways  and  Means -- 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
          members of the twenty-year/age fifty retirement program for Triborough
          bridge and tunnel members
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 1 of  subdivision  e  of  section  604-c  of  the
     2  retirement  and  social  security  law, as amended by chapter 661 of the
     3  laws of 2002, is amended to read as follows:
     4    1. In addition to the member contributions  required  by  section  six
     5  hundred  thirteen  of  this  article,  each  participant  in the twenty-
     6  year/age fifty retirement program in the rank of bridge and tunnel offi-
     7  cer shall contribute to the retirement system of which he or  she  is  a
     8  member (subject to the applicable provisions of subdivision d of section
     9  six  hundred thirteen of this article) an additional five and fifty one-
    10  hundredths percent of his or her compensation and  each  participant  in
    11  the  twenty-year/age fifty retirement program in the rank of sergeant or
    12  lieutenant shall contribute to the retirement system an  additional  six
    13  percent  of  his  or  her  compensation  earned [from] for all allowable
    14  service as a Triborough bridge and tunnel member rendered on  and  after
    15  the  date which is one hundred eighty days prior to the starting date of
    16  the twenty-year/age fifty retirement program and  all  credited  service
    17  after  such person ceases to be a participant but before he or she again
    18  becomes a participant pursuant to paragraph six of subdivision b of this
    19  section.  A participant in the twenty-year/age fifty retirement  program
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09868-05-6
        A. 6606--B                          2
 
     1  shall  contribute additional member contributions until the later of (i)
     2  the date as of which he or she has twenty years of credited service as a
     3  bridge and tunnel officer, or (ii) the third  anniversary  of  the  date
     4  that  he  or  she last became a participant in the twenty-year/age fifty
     5  retirement program.
     6    § 2. This act shall take effect immediately and shall  apply  only  to
     7  new employees within the Triborough Bridge and Tunnel Authority (TBTA).
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          PROVISIONS  OF  PROPOSED  LEGISLATION: This proposed legislation would
        amend paragraph 1 of subdivision e of section 604-c  of  the  Retirement
        and  Social  Security  Law  (RSSL)  to  require  that  Additional Member
        Contributions (AMC) for a period  of  non-participation  be  made  by  a
        member  of the Triborough Bridge and Tunnel Authority (TBTA) 20-Year/Age
        50 Retirement Plan (TBTA 20/50 Plan) who ceases to be a participant  and
        later again becomes a participant of the TBTA 20/50 Plan.
          The  effective  date  of the proposed legislation would be the date of
        enactment and would apply only to new employees within the TBTA.
          BACKGROUND: Members in the New York City Employees' Retirement  System
        (NYCERS) TBTA 20/50 Plan must be employed in a TBTA Eligible Position to
        be  eligible to participate. A TBTA Eligible Position is a position held
        by a Tier 4 or Tier 6 member who is employed as a TBTA Bridge and Tunnel
        Officer, Sergeant or  Lieutenant  in  a  non-managerial  position.    To
        participate in the TBTA 20/50 Plan, in addition to Basic Member Contrib-
        utions, AMC must be made at the rate of 5.5% of gross wages for Officers
        and 6.0% of gross wages for Sergeants and Lieutenants until the later of
        (1) 20 years of Credited Service in a TBTA Eligible Position, or (2) the
        third anniversary of participation in the TBTA 20/50 Plan.
          If a TBTA 20/50 Plan member gets promoted to a managerial position, he
        or  she is no longer eligible to participate in that Plan. Subsequently,
        if the member is reassigned to a  non-managerial  position,  making  the
        member  once  again  eligible to participate in the TBTA 20/50 Plan, the
        member is then able to retire with full TBTA 20/50 Plan benefits despite
        not having contributed AMC during the period the  member  spent  in  the
        managerial position.
          This  proposed  legislation,  if  enacted,  would require a member who
        spends a portion of his or her career in a non-participating  managerial
        position  and then returns to a TBTA Eligible Position to contribute AMC
        for the period of time that the member was in that managerial position.
          For purposes of  developing  the  analysis  herein,  the  Actuary  has
        assumed  that  the  required  AMC  rate for this period of time would be
        deemed to be equal to the AMC rate last  paid  by  the  member  while  a
        participant in the TBTA 20/50 Plan.
          FINANCIAL  IMPACT  - ACTUARIAL PRESENT VALUE OF BENEFITS: Enactment of
        this legislation would result in a future  reduction  in  the  Actuarial
        Present  Value  of  Benefits (APVB) and employer contributions to NYCERS
        and would be based on the number of  members  affected,  the  number  of
        years  they  were  in  non-participating  positions, and the gross wages
        during the non-participating periods. Based on the  assumptions  herein,
        the  savings  in  the  APVB,  if  this  legislation is enacted, would be
        approximately $60,000 per member at the date of retirement.
          FINANCIAL IMPACT - EMPLOYER COSTS: Enactment of this  proposed  legis-
        lation  could  decrease employer contributions, where such amounts would
        depend on the number of members affected, the number of years they  were
        in  non-participating  positions,  and their gross wages during the non-
        participating years.
        A. 6606--B                          3

          The increase in the assets of NYCERS as a result of the additional AMC
        paid in any year would be treated as an actuarial gain and be  amortized
        over  15  years. Based on the assumptions herein, the cost savings would
        be approximately $7,000 per year per affected member.
          FINANCIAL  IMPACT  -  EMPLOYER  CONTRIBUTIONS:  Decreases  in employer
        contributions would ultimately be comparable to the decreases in employ-
        er costs.
          ACTUARIAL ASSUMPTIONS AND METHODS: The approximate savings per  member
        in the APVB has been estimated assuming that:
          * The member had been in a managerial position for 10 years
          *  The  member's  gross  wages  at  the  end of the 10-year period was
        $100,000
          * The member had received increases in gross wages of  4.0%  per  year
        during the 10-year period
          * The AMC rate was 6.0% of gross wages, and
          * AMC are accumulated at the rate of 5.0% per year.
          STATEMENT  OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief Actu-
        ary for the New York City Retirement Systems. I am an Associate  of  the
        Society  of  Actuaries, a Fellow of the Conference of Consulting Actuar-
        ies, and a Member of the American Academy of Actuaries. I meet the Qual-
        ification Standards of the American Academy of Actuaries to  render  the
        actuarial opinion contained herein.
          FISCAL  NOTE  IDENTIFICATION:  This  estimate is intended for use only
        during the 2016 Legislative Session. It is Fiscal  Note  2016-07,  dated
        March 9, 2016 prepared by the Chief Actuary of the New York City Employ-
        ees' Retirement System.