STATE OF NEW YORK
________________________________________________________________________
6786--D
2015-2016 Regular Sessions
IN ASSEMBLY
April 2, 2015
___________
Introduced by M. of A. McDONALD, BICHOTTE, BRABENEC, COOK, CROUCH, GOTT-
FRIED, GRAF, GUNTHER, JAFFEE, MURRAY, RIVERA, SKOUFIS, STIRPE, PICHAR-
DO, ENGLEBRIGHT, DiPIETRO, KAMINSKY, HOOPER, LUPARDO -- Multi-Spon-
sored by -- M. of A. BLAKE, BRENNAN, BUCHWALD, DUPREY, GALEF,
GARBARINO, GLICK, KEARNS, MAGEE, McLAUGHLIN, STEC, TENNEY -- 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 amend-
ments, 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 -- 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
increasing the retiree earnings cap
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 2 of section 212 of the retirement and social
2 security law, as amended by chapter 74 of the laws of 2006, is amended
3 to read as follows:
4 2. The earning limitations for retired persons in positions of public
5 service under this section shall be in accordance with the following
6 table:
7 For the year Earnings limitation
8 1996 $12,500
9 1997 $13,500
10 1998 $14,500
11 1999 $15,500
12 2000 $17,000
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07830-12-6
A. 6786--D 2
1 2001 $18,500
2 2002 $20,000
3 2003 $25,000
4 2004 $27,500
5 2005 and 2006 $27,500
6 2007 [and thereafter] through 2016 $30,000
7 2017 and thereafter$35,000
8 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would amend Section 212 of the Retirement and Social Securi-
ty Law to set the amount a retired person may earn in public employment
without reduction in retirement allowance during the year 2017 and ther-
eafter, to $35,000.
If this bill is enacted, insofar as it would affect the New York State
and Local Employees' Retirement System and the New York State and Local
Police and Fire Retirement System, the resulting 16.7% increase over the
current $30,000 limit, in place since 2007, which is less than the
increase in the consumer price index over the same period would not
affect retirement patterns. Therefore, the annual cost is estimated to
be negligible.
Summary of relevant resources:
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2015 actuarial valu-
ation. Distributions and other statistics can be found in the 2015
Report of the Actuary and the 2015 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
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 31,2015
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 estimate, dated February 3, 2016 and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-32, prepared by
the Actuary for the New York State and Local Retirement System.
