New York State Assembly

 
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A08003 Summary:

A08003 Actions:

A08003 Committee Votes:

Committee:GOVERNMENTAL EMPLOYEES   Chair:Abbate      
DATE:06/05/2019AYE/NAY:14/0  Action: Favorable refer to committee Ways and Means        
Abbate
Aye
Malliotakis
Aye
Aubry
Aye
Johns
Aye
Colton
Aye
Palumbo
Aye
Cusick
Aye
DeStefano
Aye
Zebrowski
Aye
DenDekker
Aye
Santabarbara
Aye
Pheffer Amato
Aye
Ryan
Aye
Griffin
Aye

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:06/06/2019AYE/NAY:30/1  Action: Favorable refer to committee Rules        
Weinstein
Aye
Barclay
Aye
Lentol
Excused
Crouch
Aye
Schimminger
Aye
Fitzpatrick
Nay
Gantt
Excused
Hawley
Aye
Glick
Aye
Malliotakis
Aye
Nolan
Aye
Montesano
Aye
Pretlow
Aye
Ra
Aye
Perry
Aye
Blankenbush
Aye
Colton
Aye
Palmesano
Aye
Cook
Aye
Norris
Aye
Cahill
Aye
Aubry
Aye
Thiele
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Excused
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Simotas
Aye
Dinowitz
Aye
Miller
Excused

Committee:RULES   Chair:Gottfried      
DATE:06/12/2019AYE/NAY:27/0  Action: Favorable         
Heastie
Excused
Kolb
Aye
Gottfried
Aye
Crouch
Aye
Lentol
Aye
Finch
Aye
Gantt
Excused
Barclay
Aye
Nolan
Aye
Raia
Aye
Weinstein
Aye
Hawley
Aye
Ortiz
Aye
Giglio
Aye
Pretlow
Aye
Malliotakis
Aye
Cook
Aye
Glick
Aye
Aubry
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Paulin
Absent
Titus
Excused
Peoples-Stokes
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye

A08003 Floor Votes:

A08003 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8003
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 30, 2019
                                       ___________
 
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
 
        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
    23  election to decrease his annuity contributions to the retirement  system
    24  in  order  to  apply  the  amount  of  such  reduction in payment of his
    25  contributions for old-age and survivors insurance coverage.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11684-02-9
        A. 8003                             2
 
     1    Upon completion of twenty-five years service, an  additional  pension,
     2  if  required, of such amount as shall be necessary to increase the total
     3  amount of the benefits provided herein to one-half of his final  average
     4  salary.  The pension provided by this [sub-paragraph] subparagraph shall
     5  be  payable  only if a member retires from service on or before the last
     6  day of the calendar month next succeeding the calendar month in which he
     7  attains age [sixty-two] sixty-five. Provided, however, that in the  case
     8  of  any  member who attained the age of [sixty-two] sixty-five before or
     9  within one month after his employer first elected to assume all or  part
    10  of the additional cost of service as provided by paragraph two of subdi-
    11  vision  d  of this section, to be eligible for additional pension credit
    12  under this [sub-paragraph] subparagraph, his service shall be terminated
    13  and he shall retire within three months after his employer so elects  or
    14  on or before December thirty-first, nineteen hundred sixty-eight, which-
    15  ever shall last occur.
    16    h.  Any  officer or member of such organized fire department or organ-
    17  ized police force or department, may, within one year after  he  becomes
    18  such officer or member or within one year after his employer assumes the
    19  additional  cost  therefor, whichever shall last occur, elect to receive
    20  the additional benefits provided for by subdivision f [hereof]  of  this
    21  section. Any officer or member who elects to receive such benefits shall
    22  be  separated  from  service on the first day of the calendar month next
    23  succeeding  his  attainment  of  age  [sixty-two]  sixty-five  and   the
    24  completion  of  twenty-five years of service, provided, however, that in
    25  the case of any officer or member who attained the  age  of  [sixty-two]
    26  sixty-five  before his employer assumed the additional cost therefor, or
    27  who attains the age of [sixty-two] sixty-five within one month after his
    28  employer assumes the additional cost therefor, to be eligible for  addi-
    29  tional  pension  credit under subdivision f of this section, his service
    30  shall be terminated and he shall be retired within  three  months  after
    31  his employer assumes the additional cost therefor or on or before Decem-
    32  ber  thirty-first,  nineteen  hundred  sixty-eight, whichever shall last
    33  occur, and provided further that a member who is a chief  or  commanding
    34  officer of a police department or police force shall retire on the first
    35  day  of  the calendar month next succeeding his attainment of age sixty-
    36  five; a member who is a chief or commanding officer of a police  depart-
    37  ment  or  police  force, who attained age sixty-five before his employer
    38  elected to provide this added benefit and has rendered twenty-five years
    39  of total creditable service, shall retire on or before December  thirty-
    40  first,  nineteen  hundred  sixty-eight,  or  within  one  year after his
    41  employer assumes the additional  cost  therefor,  whichever  shall  last
    42  occur.
    43    k.  Any  officer or member of such organized fire department or organ-
    44  ized police force or department, may, within one year after  he  becomes
    45  such officer or member or within one year after his employer assumes the
    46  additional  cost  therefor, whichever shall last occur, elect to receive
    47  the additional benefits provided for by subdivision i [hereof]  of  this
    48  section. Any officer or member who elects to receive such benefits shall
    49  be  separated  from  service on the first day of the calendar month next
    50  succeeding  his  attainment  of  age  [sixty-two]  sixty-five  and   the
    51  completion  of  twenty-five years of service, provided, however, that in
    52  the case of any officer or member who attained the  age  of  [sixty-two]
    53  sixty-five  before his employer assumed the additional cost therefor, or
    54  who attains the age of [sixty-two] sixty-five within one month after his
    55  employer assumes the additional cost therefor, to be eligible for  addi-
    56  tional  pension  credit under subdivision i of this section, his service
        A. 8003                             3
 
     1  shall be terminated and he shall be retired within  three  months  after
     2  his  employer  assumes  the  additional  cost  therefor, or on or before
     3  December thirty-first, nineteen  hundred  sixty-eight,  whichever  shall
     4  last  occur,  and  provided  further  that  a  member  who is a chief or
     5  commanding officer of a police department or police force  shall  retire
     6  on the first day of the calendar month next succeeding his attainment of
     7  age  sixty-five;  a  member  who  is  a chief or commanding officer of a
     8  police department or police force, who attained  age  sixty-five  before
     9  his  employer  elected  to  provide  this added benefit and has rendered
    10  twenty-five years of total creditable service, shall retire on or before
    11  December thirty-first, nineteen hundred sixty-eight, or within one  year
    12  after his employer assumes the additional cost therefor, whichever shall
    13  last occur.
    14    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will increase the mandatory retirement age from 62 to 65 for
        members  of  the  New  York  State  and Local Police and Fire Retirement
        System (PFRS) who are covered under the provisions of Section 384 of the
        Retirement and Social Security Law.
          If this bill is  enacted,  there  would  be  additional  benefits  for
        certain  members  who  remain  employed  beyond age 62. However, if some
        members delay retirement due to the enactment of this bill, we would not
        anticipate that there would be an increase in the  annual  contributions
        of the participating employers in the PFRS.
          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, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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 16, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No. 2019-118,  prepared  by
        the Actuary for the New York State and Local Retirement System.