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A08486 Summary:

A08486 Actions:

A08486 Floor Votes:

A08486 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8486
 
                   IN ASSEMBLY
 
                                    January 17, 2014
                                       ___________
 
        Introduced  by  M. of A. RYAN -- 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 and the addition, amend-
    17  ment and/or repeal of any rule or regulation necessary for the implemen-
    18  tation of this act on its effective date are hereby authorized.
          FISCAL NOTE.-- Pursuant to Legislate Law, Section 50:
          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 benefits from both
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07702-06-4
        A. 8486                             2
 
        retirement plans. For current retirees, such reduction will be  retroac-
        tive 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:
          The  membership  data  used  in  measuring  the impact of the proposed

        change was the same as that used in the March 31, 2013  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2013
        Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
        Report.
          The Market Assets and GASB Disclosures are found in the March 31, 2013
        New  York  State  and  Local  Retirement System Financial Statements and
        Supplementary Information.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012  and  2013  Annual  Report  to  the Comptroller on Actuarial
        Assumptions, and the Codes Rules and Regulations of  the  State  of  New
        York: Audit and Control.
          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 January 14, 2014 and intended for use only during

        the  2014  Legislative  Session, is Fiscal Note No. 2014-56, prepared by
        the Actuary for the New  York  State  and  Local  Employees'  Retirement
        System.