New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

S03010 Summary:

S03010 Actions:

S03010 Committee Votes:

S03010 Floor Votes:

S03010 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3010
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                    February 2, 2015
                                       ___________
 
        Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to amend the retirement and social security law, in  relation  to
          creating  an  optional  twenty year retirement plan for certain police
          officers and firefighters who are members of the New  York  state  and
          local police and fire retirement system
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The retirement and social security law is amended by adding
     2  a new article 26 to read as follows:
     3                                 ARTICLE 26
     4                            BENEFIT ENHANCEMENTS
     5  Section 1400. Non-contributory basis.
     6          1401. Collective bargaining.
     7          1402. Past service costs.
     8    § 1400. Non-contributory basis. (a) Notwithstanding the provisions  of
     9  this  chapter  or any other law to the contrary a participating employer
    10  in the New York state and local police and fire  retirement  system  may
    11  elect  to  provide  its employees who are members of the optional twenty
    12  year retirement plan for police and firefighters eligibility to  partic-
    13  ipate on a non-contributory basis.
    14    (b)  No  member  who  participates in this non-contributory retirement
    15  plan shall be entitled to a refund of previous contributions made to the
    16  contributory twenty year retirement plan.
    17    § 1401. Collective bargaining. A demand in collective bargaining nego-
    18  tiations for the additional benefit provided by section fourteen hundred
    19  of this article shall not be subject to the provisions of paragraph  (b)
    20  or  (c)  of  subdivision  four  of section two hundred nine of the civil
    21  service law, nor shall such demand  be  subject  to  any  provision  for
    22  interest arbitration contained in any local law, resolution or ordinance
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08156-02-5
        S. 3010                             2
 
     1  adopted  by  any  governmental  entity  pursuant  to  subdivision one of
     2  section two hundred twelve of the civil service law.
     3    § 1402. Past service costs. Any participating employer that elects the
     4  additional  benefits  provided by this article may also elect to pay the
     5  past service cost associated with this benefit in  ten  annual  install-
     6  ments.
     7    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill will allow employers in the New York State and Local Police
        and Fire Retirement System which have elected to provide their employees
        with the benefits of the 20 year contributory retirement plan  to  elect
        to  provide eligibility for their employees to participate on a non-con-
        tributory basis. Any member who participates on a non-contributory basis
        will not be entitled to a refund of previous member contributions.
          If this bill is enacted, there will  be  an  increase  in  the  annual
        contributions  of electing employers on behalf of their Tiers 3, 5 and 6
        members. For the fiscal year ending March  31,  2016,  the  contribution
        increases,  as  a percentage of salary, will be 3.2% for tier 3 members,
        3.5% for tier 5 384-d and 384-e, 6.7% for tier  6  384-d  and  6.8%  for
        384-e. These costs will be borne by the employers which elect to provide
        this benefit.
          There will not be a past service cost.
          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, 2014  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2014
        Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2010,
        2011, 2012, 2013 and 2014 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, 2014
        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  statement  of  actuarial  opinion
        contained herein.
          This estimate, dated December 12, 2014,  and  intended  for  use  only
        during  the 2015 Legislative Session, is Fiscal No. 2015-11, prepared by
        the Actuary for the New York State and Local Police and Fire  Retirement
        System and the New York State and Local Employees' Retirement System.