Allows members who join the New York state and local police and fire retirement system on or after July 1, 2009 and before January 10, 2010 to enroll in a special retirement plan.
STATE OF NEW YORK
________________________________________________________________________
4128--A
2011-2012 Regular Sessions
IN SENATE
March 21, 2011
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend part A of chapter 504 of the laws of 2009, amending the
retirement and social security law and other laws relating to estab-
lishing police and fire retirement provisions, in relation to special
retirement plans available to persons joining a public retirement
system between July 1, 2009 and January 10, 2010
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 8 of part A of chapter 504 of the laws of 2009,
2 amending the retirement and social security law and other laws relating
3 to establishing police and fire retirement provisions, is amended to
4 read as follows:
5 § 8. (a) Notwithstanding any provision of law to the contrary, nothing
6 in this act shall limit the eligibility of any member of an employee
7 organization to join a special retirement plan open to him or her pursu-
8 ant to a collectively negotiated agreement with any state or local
9 government employer, where such agreement is in effect on the effective
10 date of this act and so long as such agreement remains in effect there-
11 after; provided, however, that any such eligibility shall not apply upon
12 termination of such agreement for employees otherwise subject to the
13 provisions of article twenty-two of the retirement and social security
14 law.
15 (b) Notwithstanding any other provision of law to the contrary any
16 member of the New York state and local police and fire retirement system
17 who became a member on or after July 1, 2009 and before January 10, 2010
18 may join a special retirement plan open to him or her pursuant to a
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09571-05-2
S. 4128--A 2
1 collectively negotiated agreement with any state or local government
2 employer, where such agreement was in effect on or after July 1, 2009
3 and before January 10, 2010.
4 § 2. This act shall take effect immediately.
FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
This bill would allow an individual who became a member of the New
York State and Local Police and Fire Retirement System (PFRS) on or
after July 1, 2009 and before January 10, 2010 to join a special retire-
ment plan open to him or her pursuant to a collective bargaining agree-
ment in effect on or after July 1, 2009 and before January 10, 2010.
Such members who had elected coverage under Article 22 of the Retirement
and Social Security Law and so are not subject to the provisions of
Article 14 will not be required to make employee contributions. Current-
ly, such members are making employee contributions of 3% of their sala-
ries.
If this bill is enacted, we anticipate that the employers of such
members who are covered under PFRS special retirement contributory plans
would see an increase in their annual contributions for the fiscal year
ending March 31, 2013 of approximately 3.9% of the annual salaries of
such members.
Summary of relevant resources:
Data: March 31, 2011 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010 and 2011 Annual Report to the Comp-
troller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2011 New York State and
Local Retirement System Financial Statements and Supplementary informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2011 Actuarial Valuations report.
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 6, 2012, and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-51, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.
