Relates to authorizing certain persons in an optional twenty year retirement plan for state university police officer service and regional state park police.
STATE OF NEW YORK
________________________________________________________________________
5492--A
2019-2020 Regular Sessions
IN SENATE
May 3, 2019
___________
Introduced by Sen. BROOKS -- 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 the retirement and social security law, in relation to
authorizing certain persons in an optional twenty year retirement plan
for state university police officer service and regional state park
police
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 384-e of the retirement and social security law is
2 amended by adding two new subdivisions d and e to read as follows:
3 d. Notwithstanding any other provision of law to the contrary, upon
4 completion of twenty years of service, and upon retirement, each such
5 member who was previously credited with service credit in the New York
6 state and local employees' retirement system or the New York state and
7 local police and fire retirement system as an officer appointed by the
8 state university pursuant to paragraph l of subdivision two of section
9 three hundred fifty-five of the education law and who has successfully
10 completed a course of law enforcement training as provided in such
11 section of the education law shall receive for each such year of previ-
12 ous service, up to a total of no greater than five years of previous
13 service, additional pension equal to one-sixtieth of his or her final
14 average salary.
15 e. Notwithstanding any other provision of law to the contrary, upon
16 completion of twenty years of service, and upon retirement, each such
17 member who was previously credited with service credit in the New York
18 state and local employees' retirement system or the New York state and
19 local police and fire retirement system as an officer or member of the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10294-05-0
S. 5492--A 2
1 regional state park police department shall receive for each such year
2 of previous service, up to a total of no greater than five years of
3 previous service, additional pension equal to one-sixtieth of his or her
4 final average salary.
5 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow up to 5 years of previous service credit
rendered as a SUNY Police officer or Regional State Park Police officer
to become creditable service under Section 384-e of the Retirement and
Social Security Law. Upon completion of 20 years of service credit and
upon retirement, an affected member would receive an additional pension
of one sixtieth of final average salary for each such additional year
credited.
If this bill is enacted, we estimate that there would be a past
service cost that would average 15% of affected members' compensation
for each year of additional service credit granted by this bill. All
costs would be shared by the State of New York and the participating
employers in the New York State and Local Police and Fire Retirement
System.
The exact number of current members as well as future members who
could be affected by this bill cannot be readily determined.
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, 2019 actuarial valu-
ation. Distributions and other statistics can be found in the 2019
Report of the Actuary and the 2019 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, 2017, 2018, and 2019 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, 2019
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 January 28, 2020, and intended for use only
during the 2020 Legislative Session, is Fiscal Note No. 2020-28,
prepared by the Actuary for the New York State and Local Retirement
System.