Extends the Tier II provisions to all police officers and firefighters who join a public retirement system on or after July 1, 2009 and prior to July 1, 2011.
STATE OF NEW YORK
________________________________________________________________________
6059
2009-2010 Regular Sessions
IN SENATE
June 24, 2009
___________
Introduced by Sens. LANZA, GOLDEN -- read twice and ordered printed, and
when printed to be committed to the Committee on Rules
AN ACT to amend the retirement and social security law, in relation to
the membership of police officers and firefighters; and creating a
task force to examine the benefit structure of all public retirement
systems
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Legislative findings. The legislature finds that adequate
2 and affordable pension benefits must be provided to all public employees
3 and their dependents. The continued coverage of Tier Two benefits for
4 our police and fire employees has been called into question by Veto #5
5 of the governor. The legislature finds and declares that equity and
6 fairness requires a detailed examination of the retirement benefits
7 presently provided to all public employees. Until this examination is
8 complete the legislature also finds and declares that the benefits of
9 Tier Two shall be extended until June 30, 2011.
10 § 2. 1. Task force on public retirement systems. A task force shall be
11 created by executive order to examine the benefit and cost structure of
12 all public retirement systems in New York state.
13 2. Report of the task force. No later than January 1, 2011, the task
14 force shall transmit to the governor, the temporary president of the
15 senate, and the speaker of the assembly a report and any suggested
16 legislation.
17 § 3. Subdivision c of section 440 of the retirement and social securi-
18 ty law, as amended by chapter 63 of the laws of 2007, is amended to read
19 as follows:
20 c. Notwithstanding any other provision of law, the provisions and
21 limitations of this article shall apply, as may be appropriate, to all
22 police officers and firefighters who last joined a public retirement
23 system of the state or a municipality thereof, on or after July first,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14497-01-9
S. 6059 2
1 nineteen hundred seventy-six, but prior to July first, two thousand
2 [nine] eleven.
3 § 4. This act shall take effect immediately.
FISCAL NOTE.-- This bill would extend Tier 2 provisions to all police
officers and firefighters who join a public retirement system on or
after July 1, 2009 but prior to July 1, 2011.
It would also create a Task Force to examine the benefit and cost
structure of all public retirement systems in New York State. The Task
Force report and suggested legislation must be transmitted by January 1,
2011.
In so far as this bill would affect the New York State and Local
Police and Fire Retirement System, if it is enacted, the annual costs
for new members would continue to be the expected long term employer
contribution rates of the plans adopted by each employer, which range
from approximately 8.6% to 24% of annual compensation. These expected
long term employer contribution rates are the same as the long term
employer contribution rates for existing Tier 2 members.
This estimate, dated June 24, 2009, and intended for use only during
the 2009 Legislative Session, is Fiscal Note No. 2009-271, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.
