S07757 Summary:

BILL NOS07757
 
SAME ASSAME AS A09958
 
SPONSORGOLDEN
 
COSPNSR
 
MLTSPNSR
 
Amd SS503, 603 & 604, R & SS L
 
Relates to age and services eligibility requirements for ordinary retirement for members of the unified court system; restores 55/30 for all members and reduces the retirement age from 63 to 62.
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S07757 Actions:

BILL NOS07757
 
06/05/2014REFERRED TO CIVIL SERVICE AND PENSIONS
06/19/2014COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/19/2014ORDERED TO THIRD READING CAL.1649
06/19/2014PASSED SENATE
06/19/2014DELIVERED TO ASSEMBLY
06/19/2014referred to ways and means
06/19/2014substituted for a9958
06/19/2014ordered to third reading rules cal.613
06/19/2014passed assembly
06/19/2014returned to senate
12/05/2014DELIVERED TO GOVERNOR
12/17/2014VETOED MEMO.568
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S07757 Floor Votes:

DATE:06/20/2014Assembly Vote  YEA/NAY: 129/0
Yes
Abbate
Yes
Curran
Yes
Hawley
ER
Markey
Yes
Quart
Yes
Steck
Yes
Abinanti
Yes
Cusick
Yes
Heastie
Yes
Mayer
Yes
Ra
Yes
Stirpe
ER
Arroyo
Yes
Cymbrowitz
Yes
Hennessey
Yes
McDonald
Yes
Raia
Yes
Sweeney
Yes
Aubry
Yes
Davila
Yes
Hevesi
Yes
McDonough
Yes
Ramos
Yes
Tedisco
Yes
Barclay
Yes
DenDekker
ER
Hikind
Yes
McKevitt
Yes
Rivera
ER
Tenney
Yes
Barrett
Yes
Dinowitz
Yes
Hooper
Yes
McLaughlin
Yes
Roberts
Yes
Thiele
Yes
Benedetto
Yes
DiPietro
Yes
Jacobs
Yes
Miller
ER
Robinson
Yes
Titone
Yes
Blankenbush
Yes
Duprey
Yes
Jaffee
Yes
Millman
Yes
Rodriguez
Yes
Titus
Yes
Borelli
Yes
Englebright
Yes
Johns
Yes
Montesano
Yes
Rosa
Yes
Walter
Yes
Braunstein
Yes
Fahy
Yes
Katz
Yes
Morelle
Yes
Rosenthal
Yes
Weinstein
Yes
Brennan
Yes
Farrell
Yes
Kavanagh
Yes
Mosley
Yes
Rozic
ER
Weisenberg
Yes
Brindisi
Yes
Finch
Yes
Kearns
Yes
Moya
Yes
Russell
Yes
Weprin
Yes
Bronson
Yes
Fitzpatrick
AB
Kellner
Yes
Nojay
Yes
Ryan
Yes
Wright
Yes
Brook-Krasny
Yes
Friend
Yes
Kim
Yes
Nolan
Yes
Saladino
Yes
Zebrowski
Yes
Buchwald
Yes
Galef
Yes
Kolb
Yes
Oaks
Yes
Santabarbara
Yes
Mr. Speaker
Yes
Butler
ER
Gantt
Yes
Lalor
Yes
O'Donnell
ER
Scarborough
Yes
Cahill
Yes
Garbarino
Yes
Lavine
Yes
Ortiz
Yes
Schimel
ER
Camara
Yes
Giglio
Yes
Lentol
Yes
Otis
Yes
Schimminger
Yes
Ceretto
Yes
Gjonaj
Yes
Lifton
Yes
Palmesano
Yes
Sepulveda
Yes
Clark
Yes
Glick
Yes
Lopez
Yes
Palumbo
Yes
Simanowitz
Yes
Colton
Yes
Goldfeder
Yes
Lupardo
Yes
Paulin
Yes
Simotas
Yes
Cook
Yes
Goodell
Yes
Lupinacci
Yes
Peoples-Stokes
Yes
Skartados
Yes
Corwin
AB
Gottfried
Yes
Magee
Yes
Perry
Yes
Skoufis
Yes
Crespo
Yes
Graf
Yes
Magnarelli
Yes
Pichardo
Yes
Solages
Yes
Crouch
Yes
Gunther
Yes
Malliotakis
Yes
Pretlow
Yes
Stec

‡ Indicates voting via videoconference
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S07757 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7757
 
                    IN SENATE
 
                                      June 5, 2014
                                       ___________
 
        Introduced  by  Sen.  GOLDEN -- 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
          eligibility for retirement benefits for certain members of the unified
          court system
 
          The  People of the State of New York, represented in Senate and Assem-

        bly, do enact as follows:
 
     1    Section 1. Subdivision a of section 503 of the retirement  and  social
     2  security  law,  as amended by chapter 18 of the laws of 2012, is amended
     3  to read as follows:
     4    a. The normal service retirement benefit  specified  in  section  five
     5  hundred  four of this article shall be payable to general members, other
     6  than elective members, who have met  the  minimum  service  requirements
     7  upon  retirement  and  attainment of age sixty-two, provided, however, a
     8  general member who is a peace officer  employed  by  the  unified  court
     9  system  or  a member of a teachers' retirement system may retire without
    10  reduction of his or her retirement benefit upon attainment of  at  least
    11  fifty-five  years  of  age  and  completion  of  thirty or more years of
    12  service. For members who become members of the New York state and  local

    13  employees'  retirement  system  on  or  after  April first, two thousand
    14  twelve, the normal service retirement benefits specified in section five
    15  hundred four of this article shall be payable to general members,  other
    16  than  elective  members,  who  have met the minimum service requirements
    17  upon retirement and attainment of  age  sixty-three;  provided  that,  a
    18  member  who  is a peace officer employed by the unified court system may
    19  retire without reduction of his or her retirement benefit  upon  attain-
    20  ment  of  at  least  fifty-five years of age and completion of thirty or
    21  more years of service.
    22    § 2. Subdivisions a and a-1 of  section  603  of  the  retirement  and
    23  social  security  law,  subdivision  a as amended and subdivision a-1 as
    24  added by chapter 18 of the laws of 2012, are amended to read as follows:

    25    a. The service retirement benefit specified  in  section  six  hundred
    26  four  of this article shall be payable to members who have met the mini-
    27  mum service requirements upon retirement and attainment  of  age  sixty-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14479-03-4

        S. 7757                             2
 
     1  two,  other  than  members who are eligible for early service retirement
     2  pursuant to subdivision c of section six hundred four-b of this article,
     3  subdivision c of section six hundred four-c of this article, subdivision
     4  d  of  section  six  hundred  four-d  of  this article, subdivision c of
     5  section six hundred four-e of this article, subdivision c of section six

     6  hundred four-f of this article, subdivision c  of  section  six  hundred
     7  four-g  of  this article, subdivision c of section six hundred four-h of
     8  this article or subdivision c of section  six  hundred  four-i  of  this
     9  article, provided, however, a member of a teachers' retirement system or
    10  the  New  York  state  and  local employees' retirement system who first
    11  joins such system before January first, two thousand ten or a member who
    12  is a uniformed court officer or peace officer employed  by  the  unified
    13  court system [who first becomes a member of the New York state and local
    14  employees'  retirement  system  before April first, two thousand twelve]
    15  may retire without reduction of  his  or  her  retirement  benefit  upon
    16  attainment  of at least fifty-five years of age and completion of thirty
    17  or more years of service, provided,  however,  that  a  uniformed  court

    18  officer  or peace officer employed by the unified court system who first
    19  becomes a member of the New York state and local  employees'  retirement
    20  system  on  or after January first, two thousand ten and retires without
    21  reduction of his or her retirement benefit upon attainment of  at  least
    22  fifty-five  years  of  age  and  completion  of  thirty or more years of
    23  service pursuant to this section shall be required to  make  the  member
    24  contributions  required by subdivision f of section six hundred thirteen
    25  of this article for  all  years  of  credited  and  creditable  service,
    26  provided further that the [the] preceding provisions of this subdivision
    27  shall not apply to a New York city revised plan member.
    28    a-1.  For  members  who  first  become a member of a public retirement
    29  system of the state on or after April first, two thousand twelve, except

    30  for uniformed court officers or peace officers employed by  the  unified
    31  court  system,  the  service retirement benefit specified in section six
    32  hundred four of this article shall be payable to members  who  have  met
    33  the  minimum  service requirements upon retirement and have attained age
    34  sixty-three.
    35    § 3. Subdivisions a and b-1 of  section  604  of  the  retirement  and
    36  social  security  law,  subdivision  a as amended and subdivision b-1 as
    37  added by chapter 18 of the laws of 2012, are amended to read as follows:
    38    a. The service retirement benefit  at  normal  retirement  age  for  a
    39  member  with  less  than  twenty years of credited service, or less than
    40  twenty-five years credited service for a member who joins the  New  York
    41  state  teachers'  retirement system on or after January first, two thou-

    42  sand ten, shall be a retirement allowance equal to one-sixtieth of final
    43  average salary times years of credited service.  Normal  retirement  age
    44  for  members  who  first become members of a public retirement system of
    45  the state on or after April first, two  thousand  twelve  shall  be  age
    46  sixty-three;  except  that  the normal retirement age shall be sixty-two
    47  for a member who is a peace officer or uniformed court officer  employed
    48  by the unified court system.
    49    b-1.  Notwithstanding  any other provision of law to the contrary, the
    50  service retirement benefit for members with  twenty  or  more  years  of
    51  credit  service  who first become a member of a public retirement system
    52  of the state on or after April first, two thousand twelve at age  sixty-
    53  three,  or  at age sixty-two for uniformed court officers or peace offi-

    54  cers employed by the unified court system, shall be a pension  equal  to
    55  the  sum  of  thirty-five  per  centum and one-fiftieth of final average
    56  salary for each year of service in excess of twenty times final  average

        S. 7757                             3
 
     1  salary times years of credited service. In no event shall any retirement
     2  benefit  payable without optional modification be less than the actuari-
     3  ally equivalent annuitized value of the member's  contributions  accumu-
     4  lated with interest at five percent per annum compounded annually to the
     5  date of retirement.
     6    §  4. This act shall take effect immediately; provided that the amend-
     7  ments to subdivision a of section 603 of the retirement and social secu-
     8  rity law made by section two of this act shall not affect the expiration

     9  of such subdivision and shall be deemed to expire therewith.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will allow any Tier 6 member who is a uniformed court  offi-
        cer  or  peace  officer  employed  by the unified court system to retire
        without early age  reduction  upon  attaining  30  years  of  creditable
        service  and age 55. It would also reduce the normal retirement age from
        63 to 62, and lessen the reductions in benefits  for  those  who  retire
        prior to normal retirement age.
          If this legislation is enacted during the 2014 legislative session, we
        anticipate that there will be an increase in the annual contributions of
        the  state  of New York of approximately 1.0% of the compensation of the
        affected members. For the fiscal year ending March  31,  2015,  this  is
        estimated to be approximately $20,000.

          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $11,300 which would be
        borne by the state of New York as a one-time payment. This  estimate  is
        based on the assumption that payment will be made on March 1, 2015.
          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  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.

          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.
          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  May 15, 2014, and intended for use only during
        the 2014 Legislative Session, is Fiscal Note No. 2014-113,  prepared  by
        the  Actuary  for  the  New  York  State and Local Employees' Retirement
        System.
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