-  This bill is not active in this session.
 

A07613 Summary:

BILL NOA07613
 
SAME ASSAME AS S07242-A
 
SPONSORStern
 
COSPNSRDeStefano
 
MLTSPNSR
 
Add 89-ss, amd 445, 603 & 604, R & SS L
 
Provides members employed as an emergency medical technician, critical care technician, advanced emergency medical technician, paramedic or supervisor of such titles in a participating Suffolk county fire district with the eligibility to retire upon the completion of twenty-five years of total creditable service; makes related provisions.
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A07613 Actions:

BILL NOA07613
 
05/25/2023referred to governmental employees
06/05/2023reference changed to ways and means
06/08/2023reported referred to rules
06/08/2023reported
06/08/2023rules report cal.782
06/08/2023ordered to third reading rules cal.782
06/09/2023substituted by s7242a
 S07242 AMEND=A MARTINEZ
 05/19/2023REFERRED TO CIVIL SERVICE AND PENSIONS
 05/22/2023AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
 05/22/2023PRINT NUMBER 7242A
 06/05/2023COMMITTEE DISCHARGED AND COMMITTED TO RULES
 06/05/2023ORDERED TO THIRD READING CAL.1593
 06/05/2023PASSED SENATE
 06/05/2023DELIVERED TO ASSEMBLY
 06/05/2023referred to governmental employees
 06/09/2023substituted for a7613
 06/09/2023ordered to third reading rules cal.782
 06/09/2023passed assembly
 06/09/2023returned to senate
 11/29/2023DELIVERED TO GOVERNOR
 12/08/2023SIGNED CHAP.714
 05/19/2023REFERRED TO CIVIL SERVICE AND PENSIONS
 05/22/2023AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
 05/22/2023PRINT NUMBER 7242A
 06/05/2023COMMITTEE DISCHARGED AND COMMITTED TO RULES
 06/05/2023ORDERED TO THIRD READING CAL.1593
 06/05/2023PASSED SENATE
 06/05/2023DELIVERED TO ASSEMBLY
 06/05/2023referred to governmental employees
 06/09/2023substituted for a7613
 06/09/2023ordered to third reading rules cal.782
 06/09/2023passed assembly
 06/09/2023returned to senate
 11/29/2023DELIVERED TO GOVERNOR
 12/08/2023SIGNED CHAP.714
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A07613 Committee Votes:

WAYS AND MEANS Chair:Weinstein DATE:06/08/2023AYE/NAY:34/0 Action: Favorable refer to committee Rules
WeinsteinAyeRaAye
GlickAyeFitzpatrickAye
PretlowAyeHawleyAye
ColtonAyeBlankenbushAye
CookAyeNorrisAye
AubryAyeBrabenecAye
BenedettoAyePalmesanoAye
WeprinAyeWalshAye
RamosAyeDeStefanoAye
BraunsteinAyeManktelowAye
McDonaldAyeSmullenAye
RozicExcused
DinowitzAye
JoynerAye
MagnarelliAye
ZebrowskiAye
BronsonAye
DilanAye
SeawrightAye
HyndmanAye
WalkerAye
Bichotte HermelAye
SimonAye
CruzAye

RULES Chair:Pretlow DATE:06/08/2023AYE/NAY:27/0 Action: Favorable
HeastieExcusedBarclayAye
WeinsteinAyeHawleyAye
PretlowAyeGiglioAye
CookAyeBlankenbushAye
GlickAyeNorrisAye
AubryAyeRaAye
DinowitzAyeBrabenecAye
ColtonAyePalmesanoAye
MagnarelliAyeReillyAye
PaulinAye
Peoples-StokesAye
BenedettoAye
LavineAye
LupardoAye
ZebrowskiAye
ThieleAye
BraunsteinAye
DickensExcused
DavilaExcused
HyndmanAye
RozicExcused
BronsonAye

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A07613 Floor Votes:

There are no votes for this bill in this legislative session.
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A07613 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7613
 
SPONSOR: Stern
  TITLE OF BILL: An act to amend the retirement and social security law, in relation to the retirement of members employed as an emergency medical technician, critical care technician, advanced emergency medical technician, paramedic or supervisor of such titles in a participating Suffolk county fire district   PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to recognize the invaluable contributions and unique challenges faced by fire EMS personnel employed by Suffolk county fire districts. By providing an enhanced pension that offers a 25-year retirement option, we aim to attract and retain highly skilled and dedicated individuals in this critical profession. This bill acknowledges the physically demanding and emotionally taxing nature of their work, and it seeks to ensure their long-term financial security and well-being.   SUMMARY OF PROVISIONS: Section 1. amends the retirement and social security law by adding a new section 89(ss) to provide a twenty-five-year pension for emergency medical technicians, critical care technicians, advanced emergency medical technicians, paramedics or supervisors of such titles in partic- ipating Suffolk county fire districts that elect to provide such bene- fit. Section 2. amends subdivision a of section 445 of the retirement and social security law, by providing emergency medical technicians, crit- ical care technicians, advanced emergency medical technicians, paramed- ics or supervisors of such titles with the option of a 25-year retire- ment plan at participating fire districts. Section 3. amends section 603 of the retirement and social security law by adding a new subdivision v to define "creditable service" and provide specifics on what is required to retire. Section 4. amends section 604 of the retirement and social security law by adding a new subdivision v setting forth pension amounts. Section 5. states that all past service costs associated with implement- ing the provisions of this act shall be borne by the participating Suffolk county fire district. Section 6. contains the fiscal note and sets the effective date.   JUSTIFICATION: Fire EMS personnel employed by Suffolk county fire districts face phys- ically and emotionally demanding conditions in their daily work. The risks they encounter on the job often lead to premature physical exhaustion and emotional strain. Recognizing these unique challenges, it is imperative to offer an enhanced pension with a 25-year retirement option. This provision acknowledges the importance of preserving their long-team health by granting them the opportunity to retire earlier. The enhanced pension package serves as a powerful incentive to attract and retain highly skilled individuals in the fire EMS profession. By offering an attractive retirement option, we can encourage qualified individuals to pursue a career in fire EMS and discourage early burnout or attrition. A dedicated and experienced workforce is crucial for fire districts to effectively serve their communities. Fire EMS personnel face financial challenges due to the nature of their work. Job-related injuries or cumulative physical stress can limit their ability to work beyond a certain point in their careers. To ensure their financial security during retirement and mitigate the financial burdens associated with potential disabilities or injuries, an enhanced pension will provide a reliable and stable income source. This measure aims to support these individuals and alleviate their financial concerns. Providing fire EMS personnel employed by Suffolk county fire districts with an enhanced pension that offers a 25-year retirement option is a necessary step to acknowledge their unique challenges and ensure their long-term wellbeing. By supporting these dedicated professionals, we strengthen the resilience and effectiveness of our fire districts in serving and protecting our communities.   PRIOR LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATIONS: See fiscal note in section 6.   EFFECTIVE DATE: This act shall take effect immediately.
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A07613 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7613
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 25, 2023
                                       ___________
 
        Introduced  by M. of A. STERN -- read once and referred to the Committee
          on Governmental Employees
 
        AN ACT to amend the retirement and social security law, in  relation  to
          the retirement of members employed as an emergency medical technician,
          critical  care  technician,  advanced  emergency  medical  technician,
          paramedic or supervisor of such  titles  in  a  participating  Suffolk
          county fire district
 
          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 section 89-ss to read as follows:
     3    § 89-ss. Retirement of members employed as an emergency medical  tech-
     4  nician, critical care technician, advanced emergency medical technician,
     5  paramedic or supervisor of such titles in a participating Suffolk county
     6  fire  district.  a.  Any member employed as an emergency medical techni-
     7  cian, critical care technician, advanced emergency  medical  technician,
     8  paramedic or supervisor of such titles upon an election by a participat-
     9  ing Suffolk county fire district shall be eligible to retire pursuant to
    10  the provisions of this section. Such eligibility shall be an alternative
    11  to  the  eligibility  provisions  available under any other plan of this
    12  article to which such member is subject.
    13    b. Such member shall be entitled to  retire  upon  the  completion  of
    14  twenty-five  years  of total creditable service by filing an application
    15  therefor in the manner provided for in section seventy of this article.
    16    c. Upon completion of twenty-five  years  of  such  service  and  upon
    17  retirement,  each  such  member  shall receive a pension which, together
    18  with an annuity which shall be the actuarial equivalent of  his  or  her
    19  accumulated  contributions  at  the time of his or her retirement and an
    20  additional pension which is the actuarial equivalent  of  the  reserved-
    21  for-increased-take-home-pay  to  which  he  or  she may then be entitled
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11393-04-3

        A. 7613                             2
 
     1  shall be sufficient to provide him or her with  a  retirement  allowance
     2  equal to one-half of his or her final average salary.
     3    d.  As used in this section "creditable service" shall include any and
     4  all services performed as an emergency medical technician, critical care
     5  technician, advanced emergency medical technician, paramedic or supervi-
     6  sor of such titles employed  by  a  participating  Suffolk  county  fire
     7  district.
     8    e.  Credit  for service as a paid firefighter or officer of any organ-
     9  ized fire department shall also be deemed to be creditable  service  and
    10  shall be  included  in  computing years of total service for  retirement
    11  pursuant to this section.
    12    f.  A  member contributing on the basis of this section at the time of
    13  retirement, may retire after the  completion  of  twenty-five  years  of
    14  total  creditable service. Application therefor may be filed in a manner
    15  similar to that provided  in  section  seventy  of  this  article.  Upon
    16  completion  of  twenty-five  years  of such service and upon retirement,
    17  each such member shall receive a pension which, together with an annuity
    18  which shall be the  actuarial  equivalent  of  his  or  her  accumulated
    19  contributions  at  the  time  of his or her retirement and an additional
    20  pension which  is  the  actuarial  equivalent  of  the  reserved-for-in-
    21  creased-take-home-pay  to  which he or she may then be entitled shall be
    22  sufficient to provide him or her with a retirement  allowance  equal  to
    23  one-half  of his or her final average salary; for service beyond twenty-
    24  five years the benefit is increased by  one-sixtieth  of  final  average
    25  salary  for  each  year  of additional service credit provided, however,
    26  that the total allowance payable pursuant  to  this  section  shall  not
    27  exceed three-fourths of such member's final average salary.
    28    g.  In  computing  the  twenty-five years of total service of a member
    29  pursuant to this section full credit shall be given and  full  allowance
    30  shall  be made for service of such member in time of war after World War
    31  I as defined in section two of this chapter, provided such member at the
    32  time of his or her entrance into the armed  forces  was  employed  by  a
    33  participating Suffolk county fire district.
    34    h. Nothing in this section shall be construed to prevent a member, who
    35  does not retire pursuant to the provisions of this section, from utiliz-
    36  ing  service  which  is creditable service pursuant to the provisions of
    37  this section for service credit pursuant to the provisions of any  other
    38  plan of this article to which such member is subject.
    39    i. The provisions of this section shall be controlling notwithstanding
    40  any other provision of this article to the contrary.
    41    j. Any member who, on or before the effective date of this section, is
    42  employed  as  an emergency medical technician, critical care technician,
    43  advanced emergency medical technician, paramedic or supervisor  of  such
    44  titles in a participating Suffolk county fire district may, by filing an
    45  election  within  one   year   after the effective date of this section,
    46  elect to be subject to the provisions of  this  section.  Such  election
    47  shall   be  in  writing, shall be duly executed and filed with the comp-
    48  troller and shall be irrevocable.
    49    § 2. Subdivision a of section 445 of the retirement and social securi-
    50  ty law, as separately amended by section 4 of part II and section  2  of
    51  part  KK  of  chapter  55  of  the  laws  of 2023, is amended to read as
    52  follows:
    53    a. No member of a retirement system who is subject to  the  provisions
    54  of this article shall retire without regard to age, exclusive of retire-
    55  ment  for  disability, unless he or she is a police officer, an investi-
    56  gator member of the New York city employees'  retirement  system,  fire-

        A. 7613                             3

     1  fighter,  correction  officer, a qualifying member as defined in section
     2  eighty-nine-t, as added by chapter six hundred fifty-seven of  the  laws
     3  of  nineteen hundred ninety-eight, of this chapter, sanitation worker, a
     4  special  officer  (including persons employed by the city of New York in
     5  the title urban park ranger or  associate  urban  park  ranger),  school
     6  safety  agent,  campus  peace officer or a taxi and limousine commission
     7  inspector member of the New York city employees'  retirement  system  or
     8  the  New  York  city  board of education retirement system, a dispatcher
     9  member of the New York  city  employees'  retirement  system,  a  police
    10  communications member of the New York city employees' retirement system,
    11  an EMT member of the New York city employees' retirement system, a depu-
    12  ty  sheriff  member of the New York city employees' retirement system, a
    13  correction officer of the Westchester county  correction  department  as
    14  defined  in section eighty-nine-e of this chapter or employed in Suffolk
    15  county as a peace officer, as defined in section eighty-nine-s, as added
    16  by chapter five hundred eighty-eight of the  laws  of  nineteen  hundred
    17  ninety-seven,   of  this  chapter,  employed  in  Suffolk  county  as  a
    18  correction officer, as defined in section eighty-nine-f of this chapter,
    19  or  employed  in  Nassau  county  as  a  correction  officer,  uniformed
    20  correction  division personnel, sheriff, undersheriff or deputy sheriff,
    21  as defined in section eighty-nine-g of  this  chapter,  or  employed  in
    22  Nassau  county  as an ambulance medical technician, an ambulance medical
    23  technician/supervisor or a member who performs ambulance medical techni-
    24  cian related services, or a police medic, police medic supervisor  or  a
    25  member who performs police medic related services, as defined in section
    26  eighty-nine-s,  as  amended by chapter five hundred seventy-eight of the
    27  laws of nineteen hundred ninety-eight, of this chapter, or  employed  in
    28  Nassau  county  as a peace officer, as defined in section eighty-nine-s,
    29  as added by chapter five hundred ninety-five of  the  laws  of  nineteen
    30  hundred ninety-seven, of this chapter, or employed in Albany county as a
    31  sheriff, undersheriff, deputy sheriff, correction officer or identifica-
    32  tion  officer, as defined in section eighty-nine-h of this chapter or is
    33  employed in St. Lawrence county as a sheriff, undersheriff, deputy sher-
    34  iff or correction officer, as defined in section eighty-nine-i  of  this
    35  chapter  or  is  employed  in Orleans county as a sheriff, undersheriff,
    36  deputy  sheriff  or  correction   officer,   as   defined   in   section
    37  eighty-nine-l  of  this  chapter or is employed in Jefferson county as a
    38  sheriff, undersheriff, deputy sheriff or correction officer, as  defined
    39  in  section  eighty-nine-j  of  this  chapter or is employed in Onondaga
    40  county as a deputy sheriff-jail division competitively appointed or as a
    41  correction officer, as defined in section eighty-nine-k of this  chapter
    42  or  is  employed in a county which makes an election under subdivision j
    43  of section eighty-nine-p of this chapter  as  a  sheriff,  undersheriff,
    44  deputy  sheriff or correction officer as defined in such section eighty-
    45  nine-p or is employed in Broome County as a sheriff, undersheriff, depu-
    46  ty sheriff or correction officer, as defined in section eighty-nine-m of
    47  this chapter or is a Monroe county  deputy  sheriff-court  security,  or
    48  deputy  sheriff-jailor  as defined in section eighty-nine-n, as added by
    49  chapter five hundred ninety-seven of the laws of nineteen hundred  nine-
    50  ty-one,  of  this  chapter or is employed in Greene county as a sheriff,
    51  undersheriff, deputy  sheriff  or  correction  officer,  as  defined  in
    52  section  eighty-nine-o  of this chapter or is a traffic officer with the
    53  town of Elmira as defined in section eighty-nine-q of this chapter or is
    54  employed by Suffolk county as a  park  police  officer,  as  defined  in
    55  section  eighty-nine-r of this chapter or is a peace officer employed by
    56  a county probation department as defined in  section  eighty-nine-t,  as

        A. 7613                             4
 
     1  added by chapter six hundred three of the laws of nineteen hundred nine-
     2  ty-eight,  of this chapter or is employed in Rockland county as a deputy
     3  sheriff-civil as defined in section eighty-nine-v  of  this  chapter  as
     4  added by chapter four hundred forty-one of the laws of two thousand one,
     5  or  is  employed  in Rockland county as a superior correction officer as
     6  defined in section eighty-nine-v of this chapter  as  added  by  chapter
     7  five hundred fifty-six of the laws of two thousand one or is a paramedic
     8  employed  by  the police department in the town of Tonawanda and retires
     9  under the provisions of section eighty-nine-v of this chapter, as  added
    10  by  chapter four hundred seventy-two of the laws of two thousand one, or
    11  is a county  fire  marshal,  supervising  fire  marshal,  fire  marshal,
    12  assistant  fire  marshal,  assistant  chief  fire  marshal,  chief  fire
    13  marshal, division supervising  fire  marshal  or  fire  marshal  trainee
    14  employed  by the county of Nassau as defined in section eighty-nine-w of
    15  this chapter or is employed in Monroe county as a  deputy  sheriff-civil
    16  as  defined  in  section  eighty-nine-x  of this chapter, employed as an
    17  emergency medical technician, critical care technician,  advanced  emer-
    18  gency  medical  technician,  paramedic or supervisor of such titles in a
    19  participating Suffolk county fire district as defined in section  eight-
    20  y-nine-ss  of  this  chapter,  and  is in a plan which permits immediate
    21  retirement upon completion of a  specified  period  of  service  without
    22  regard  to  age.  Except  as  provided  in subdivision c of section four
    23  hundred forty-five-a of this article,  subdivision  c  of  section  four
    24  hundred  forty-five-b  of  this  article,  subdivision c of section four
    25  hundred forty-five-c of this article,  subdivision  c  of  section  four
    26  hundred  forty-five-d  of  this  article,  subdivision c of section four
    27  hundred forty-five-e of this article,  subdivision  c  of  section  four
    28  hundred  forty-five-f  of this article and subdivision c of section four
    29  hundred forty-five-h of this article, a member in such a plan  and  such
    30  an occupation, other than a police officer or investigator member of the
    31  New  York  city employees' retirement system or a firefighter, shall not
    32  be permitted to retire prior to the completion of twenty-five  years  of
    33  credited service; provided, however, if such a member in such an occupa-
    34  tion  is  in  a  plan which permits retirement upon completion of twenty
    35  years of service regardless of age, he or she may retire upon completion
    36  of twenty years of credited service and prior to the completion of twen-
    37  ty-five years of service, but in such event the  benefit  provided  from
    38  funds  other than those based on such a member's own contributions shall
    39  not exceed two per centum of final average salary per each year of cred-
    40  ited service.
    41    § 3. Section 603 of the retirement and social security law is  amended
    42  by adding a new subdivision v to read as follows:
    43    v. The service retirement benefit specified  in  section  six  hundred
    44  four of this article shall be payable to members with twenty-five  years
    45  of  creditable  service,  without  regard  to age, who are employed by a
    46  participating fire district that makes  the  election  provided  for  in
    47  subdivision  j of section eighty-nine-ss of this chapter as an emergency
    48  medical technician, critical care technician, advanced emergency medical
    49  technician, paramedic or supervisor of such titles  in  a  participating
    50  Suffolk  county fire district as defined in  section  eighty-nine-ss  of
    51  this chapter if:  (i) such members have met the minimum service require-
    52  ments  upon  retirement; and (ii) in the case of a member subject to the
    53  provisions of article fourteen of this chapter,  such  member  files  an
    54  election  therefor which provides that he or she will be subject to  the
    55  provisions of this article and to none of the provisions of such article
    56  fourteen. Such election, which shall be irrevocable, shall be  in  writ-

        A. 7613                             5
 
     1  ing,   duly executed  and shall be filed with the comptroller within one
     2  year of the effective date of this subdivision or within one year  after
     3  entering  the  employment  with  the  participating  Suffolk county fire
     4  district upon which eligibility is based, whichever comes later. For the
     5  purposes  of  this subdivision, the term "creditable service" shall have
     6  the  meaning   as so defined in both  sections  eighty-nine-ss  and  six
     7  hundred one of this chapter.
     8    § 4. Section 604 of the retirement and social security law is  amended
     9  by adding a new subdivision v to read as follows:
    10    v.  The  early service retirement benefit for a member who is employed
    11  by a participating fire district that makes the election provided for in
    12  subdivision j of section eighty-nine-ss of this chapter as an  emergency
    13  medical technician, critical care technician, advanced emergency medical
    14  technician,  paramedic  or  supervisor of such titles in a participating
    15  Suffolk county fire district as defined  in  section  eighty-nine-ss  of
    16  this  chapter  shall be a pension equal to one-fiftieth of final average
    17  salary times years of credited service at the completion of  twenty-five
    18  years  of  service  as  such  participating Suffolk county fire district
    19  emergency medical technician, critical care technician,  advanced  emer-
    20  gency  medical  technician,  paramedic or supervisor of such titles, but
    21  not exceeding one-half of his or her final average salary;  for  service
    22  beyond  twenty-five years the benefits shall increase by one-sixtieth of
    23  final  average  salary  for  each  year  of  additional  service  credit
    24  provided,  however,  that  the  total allowance payable pursuant to this
    25  section shall not exceed three-fourths of such  member's  final  average
    26  salary.
    27    §   5.  All  past  service  costs  associated  with  implementing  the
    28  provisions of this act shall be borne by the participating Suffolk coun-
    29  ty fire district.
    30    § 6. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow fire districts in Suffolk  County  that  partic-
        ipate  in  the  New York State and Local Employees' Retirement System to
        elect to provide individuals employed in the title of emergency  medical
        technician, advanced emergency medical technician, critical care techni-
        cian,  or  paramedic,  and  supervisors  of  these titles, the option to
        retire upon completion of twenty-five years of creditable service with a
        benefit of one-half of final average  salary  (FAS)  and  an  additional
        benefit  of  one-sixtieth  of FAS for each year of creditable service in
        excess of twenty-five years. Members in Tiers 3 -- 6 would be limited to
        15 years of additional one-sixtieths.
          Additionally, for those members covered under the provisions of  Arti-
        cle  14,  this  bill would permit an irrevocable election to forfeit the
        benefits of Article 14 in favor of the 25-year plan benefit  established
        by  this  legislation. Such election must be made within one year of the
        effective date of this bill or within one year of entering service  with
        an electing fire district, whichever comes later.
          If this bill is enacted during the 2023 legislative session, we antic-
        ipate  that  there will be an increase in the annual contributions of an
        affected fire district of approximately 5% of salary paid  to  employees
        in  covered  titles for the fiscal year ending March 31, 2024. In future
        years, this cost will vary as the billing rates of the affected  members
        change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately 20% of salary paid to
        employees in covered titles, which will be borne by  the  electing  fire

        A. 7613                             6
 
        district  as a one-time payment. This estimate assumes that payment will
        be made on February 1, 2024.
          Further,   we   anticipate   administrative  costs  to  implement  the
        provisions of this legislation.
          The exact number of current members as  well  as  future  members  who
        could  be  affected  by  this  legislation cannot be readily determined.
        Prior to electing to provide these benefits, an eligible  fire  district
        would be required to submit a roster of individuals in covered titles to
        the  New  York  State  and Local Retirement System. This roster would be
        used to develop an exact cost for the individual fire district  electing
        to provide these benefits.
          Summary of relevant resources:
          Membership  data as of March 31, 2022 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2022 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in the  2020,
        2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
        tions, 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, 2022
        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 May 18, 2023, and intended for  use  only  during
        the  2023  Legislative Session, is Fiscal Note No. 2023-168, prepared by
        the Actuary for the New York State and Local Retirement System.
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