Bill Text: NY A05231 | 2023-2024 | General Assembly | Amended
Bill Title: Relates to the calculation of past service credit for members in the title of deputy sheriff who provided police protection or correction officer service transferring between the New York state and local employees' retirement system to the New York state and local police and fire retirement system.
Spectrum: Slight Partisan Bill (Democrat 5-3)
Status: (Introduced) 2024-04-30 - print number 5231b [A05231 Detail]
Download: New_York-2023-A05231-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5231--B 2023-2024 Regular Sessions IN ASSEMBLY March 7, 2023 ___________ Introduced by M. of A. PHEFFER AMATO, LUNSFORD, WOERNER, McDONALD, DURSO, BRABENEC, SLATER, SANTABARBARA -- read once and referred to the Committee on Governmental Employees -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law, in relation to the calculation of past service credit for members in the title of deputy sheriff transferring between the New York state and local employees' retirement system to the New York state and local police and fire retirement system The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 43 of the retirement and social security law is 2 amended by adding a new subdivision m to read as follows: 3 m. 1. Notwithstanding any other law, rule or regulation to the contra- 4 ry, any member in the title of deputy sheriff who provided police 5 protection or correction officer service transferring from the New York 6 state and local employees' retirement system to the New York state and 7 local police and fire retirement system after the effective date of this 8 subdivision and any member previously in the title of deputy sheriff who 9 provided police protection or correction office service having made such 10 transfer shall be entitled to a determination of the amount of service 11 credit that is eligible on a twenty year or twenty-five year retirement 12 plan if, within one year of the date on which such deputy sheriff first 13 became a member of the New York state and local police and fire retire- 14 ment system or within one year of the effective date of this subdivi- 15 sion, such member elects to do so. If the member subsequently transfers 16 back to the New York state and local employees' retirement system, the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07037-10-4A. 5231--B 2 1 full amount of service credit earned while in the title of deputy sher- 2 iff who provided police protection or correction officer service shall 3 be transferred back to the New York state and local employees' retire- 4 ment system. 5 2. The calculation of the amount of such service credit for a member 6 will be determined by multiplying the eligible service credited while in 7 the title of deputy sheriff who provided police protection or correction 8 officer service in the New York state and local employees' retirement 9 system plan by a salary multiplier, reflecting the rate of salary in the 10 New York state and local employees' retirement system plan relative to 11 the rate of salary in the New York state and local police and fire 12 retirement system plan, and a billing rate multiplier, reflecting the 13 actuarial long-term average billing rate in the New York state and local 14 employees' retirement system plan relative to the actuarial long-term 15 average billing rate in the New York state and local police and fire 16 retirement system plan. The determination of the salary multiplier and 17 billing rate multiplier will be determined by the actuary of the New 18 York state and local employees' retirement system and the New York state 19 and local police and fire retirement system. The amount of such service 20 credited to the member in the New York state and local police and fire 21 retirement system plan shall not exceed the amount of service credited 22 to the member while in the title of deputy sheriff who provided police 23 protection or correction officer service in the New York state and local 24 employees' retirement system plan. 25 § 2. Section 343 of the retirement and social security law is amended 26 by adding a new subdivision i to read as follows: 27 i. 1. Notwithstanding any other law, rule or regulation to the contra- 28 ry, any member in the title of deputy sheriff who provided police 29 protection or correction officer service transferring from the New York 30 state and local employees' retirement system to the New York state and 31 local police and fire retirement system after the effective date of this 32 subdivision and any member previously in the title of deputy sheriff who 33 provided police protection or correction officer service having made 34 such transfer shall be entitled to a determination of the amount of 35 service credit that is eligible on a twenty year or twenty-five year 36 retirement plan if, within one year of the date on which such deputy 37 sheriff first became a member of the New York state and local police and 38 fire retirement system or within one year of the effective date of this 39 subdivision, such member elects to do so. If the member subsequently 40 transfers back to the New York state and local employees' retirement 41 system, the full amount of service credit earned while in the title of 42 deputy sheriff who provided police protection or correction officer 43 service shall be transferred back to the New York state and local 44 employees' retirement system. 45 2. The calculation of the amount of such service credit for a member 46 will be determined by multiplying the eligible service credited while in 47 the title of deputy sheriff who provided police protection or correction 48 officer service in the New York state and local employees' retirement 49 system plan by a salary multiplier, reflecting the rate of salary in the 50 New York state and local employees' retirement system plan relative to 51 the rate of salary in the New York state and local police and fire 52 retirement system plan, and a billing rate multiplier, reflecting the 53 actuarial long-term average billing rate in the New York state and local 54 employees' retirement system plan relative to the actuarial long-term 55 average billing rate in the New York state and local police and fire 56 retirement system plan. The determination of the salary multiplier andA. 5231--B 3 1 billing rate multiplier will be determined by the actuary of the New 2 York state and local employees' retirement system and the New York state 3 and local police and fire retirement system. The amount of such service 4 credited to the member in the New York state and local police and fire 5 retirement system plan shall not exceed the amount of service credited 6 to the member while in the title of deputy sheriff who provided police 7 protection or correction officer service in the New York state and local 8 employees' retirement system plan. 9 3. If such member subsequently retires on an age based retirement plan 10 in the New York state and local police and fire retirement system 11 instead of a twenty year or twenty-five year plan, the full amount of 12 service credit earned while in the title of deputy sheriff shall be 13 granted. 14 4. No member who receives service credit pursuant to this subdivision 15 shall be eligible to receive additional service credit pursuant to 16 subdivision b of section three hundred eighty-four-e of this article if 17 such deputy sheriff's employer has elected to provide such service cred- 18 it. 19 § 3. This act shall take effect on the sixtieth day after it shall 20 have become a law. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would expand the definition of creditable service under twenty-year and twenty-five year retirement plans in the New York State and Local Police and Fire Retirement System (NYSLPFRS) to include service credit earned in the New York State and Local Employees' Retire- ment System (NYSLERS) for those individuals previously employed in the title of Deputy Sheriff and who provided police protection or correction officer service. To be eligible, an individual must be a member of the NYSLPFRS and must elect to transfer the NYSLERS service credit to the NYSLPFRS within twelve months of first joining the NYSLPFRS, or within twelve months of the effective date of this bill, whichever is later. The amount of service credit granted in the NYSLPFRS will be calculated by the Actuary of the New York State and Local Retirement System based on deputy sheriff service credited and the rate of salary earned in the NYSLERS and will not exceed the service credited under the NYSLERS plan. Insofar as this bill affects the NYSLPFRS, if enacted during the 2024 Legislative Session, it is estimated that the past service cost will average approximately 21 percent of an affected member's compensation for each year of additional service credit that is granted. All costs will be shared by the State of New York and the local participating employers in the NYSLPFRS. Summary of relevant resources: Membership data as of March 31, 2023 was used in measuring the impact of the proposed change, the same data used in the April 1, 2023 actuari- al valuation. Distributions and other statistics can be found in the 2023 Report of the Actuary and the 2023 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2023 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, 2023 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.A. 5231--B 4 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 April 12, 2024, and intended for use only during the 2024 Legislative Session, is Fiscal Note No. 2024-155, prepared by the Actuary for the New York State and Local Retirement System.
