Bill Text: NY A05324 | 2013-2014 | General Assembly | Introduced
Bill Title: Allows certain Tier 3 and 4 retirement system members who have contributed for a period of 10 years or more in the NYSERS, NYSTRS, NYCTRS, NYCBERS or the NYCERS to receive an additional month of service credit for each year of service in excess of 10 years of service for which such member has contributed.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Introduced - Dead) 2014-01-08 - referred to governmental employees [A05324 Detail]
Download: New_York-2013-A05324-Introduced.html
S T A T E O F N E W Y O R K
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5324
2013-2014 Regular Sessions
I N A S S E M B L Y
February 22, 2013
___________
Introduced by M. of A. ABBATE, ENGLEBRIGHT, COLTON, BOYLAND -- Multi-
Sponsored by -- M. of A. CUSICK, HOOPER, PERRY, SWEENEY, WEISENBERG,
ZEBROWSKI -- read once and referred to the Committee on Governmental
Operations
AN ACT to amend the retirement and social security law, in relation to
providing benefit enhancements
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision b of section 902 of the retirement and social
2 security law is amended by adding a new paragraph 4 to read as follows:
3 4. A MEMBER OF A RETIREMENT SYSTEM AS DEFINED BY SUBDIVISION A OF
4 SECTION NINE HUNDRED OF THIS ARTICLE WITH A DATE OF MEMBERSHIP IN SUCH
5 RETIREMENT SYSTEM ON OR AFTER JULY TWENTY-SEVENTH, NINETEEN HUNDRED
6 SEVENTY-SIX AND BEFORE JANUARY FIRST, TWO THOUSAND TEN AND WHO HAS
7 CONTRIBUTED TO SUCH RETIREMENT SYSTEM UNDER THE PROVISIONS OF ARTICLE
8 FOURTEEN OR FIFTEEN OF THIS CHAPTER FOR A PERIOD OF MORE THAN TEN YEARS
9 SHALL RECEIVE ONE-TWELFTH OF A YEAR OF ADDITIONAL RETIREMENT CREDIT FOR
10 EACH YEAR OF SERVICE IN EXCESS OF TEN YEARS OF SERVICE FOR WHICH SUCH
11 MEMBER HAS CONTRIBUTED, AND SUCH ADDITIONAL RETIREMENT CREDIT SHALL BE
12 CREDITED TO ALL SUCH ELIGIBLE EMPLOYEES WITHOUT REGARD TO AN ELECTION OF
13 BENEFIT ENHANCEMENTS PURSUANT TO SECTION NINE HUNDRED ONE OF THIS ARTI-
14 CLE.
15 S 2. Subdivision b of section 911 of the retirement and social securi-
16 ty law is amended by adding a new paragraph 4 to read as follows:
17 4. A MEMBER OF A RETIREMENT SYSTEM AS DEFINED BY SUBDIVISION A OF
18 SECTION NINE HUNDRED TEN OF THIS ARTICLE WITH A DATE OF MEMBERSHIP IN
19 SUCH RETIREMENT SYSTEM ON OR AFTER JULY TWENTY-SEVENTH, NINETEEN HUNDRED
20 SEVENTY-SIX AND WHO HAS CONTRIBUTED TO SUCH RETIREMENT SYSTEM UNDER THE
21 PROVISIONS OF ARTICLE FOURTEEN OR FIFTEEN OF THIS CHAPTER FOR A PERIOD
22 OF MORE THAN TEN YEARS SHALL RECEIVE ONE-TWELFTH OF A YEAR OF ADDITIONAL
23 RETIREMENT CREDIT FOR EACH YEAR OF SERVICE IN EXCESS OF TEN YEARS OF
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08296-01-3
A. 5324 2
1 SERVICE FOR WHICH SUCH MEMBER HAS CONTRIBUTED, AND SUCH ADDITIONAL
2 RETIREMENT CREDIT SHALL BE CREDITED TO ALL SUCH ELIGIBLE EMPLOYEES.
3 S 3. This act shall take effect immediately, except that if this act
4 shall have become a law on or after June 30, 2013 this act shall take
5 effect immediately and shall be deemed to have been in full force and
6 effect on and after June 30, 2013.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill would amend Article 19 of the Retirement and Social Security
Law to allow tier 3 and 4 members who have contributed for a period of
more than ten (10) years in the New York State and Local Employees'
Retirement System, New York State Teachers' Retirement System, New York
City Employees' Retirement System, New York City Teachers' Retirement
System, or the New York City Board of Education Retirement System to
receive an additional month of service credit for each year of service
in excess of ten (10) years of service for which such member has
contributed. This bill would be deemed to be in effect on June 30, 2013.
Insofar as this bill would affect the New York State and Local Employ-
ees' Retirement System, if this bill is enacted, there will be an esti-
mated one time cost of approximately $374 million. Pursuant to section
25 of the Retirement and Social Security Law, this cost would be borne
by the State of New York and would require an itemized appropriation by
the State of New York sufficient to pay the cost of the provision. If
this cost is amortized over a 5 year period, the cost for the first
year, including interest, would be approximately $86.0 million.
Summary of relevant resources:
Data: March 31, 2012 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 Actuarial Valuations report.
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 December 17, 2012, and intended for use only
during the 2013 Legislative Session, is Fiscal Note No. 2013-22,
prepared by the Actuary for the New York State and Local Employees'
Retirement System.
