Bill Text: NY A06571 | 2023-2024 | General Assembly | Introduced

---

Bill Title: Modifies the retirement program for Triborough bridge and tunnel members to a twenty-year retirement program; clarifies the statutory peace officer designation of certain employees of the Triborough bridge and tunnel authority.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2023-12-08 - signed chap.693 [A06571 Detail]

Download: New_York-2023-A06571-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          6571

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     April 19, 2023
                                       ___________

        Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
          Committee on Governmental Employees

        AN ACT to amend the retirement and social security law, in  relation  to
          modifying  the  retirement  program  for  Triborough bridge and tunnel
          members; to amend the criminal procedure law, in relation to  clarify-
          ing  the  statutory  peace officer designation of certain employees of
          the Triborough bridge and tunnel  authority;  and  providing  for  the
          repeal of certain provisions

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 604-c of the retirement and social security law, as
     2  added by chapter 472 of the laws of 1995, paragraph 2 of  subdivision  c
     3  and paragraph 7-a of subdivision e as amended by chapter 693 of the laws
     4  of 2003, paragraph 1 and subparagraph (ii) of paragraph 2 of subdivision
     5  d  as  amended  by  chapter 18 of the laws of 2012, subparagraph (ii) of
     6  paragraph 1 of subdivision d as amended by section 6 of part TT of chap-
     7  ter 56 of the laws of 2022, paragraph 1 of subdivision e as  amended  by
     8  chapter  661  of  the  laws of 2002, subparagraph (iv) of paragraph 3 of
     9  subdivision e as added by chapter 365 of the laws of 1999,  subparagraph
    10  (i)  of  paragraph  8  of subdivision e as amended by chapter 448 of the
    11  laws of 2018 and paragraph 9 of subdivision e as amended by chapter  664
    12  of the laws of 1996, is amended to read as follows:
    13    §  604-c.  [Twenty-year/age  fifty] Twenty-year retirement program for
    14  Triborough bridge and tunnel  members.  a.  Definitions.  The  following
    15  words and phrases as used in this section shall have the following mean-
    16  ings unless a different meaning is plainly required by the context.
    17    1.  "Triborough  bridge  and  tunnel  member"  shall mean a member (as
    18  defined in subdivision e of section six hundred one of this article) who
    19  is employed by the Triborough bridge and tunnel authority  as  a  bridge
    20  and  tunnel  officer,  sergeant, or lieutenant in a non-managerial posi-
    21  tion.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08581-02-3
        A. 6571                             2

     1    2. ["Twenty-year/age fifty]  "Twenty-year  retirement  program"  shall
     2  mean all the terms and conditions of this section.
     3    3.  "Starting  date of the [twenty-year/age fifty] twenty-year retire-
     4  ment program" shall mean the date of enactment of the  act  which  added
     5  this section, as such date is certified pursuant to section forty-one of
     6  the legislative law.
     7    4.  "Participant in the [twenty-year/age fifty] twenty-year retirement
     8  program" shall mean any Triborough bridge and tunnel member  who,  under
     9  the  applicable provisions of subdivision b of this section, is entitled
    10  to the rights, benefits and privileges and is subject to the obligations
    11  of the [twenty-year/age fifty] twenty-year retirement program, as appli-
    12  cable to him or her.
    13    5. "Discontinued member" shall mean  a  participant  in  the  [twenty-
    14  year/age  fifty] twenty-year retirement program who, while he or she was
    15  a Triborough bridge and tunnel member, discontinued service  as  such  a
    16  member  and has a right to a deferred vested benefit under subdivision d
    17  of this section.
    18    6. "Administrative code" shall mean the  administrative  code  of  the
    19  city of New York.
    20    b.  Participation  in  [twenty-year/age  fifty] twenty-year retirement
    21  program. 1. Subject to the provisions of paragraph six of this  subdivi-
    22  sion,  any  person  who  is a Triborough bridge and tunnel member on the
    23  starting date of  the  [twenty-year/age  fifty]  twenty-year  retirement
    24  program  and  who, as such a bridge and tunnel member or otherwise, last
    25  became subject to the provisions of this article prior to such  starting
    26  date,  may  elect to become a participant in the [twenty-year/age fifty]
    27  twenty-year retirement program by filing, within one hundred eighty days
    28  after the starting  date  of  the  [twenty-year/age  fifty]  twenty-year
    29  retirement  program,  a duly executed application for such participation
    30  with the retirement system of which such person is a member, provided he
    31  or she is such a bridge and tunnel member on the date  such  application
    32  is filed.
    33    2. Subject to the provisions of paragraph six of this subdivision, any
    34  person  who  becomes  a  Triborough  bridge  and tunnel member after the
    35  starting date of  the  [twenty-year/age  fifty]  twenty-year  retirement
    36  program  and  who, as such a bridge and tunnel member or otherwise, last
    37  became subject to the provisions of this article prior to such  starting
    38  date,  may  elect to become a participant in the [twenty-year/age fifty]
    39  twenty-year retirement program by filing, within one hundred eighty days
    40  after becoming such a bridge and tunnel member, a duly executed applica-
    41  tion for such participation with the retirement  system  of  which  such
    42  person  is  a  member,  provided  he  or she is such a bridge and tunnel
    43  member on the date such application is filed.
    44    3. Any election to be a participant  in  the  [twenty-year/age  fifty]
    45  twenty-year retirement program shall be irrevocable.
    46    4. Each Triborough bridge and tunnel member who becomes subject to the
    47  provisions of this article on or after the starting date of the [twenty-
    48  year/age  fifty]  twenty-year  retirement program shall become a partic-
    49  ipant in the [twenty-year/age fifty] twenty-year retirement  program  on
    50  the date he or she becomes such a bridge and tunnel member.
    51    5.  Where  any  participant in the [twenty-year/age fifty] twenty-year
    52  retirement program shall cease to be employed by the  Triborough  bridge
    53  and  tunnel  authority  as  a  bridge and tunnel member, he or she shall
    54  cease to be such a participant and, during  any  period  in  which  such
    55  person  is  not so employed, he or she shall not be a participant in the
        A. 6571                             3

     1  [twenty-year/age fifty] twenty-year retirement program and shall not  be
     2  eligible for the benefits of subdivision c of this section.
     3    6.  Where  any  participant in the [twenty-year/age fifty] twenty-year
     4  retirement program terminates service as a Triborough bridge and  tunnel
     5  member  and  returns  to  such service as a Triborough bridge and tunnel
     6  member at a later date, he or she shall again become such a  participant
     7  on that date.
     8    c.  Service  retirement  benefits.  1.  A  participant in the [twenty-
     9  year/age fifty] twenty-year retirement program:
    10    (i) who has completed twenty or more years of credited service; and
    11    (ii) [who has attained age fifty; and
    12    (iii)] who has paid, before the  effective  date  of  retirement,  all
    13  additional member contributions and interest (if any) required by subdi-
    14  vision e of this section; and
    15    [(iv)]  (iii)  who files with the retirement system of which he or she
    16  is a member an application for service retirement setting forth at  what
    17  time he or she desires to be retired; and
    18    [(v)]  (iv)  who shall be a participant in the [twenty-year/age fifty]
    19  twenty-year retirement program at the time so specified for his  or  her
    20  retirement;  shall be retired pursuant to the provisions of this section
    21  affording early service retirement.
    22    2. (i) Notwithstanding any other provision of law to the contrary, the
    23  early service  retirement  benefit  for  participants  in  the  [twenty-
    24  year/age  fifty]  twenty-year  retirement program who retire pursuant to
    25  paragraph one of this subdivision shall be a pension consisting of:
    26    (A) an amount, on account of the required minimum period  of  service,
    27  equal to one-half of his or her final average salary; plus
    28    (B)  an  amount  of credited service, or fraction thereof, beyond such
    29  required minimum period of service equal to one and one-half percent  of
    30  his or her final average salary.
    31    (ii)  The maximum pension computed without optional modification paya-
    32  ble pursuant to subparagraph (i) of  this  paragraph  shall  equal  that
    33  payable upon completion of thirty years of service.
    34    d.  Vesting.  1.  A participant in the [twenty-year/age fifty] twenty-
    35  year retirement program [who] shall be entitled to  receive  a  deferred
    36  vested benefit as provided in this subdivision if such participant:
    37    (i)  discontinues  service  as  a Triborough bridge and tunnel member,
    38  other than by death or retirement; and
    39    (ii) prior to such discontinuance, completed five but less than twenty
    40  years of credited service; and
    41    (iii) has paid, prior to such discontinuance,  all  additional  member
    42  contributions  and  interest  (if any) required by subdivision e of this
    43  section; and
    44    (iv) does not withdraw in whole or in  part  his  or  her  accumulated
    45  member  contributions  pursuant  to section six hundred thirteen of this
    46  article unless such participant thereafter returns to public service and
    47  repays the amounts so withdrawn, together  with  interest,  pursuant  to
    48  such  section  six  hundred  thirteen[;  shall  be entitled to receive a
    49  deferred vested benefit as provided in this subdivision].
    50    2. (i) Upon such discontinuance under the conditions and in compliance
    51  with the provisions of paragraph one of this subdivision, such  deferred
    52  vested benefit shall vest automatically.
    53    (ii)  In  the case of a participant who is not a New York city revised
    54  plan member, such vested benefit shall become payable  on  the  earliest
    55  date on which such discontinued member could have retired for service if
    56  such  discontinuance  had  not occurred or, in the case of a participant
        A. 6571                             4

     1  who is a New York city revised plan member, such  vested  benefit  shall
     2  become payable at age sixty-three.
     3    3.  Such  deferred  vested benefit shall be a pension consisting of an
     4  amount equal to two and one-half percent of such  discontinued  member's
     5  final  average  salary,  multiplied  by  the number of years of credited
     6  service.
     7    e. Additional member contributions.  1.  In  addition  to  the  member
     8  contributions  required by section six hundred thirteen of this article,
     9  each participant in the [twenty-year/age fifty]  twenty-year  retirement
    10  program in the rank of bridge and tunnel officer shall contribute to the
    11  retirement  system of which he or she is a member (subject to the appli-
    12  cable provisions of subdivision d of section  six  hundred  thirteen  of
    13  this article) an additional five and fifty one-hundredths percent of his
    14  or  her compensation and each participant in the [twenty-year/age fifty]
    15  twenty-year retirement program in the rank  of  sergeant  or  lieutenant
    16  shall  contribute  to the retirement system an additional six percent of
    17  his or her compensation earned from all allowable service as  a  Tribor-
    18  ough  bridge  and  tunnel member rendered on and after the date which is
    19  one hundred eighty days prior to  the  starting  date  of  the  [twenty-
    20  year/age  fifty]  twenty-year  retirement  program. A participant in the
    21  [twenty-year/age fifty] twenty-year retirement program shall  contribute
    22  additional  member  contributions  until the later of (i) the date as of
    23  which he or she has twenty years of credited service  as  a  bridge  and
    24  tunnel officer, or (ii) the third anniversary of the date that he or she
    25  last  became  a  participant  in the [twenty-year/age fifty] twenty-year
    26  retirement program.
    27    2. Commencing with the first full payroll  period  after  each  person
    28  becomes a participant in the [twenty-year/age fifty] twenty-year retire-
    29  ment  program,  additional member contributions at the rate specified in
    30  paragraph one of this subdivision shall  be  deducted  (subject  to  the
    31  applicable  provisions  of subdivision d of section six hundred thirteen
    32  of this article) from the compensation of such participant on  each  and
    33  every payroll of such participant for each and every payroll period.
    34    3.  (i)  Subject  to the provisions of subparagraph (ii) of this para-
    35  graph, where any additional member contributions required  by  paragraph
    36  one  of this subdivision are not paid by deductions from a participant's
    37  compensation pursuant to paragraph two of this subdivision:
    38    (A) that participant shall be charged with a  contribution  deficiency
    39  consisting of such unpaid amounts, together with interest thereon at the
    40  rate of five percent per annum, compounded annually; and
    41    (B)  such  interest  on  each amount of undeducted contributions shall
    42  accrue from the end of the payroll period for which  such  amount  would
    43  have been deducted from compensation if he or she had been a participant
    44  at  the  beginning  of that payroll period, until such amount is paid to
    45  the retirement system.
    46    (ii) Except as provided in subparagraph (iii) of  this  paragraph,  no
    47  interest  shall be due on any such unpaid additional contributions which
    48  are not attributable to the period prior to the first full payroll peri-
    49  od referred to in paragraph two of this subdivision.
    50    (iii) Should any person who,  pursuant  to  paragraph  eight  of  this
    51  subdivision,  has withdrawn any additional member contributions (and any
    52  interest paid thereon)  again  become  a  participant  in  the  [twenty-
    53  year/age fifty] twenty-year retirement program pursuant to paragraph six
    54  of  subdivision  b  of  this  section,  an  appropriate  amount shall be
    55  included in such participant's contribution deficiency (including inter-
        A. 6571                             5

     1  est thereon as calculated pursuant to subparagraph  (i)  of  this  para-
     2  graph) as if such additional contributions had never been made.
     3    (iv)  Notwithstanding  any  other  provisions  of  this  paragraph, no
     4  participant shall be charged interest for  any  period  prior  to  March
     5  twenty-fifth, nineteen hundred ninety-eight with respect to any contrib-
     6  utions  owed  with respect to any payroll period beginning prior to such
     7  date.
     8    4. The head of a retirement system which includes participants in  the
     9  [twenty-year/age fifty] twenty-year retirement program in its membership
    10  may,  consistent  with  the  provisions  of this subdivision, promulgate
    11  regulations for the payment of such additional member contributions, and
    12  any interest thereon, by such participants (including the  deduction  of
    13  such  contributions,  and  any  interest thereon, from the participant's
    14  compensation).
    15    5. Where a contribution deficiency chargeable to a participant  pursu-
    16  ant  to  paragraph  three  of this subdivision has not been paid in full
    17  before the effective date of retirement, that participant shall  not  be
    18  eligible to retire pursuant to subdivision c of this section.
    19    6.  Where a contribution deficiency chargeable to a participant pursu-
    20  ant to paragraph three of this subdivision has not  been  paid  in  full
    21  before the date of discontinuance of service, that participant shall not
    22  be  entitled  to  a deferred vested benefit pursuant to subdivision d of
    23  this section.
    24    7. Where a participant has not paid in full any contribution deficien-
    25  cy chargeable to him or her pursuant to paragraph three of this subdivi-
    26  sion, and a benefit, other than a refund of member contributions  pursu-
    27  ant  to  section  six  hundred  thirteen  of this article or a refund of
    28  additional member contributions pursuant  to  paragraph  eight  of  this
    29  subdivision, becomes payable under this article to the participant or to
    30  his or her designated beneficiary or estate, the actuarial equivalent of
    31  any  such  unpaid  amount  shall  be deducted from the benefit otherwise
    32  payable.
    33    7-a. Notwithstanding paragraph six or seven of this subdivision, where
    34  a deficiency chargeable to a participant pursuant to paragraph three  of
    35  this  subdivision  has  not been paid in full while the participant is a
    36  Triborough bridge and tunnel member and such participant  retires  prior
    37  to  July  first,  two  thousand eleven, such participant may elect to be
    38  covered by this paragraph. Such participant shall  be  entitled  to  the
    39  benefits provided in subdivision c of this section provided that partic-
    40  ipant  authorizes  the retirement system to deduct from such benefits an
    41  amount which will result in the deficiency, plus associated interest  to
    42  date  of final payment, being paid in full no later than July first, two
    43  thousand eleven or such earlier date as agreed to  by  the  participant.
    44  Such  amount  will be deducted in equal installments on a monthly basis.
    45  Nothing in this paragraph shall prevent the participant  from  making  a
    46  partial  payment  of the amount of the deficiency at the time of retire-
    47  ment so as to reduce the monthly payment nor to make a lump sum  payment
    48  equal  to  the amount of the total unpaid balance at any time during the
    49  period of repayment.
    50    8. (i) Such additional member contributions (and any interest thereon)
    51  shall be paid into the contingent reserve fund of the retirement  system
    52  of  which  the  participant is a member and shall not for any purpose be
    53  deemed to be member contributions  or  accumulated  contributions  of  a
    54  member  under  section six hundred thirteen of this article or otherwise
    55  while he or she is a participant in the [twenty-year/age fifty]  twenty-
    56  year  retirement  program  or  otherwise, except that, a surplus of such
        A. 6571                             6

     1  additional member  contributions  that  are  paid  into  the  retirement
     2  system's  contingent  reserve  fund  may be used for the sole purpose of
     3  offsetting a deficit of basic member contributions.
     4    (ii)  Should  a participant in the [twenty-year/age fifty] twenty-year
     5  retirement program who has rendered less than fifteen years of allowable
     6  service as a Triborough bridge and tunnel member cease to hold  a  posi-
     7  tion as a Triborough bridge and tunnel member for any reason whatsoever,
     8  his  or her accumulated additional member contributions made pursuant to
     9  this subdivision (together with any interest thereon paid to the retire-
    10  ment system) may be withdrawn by  him  or  her  pursuant  to  procedures
    11  promulgated  in  regulations  of the board of trustees of the retirement
    12  system, together with interest thereon at the rate of five  percent  per
    13  annum, compounded annually.
    14    (iii)  Except  as  provided in subparagraph (ii) of this paragraph, no
    15  member, while he or she is a participant  or  otherwise,  shall  have  a
    16  right  to  withdraw such additional member contributions or any interest
    17  thereon from the retirement system.
    18    9. A member who has made the  additional  contributions  specified  by
    19  this subdivision may borrow a portion of such contributions, pursuant to
    20  the provisions of section six hundred thirteen-b of this article.
    21    §  2. Subdivision 20 of section 2.10 of the criminal procedure law, as
    22  added by chapter 843 of the laws of 1980, is amended to read as follows:
    23    20.  Bridge  and  tunnel  officers,  sergeants   [and],   lieutenants,
    24  captains, inspectors, deputy chiefs, assistant chiefs, and chiefs of the
    25  Triborough bridge and tunnel authority.
    26    § 3. This act shall take effect immediately; provided, however, that:
    27    (a) section one of this act shall take effect on the one hundred twen-
    28  tieth day after it shall have become a law, provided that the Triborough
    29  bridge  and tunnel authority has elected prior to such effective date to
    30  provide its employees the retirement incentive authorized by this act by
    31  resolution of its governing body specifying which  titles  and/or  ranks
    32  are  covered  by  such  election  as  amongst  those titles and/or ranks
    33  already covered by section 604-c of the retirement and  social  security
    34  law;  provided,  however,  if the Triborough bridge and tunnel authority
    35  shall not elect by resolution to provide its  employees  the  retirement
    36  incentive authorized by this act during the time period required by this
    37  subdivision, section one of this act shall be deemed repealed; and
    38    (b) the Triborough bridge and tunnel authority shall notify the legis-
    39  lative  bill drafting commission on whether it has elected by resolution
    40  to provide its employees the retirement incentive authorized by this act
    41  within the time period required by subdivision (a) of  this  section  in
    42  order  that the commission may maintain an accurate and timely effective
    43  data base of the official text of the laws of the state of New  York  in
    44  furtherance of effectuating the provisions of section 44 of the legisla-
    45  tive law and section 70-b of the public officers law.
    46    FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          SUMMARY  OF  BILL:  This proposed legislation, as it relates to Tier 4
        and Tier 6 members of the New York  City  Employees'  Retirement  System
        (NYCERS) who are members of the respective TBTA 20/50 Plans, would amend
        Section 604-c of the Retirement and Social Security Law (RSSL) to remove
        age 50 as an eligibility requirement for service retirement.
          Effective  Date:  Upon  enactment,  provided,  however,  that it shall
        become effective on the 120th day after enactment in the event the  TBTA
        elects  by  resolution to provide to its employees the retirement incen-
        tive authorized by the bill within such 120-day period.
        A. 6571                             7

          IMPACT ON BENEFITS: Currently, members of the Tier 4 and Tier  6  TBTA
        20/50  Plans  are  eligible to receive a service retirement benefit upon
        attaining 20 or more years of  credited  service  and  age  50.  Tier  4
        members  who leave employment with at least five, but less than 20 years
        of  service, are eligible to receive a vested retirement benefit payable
        on the date they would have attained 20 years of  credited  service  and
        age 50. Tier 6 members who leave employment with at least five, but less
        than  20  years  of  credited  service  are eligible to receive a vested
        retirement benefit payable at age 63.
          Under the proposed legislation, if enacted, affected  members  of  the
        TBTA 20/50 Plans would be eligible to receive a service retirement bene-
        fit  upon attaining 20 years of credited service, without regard to age.
        Tier 4 members who leave employment with at least five, but less than 20
        years of credited service, would be eligible to receive a vested retire-
        ment benefit payable on the date the  member  would  have  completed  20
        years  of  credited  service,  without regard to age. Tier 6 members who
        leave employment with at least five, but less than 20 years of  credited
        service  would  continue  to  be eligible to receive a vested retirement
        benefit payable at age 63.
          FINANCIAL IMPACT - PRESENT VALUES: Based on the anticipated  group  of
        members  benefiting  from  the change in the eligibility requirement and
        the actuarial assumptions and methods described herein, the enactment of
        this proposed legislation would increase the  Present  Value  of  Future
        Benefits (PVFB) by approximately $5.6 million for TBTA.
          Under  the Entry Age Normal cost method used to determine the employer
        contributions to NYCERS, there would be  an  increase  in  the  Unfunded
        Accrued  Liability  (UAL)  of  approximately  $7.0  million  offset by a
        decrease in the Present Value of future employer  Normal  Cost  of  $1.4
        million.
          FINANCIAL  IMPACT  -  ANNUAL  EMPLOYER CONTRIBUTIONS: The enactment of
        this proposed legislation would result in an initial increase in  annual
        employer  contributions  for TBTA of approximately $1.7 million which is
        the result of an increase in the Normal Cost  in  addition  to  the  UAL
        payment.
          CENSUS  DATA:  The  estimates presented herein are based on the census
        data used in the June 30, 2022 actuarial valuation of NYCERS  to  deter-
        mine the Preliminary Fiscal Year 2024 employer contributions.
          The 92 NYCERS Tier 4 members as of June 30, 2022 who could potentially
        benefit  from  the  change in the eligibility requirement for retirement
        had an average age of  approximately  42.5  years,  average  service  of
        approximately  16.8  years,  and  an  average  salary  of  approximately
        $115,400. As of June 30, 2022, there are no active members in the Tier 6
        TBTA 20/50 Plan.
          ACTUARIAL ASSUMPTIONS AND METHODS: The estimates presented herein have
        been calculated based on the actuarial assumptions and methods in effect
        for the Preliminary Fiscal Year 2024 employer contributions  of  NYCERS.
        For  the  purposes  of  this Fiscal Note, it is assumed that the changes
        would be reflected for the first time in the  June  30,  2022  actuarial
        valuation  of NYCERS used to determine employer contributions for Fiscal
        Year 2024.
          RISK AND UNCERTAINTY: The costs presented in this Fiscal  Note  depend
        highly  on the realization of the actuarial assumptions used, demograph-
        ics of the impacted population and other  factors  such  as  investment,
        contribution,  and other risks. If actual experience deviates from actu-
        arial assumptions, the actual costs could differ  from  those  presented
        herein.
        A. 6571                             8

          Costs  are also dependent on the actuarial methods used, and therefore
        different actuarial methods could produce different results. Quantifying
        these risks is beyond the scope of this Fiscal Note.
          Not measured in this Fiscal Note are the following:
          *  The initial additional administrative costs of NYCERS and other New
        York City agencies to implement the proposed legislation.
          * The impact of this  proposed  legislation  on  Other  Postemployment
        Benefit (OPEB) costs.
          *  The  amendment  to include enumerated titles in the Criminal Proce-
        dural law.
          STATEMENT OF ACTUARIAL OPINION: I, Marek  Tyszkiewicz,  am  the  Chief
        Actuary  for,  and  independent of, the New York City Retirement Systems
        and Pension Funds. I am an Associate of the Society of Actuaries  and  a
        Member of the American Academy of Actuaries. I am a member of NYCERS but
        do  not  believe  it impairs my objectivity and I meet the Qualification
        Standards of the American Academy of Actuaries to render  the  actuarial
        opinion  contained  herein.  To  the  best  of my knowledge, the results
        contained  herein  have  been  prepared  in  accordance  with  generally
        accepted  actuarial  principles  and  procedures  and with the Actuarial
        Standards of Practice issued by the Actuarial Standards Board.
          FISCAL NOTE IDENTIFICATION: This Fiscal Note 2023-30 dated  April  13,
        2023  was prepared by the Chief Actuary for the New York City Employees'
        Retirement System. This estimate is intended for  use  only  during  the
        2023 Legislative Session.