Bill Text: NY A07075 | 2009-2010 | General Assembly | Amended


Bill Title: Allows Tier 2, 3 and 4 members of the NYS&LERS and certain other public retirement systems to retire without a benefit reduction due to early retirement upon attainment of age 55 and the completion of 25 years of service.

Spectrum: Strong Partisan Bill (Democrat 26-2)

Status: (Introduced - Dead) 2010-01-19 - print number 7075b [A07075 Detail]

Download: New_York-2009-A07075-Amended.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7075--B
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 19, 2009
                                      ___________
       Introduced  by  M. of A. McENENY, CANESTRARI, CAHILL, WRIGHT, SCHROEDER,
         GUNTHER, FIELDS, JAFFEE, RAMOS, HYER-SPENCER -- Multi-Sponsored by  --
         M.  of  A.   BOYLAND, BRODSKY, BROOK-KRASNY, COLTON, CUSICK, DINOWITZ,
         HEASTIE, HOOPER, LATIMER, LIFTON, J. MILLER, PERALTA, PERRY,  PHEFFER,
         SPANO, SWEENEY, WEINSTEIN, WEISENBERG -- read once and referred to the
         Committee  on  Governmental  Employees  --  committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee  --  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 commit-
         tee
       AN ACT to amend the retirement and social security law, in  relation  to
         benefits  of  members  subject to article 11 and article 15 who retire
         prior to the normal retirement age with twenty-five years of service
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Paragraph 1 of subdivision b of section 442 of the retire-
    2  ment and social security law, as amended by chapter 306 of the  laws  of
    3  1996, is amended to read as follows:
    4    1.  A  member  who  is  a  peace officer employed by the unified court
    5  system or a member of a teacher's retirement system or a member  of  the
    6  New York state and local employees' retirement system OR A MEMBER OF THE
    7  NEW  YORK  CITY EMPLOYEES' RETIREMENT SYSTEM OR A MEMBER OF THE NEW YORK
    8  CITY BOARD OF EDUCATION RETIREMENT SYSTEM may retire  without  reduction
    9  of  his OR HER retirement benefit upon his OR HER attainment of at least
   10  fifty-five years of age and completion of [thirty] TWENTY-FIVE  or  more
   11  years of service; and
   12    S  2.  Paragraph 1 of subdivision d of section 445-d of the retirement
   13  and social security law, as amended by chapter 509 of the laws of  2001,
   14  is amended to read as follows:
   15    1.  In addition to the member contributions required by section 13-125
   16  or 13-162 of the administrative code or section eight or thirty  of  the
   17  BERS  rules  and  regulations,  each  participant  in the age fifty-five
   18  improved benefit retirement program shall  contribute,  subject  to  the
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00702-05-0
       A. 7075--B                          2
    1  applicable  provisions of section 13-125.2 of the administrative code or
    2  subdivision nineteen of section twenty-five hundred seventy-five of  the
    3  education law, an additional percentage or additional percentages of his
    4  or  her  compensation  to  the retirement system of which he or she is a
    5  member in accordance with the following schedule:
    6    (i) (A) each such participant shall contribute an additional four  and
    7  thirty-five  one-hundredths  percent  of  his or her compensation earned
    8  from all credited CPP qualifying service (whether or not in a physically
    9  taxing position) rendered on and after the  starting  date  of  the  age
   10  fifty-five   improved  benefit  retirement  program  and  prior  to  the
   11  commencement date of the first payroll period which begins after January
   12  first, nineteen hundred ninety-eight (1) while such person is a  partic-
   13  ipant in such program; and (2) before such person becomes such a partic-
   14  ipant  pursuant to paragraph one or two of subdivision b of this section
   15  (whether or not rendered in a New York city eligible position); and  (3)
   16  after such person ceases to be a participant, but before he or she again
   17  becomes  such  a participant pursuant to paragraph five of such subdivi-
   18  sion b (whether or not rendered in a New York city  eligible  position);
   19  and
   20    (B)  each  such  participant  shall  contribute  an additional two and
   21  eighty-five one-hundredths percent of his  or  her  compensation  earned
   22  from all credited CPP qualifying service (whether or not in a physically
   23  taxing  position)  rendered  on  and  after the commencement date of the
   24  first payroll period which begins after January first, nineteen  hundred
   25  ninety-eight  and  prior  to  the commencement date of the first payroll
   26  period which begins subsequent to the effective date  of  [the]  chapter
   27  FIVE  HUNDRED  NINE  of  the laws of two thousand one which amended this
   28  item AND PRIOR TO THE COMMENCEMENT DATE  OF  THE  FIRST  PAYROLL  PERIOD
   29  WHICH BEGINS AFTER JULY FIRST, TWO THOUSAND TEN (1) while such person is
   30  a participant in such program; and (2) before such person becomes such a
   31  participant  pursuant  to  paragraph one or two of subdivision b of this
   32  section (whether or not rendered in a New York city eligible  position);
   33  and  (3)  after such person ceases to be a participant, but before he or
   34  she again becomes such a participant pursuant to paragraph five of  such
   35  subdivision b (whether or not rendered in a New York city eligible posi-
   36  tion); and
   37    (C)  each  such  participant  shall  contribute  an additional one and
   38  eighty-five one-hundredths percent of his  or  her  compensation  earned
   39  from all credited CPP qualifying service (whether or not in a physically
   40  taxing  position)  rendered  on  and  after the commencement date of the
   41  first payroll period which begins subsequent to the  effective  date  of
   42  [the]  chapter  FIVE  HUNDRED NINE of the laws of two thousand one which
   43  added this item (1) while such person is a participant in such  program;
   44  and  (2) before such person becomes such a participant pursuant to para-
   45  graph one or two of subdivision  b  of  this  section  (whether  or  not
   46  rendered  in  a  New  York  city  eligible position); and (3) after such
   47  person ceases to be a participant, but before he or  she  again  becomes
   48  such  a  participant  pursuant  to  paragraph five of such subdivision b
   49  (whether or not rendered in a New York city eligible position); and
   50    (ii) each such participant who is  employed  in  a  physically  taxing
   51  position  (as  defined  in  paragraph  eleven  of  subdivision a of this
   52  section) shall contribute, in addition to the additional member contrib-
   53  utions required to be made at the percentage of  compensation  specified
   54  in  subparagraph  (i)  of this paragraph for the credited CPP qualifying
   55  service specified in such subparagraph (i), an additional one and  nine-
   56  ty-eight  one-hundredths  percent of his or her compensation earned from
       A. 7075--B                          3
    1  that portion of such credited CPP qualifying service which  is  rendered
    2  in  a  physically  taxing position on and after the starting date of the
    3  age fifty-five improved benefit retirement program (A) while such person
    4  is  a  participant  in  such program; and (B) before such person becomes
    5  such a participant pursuant to paragraph one or two of subdivision b  of
    6  this  section; and (C) after such person ceases to be a participant, but
    7  before he or she again becomes such a participant pursuant to  paragraph
    8  five of such subdivision b.
    9    S 3. Subdivision a of section 603 of the retirement and social securi-
   10  ty  law, as amended by section 7 of part B of chapter 504 of the laws of
   11  2009, is amended to read as follows:
   12    a. The service retirement benefit specified  in  section  six  hundred
   13  four  of this article shall be payable to members who have met the mini-
   14  mum service requirements upon retirement and attainment  of  age  sixty-
   15  two,  other  than  members who are eligible for early service retirement
   16  pursuant to subdivision c of section six hundred four-b of this article,
   17  subdivision c of section  six  hundred  four-c  of  this  article,  SUCH
   18  SECTION  AS  ADDED  BY  CHAPTER  FOUR HUNDRED SEVENTY-TWO OF THE LAWS OF
   19  NINETEEN HUNDRED NINETY-FIVE,  subdivision  d  of  section  six  hundred
   20  four-d  of  this article, subdivision c of section six hundred four-e of
   21  this article, subdivision c of section six hundred four-f of this  arti-
   22  cle, subdivision c of section six hundred four-g of this article, subdi-
   23  vision  c of section six hundred four-h of this article or subdivision c
   24  of section six hundred four-i of  this  article,  provided,  however,  a
   25  member  of a teachers' retirement system or the New York state and local
   26  employees' retirement system who first joins such system before  January
   27  first,  two thousand ten or a member who is a uniformed court officer or
   28  peace officer employed by the unified court system OR THE NEW YORK  CITY
   29  EMPLOYEES'  RETIREMENT  SYSTEM  OR  THE NEW YORK CITY BOARD OF EDUCATION
   30  RETIREMENT SYSTEM may retire without reduction of his or her  retirement
   31  benefit  upon  attainment  of  at  least  fifty-five  years  of  age and
   32  completion of [thirty] TWENTY-FIVE or more years of  service,  provided,
   33  however, that a uniformed court officer or peace officer employed by the
   34  unified  court  system  who first becomes a member of the New York state
   35  and local employees' retirement system on or after  January  first,  two
   36  thousand  ten  and  retires  without  reduction of his or her retirement
   37  benefit upon  attainment  of  at  least  fifty-five  years  of  age  and
   38  completion  of [thirty] TWENTY-FIVE or more years of service pursuant to
   39  this section shall be required to make the member contributions required
   40  by subdivision f of section six hundred thirteen of this article for all
   41  years of credited and creditable service.
   42    S 3-a. Subdivision a of section 603 of the retirement and social secu-
   43  rity law, as amended by section 3-a of chapter 19 of the laws  of  2008,
   44  is amended to read as follows:
   45    a.  The  service  retirement  benefit specified in section six hundred
   46  four of this article shall be payable to members who have met the  mini-
   47  mum  service  requirements  upon retirement and attainment of age sixty-
   48  two, other than members who are eligible for  early  service  retirement
   49  pursuant to subdivision c of section six hundred four-b of this article,
   50  subdivision  c  of  section  six  hundred  four-c  of this article, SUCH
   51  SECTION AS ADDED BY CHAPTER FOUR HUNDRED  SEVENTY-TWO  OF  THE  LAWS  OF
   52  NINETEEN  HUNDRED  NINETY-FIVE,  subdivision  d  of  section six hundred
   53  four-d of this article, subdivision c of section six hundred  four-e  of
   54  this  article, subdivision c of section six hundred four-f of this arti-
   55  cle, subdivision c of section six hundred four-g of this article, subdi-
   56  vision c of section six hundred four-h of this article or subdivision  c
       A. 7075--B                          4
    1  of  section  six  hundred  four-i  of  this article provided, however, a
    2  member who is a peace officer employed by the unified court system or  a
    3  member  of a teachers' retirement system or the New York state and local
    4  employees'  retirement system OR THE NEW YORK CITY EMPLOYEES' RETIREMENT
    5  SYSTEM OR THE NEW YORK CITY BOARD OF  EDUCATION  RETIREMENT  SYSTEM  may
    6  retire  without  reduction of his or her retirement benefit upon attain-
    7  ment of at least fifty-five years of  age  and  completion  of  [thirty]
    8  TWENTY-FIVE or more years of service.
    9    S 4. Paragraph 1 of subdivision i of section 603 of the retirement and
   10  social security law, as amended by section 8 of part B of chapter 504 of
   11  the laws of 2009, is amended to read as follows:
   12    1. A member of a teachers' retirement system or the New York state and
   13  local  employees'  retirement  system  who  has  met the minimum service
   14  requirements but who has less than [thirty] TWENTY-FIVE years of credit-
   15  ed service or a member who first joins the  New  York  state  and  local
   16  employees'  retirement system or the New York state teachers' retirement
   17  system on or after January first, two thousand ten may retire  prior  to
   18  normal retirement age, but no earlier than attainment of age fifty-five,
   19  in  which  event,  unless  such  person is a member of the New York city
   20  teachers' retirement system who is otherwise eligible for early  service
   21  retirement  pursuant  to  subdivision c of section six hundred four-i of
   22  this article, the amount of his  or  her  retirement  benefit  otherwise
   23  computed  without  optional  modification shall be reduced in accordance
   24  with the following schedule:
   25    (i) for each of the first  twenty-four  full  months  that  retirement
   26  predates  age sixty-two, one-half of one per centum per month; provided,
   27  however, that for members who first join the New York  state  and  local
   28  employees'  retirement system or the New York state teachers' retirement
   29  system on or after January first, two thousand ten, such  amounts  shall
   30  be equal to one-fifteenth per year; and
   31    (ii) for each full month that retirement predates age sixty, one-quar-
   32  ter of one per centum per month; provided, however, that for members who
   33  first  join the New York state and local employees' retirement system or
   34  the New York state teachers'  retirement  system  on  or  after  January
   35  first,  two  thousand  ten, such amounts shall be equal to one-twentieth
   36  per year, but in no event shall retirement be permitted prior to attain-
   37  ment of age fifty-five.
   38    S 5. Paragraph 1 of subdivision d of section 604-c of  the  retirement
   39  and  social security law, as amended by chapter 509 of the laws of 2001,
   40  is amended to read as follows:
   41    1. In addition to the member contributions  required  by  section  six
   42  hundred  thirteen  of this article, each participant in the twenty-five-
   43  year early retirement program shall contribute (subject to the  applica-
   44  ble  provisions of subdivision d of section six hundred thirteen of this
   45  article) an additional percentage or additional percentages  of  his  or
   46  her compensation to the retirement system of which he or she is a member
   47  in accordance with the following schedule:
   48    (i)  (A) each such participant shall contribute an additional four and
   49  thirty-five one-hundredths percent of his  or  her  compensation  earned
   50  from  all  credited service (whether or not in a physically taxing posi-
   51  tion) rendered on and after the starting date  of  the  twenty-five-year
   52  early retirement program and prior to the commencement date of the first
   53  payroll  period which begins after January first, nineteen hundred nine-
   54  ty-eight (1) while such person is a participant in such program; and (2)
   55  before such person becomes such a participant pursuant to paragraph  one
   56  or  two  of  subdivision b of this section (whether or not rendered in a
       A. 7075--B                          5
    1  New York city eligible position); and (3) after such person ceases to be
    2  a participant, but before he or she again  becomes  such  a  participant
    3  pursuant  to  paragraph  five  of  such  subdivision  b  (whether or not
    4  rendered in a New York city eligible position); and
    5    (B)  each  such  participant  shall  contribute  an additional two and
    6  eighty-five one-hundredths percent of his  or  her  compensation  earned
    7  from  all  credited service (whether or not in a physically taxing posi-
    8  tion) rendered on and after the commencement date of the  first  payroll
    9  period  which  begins after January first, nineteen hundred ninety-eight
   10  and prior to the commencement date of the  first  payroll  period  which
   11  begins  subsequent  to  the effective date of [the] chapter FIVE HUNDRED
   12  NINE of the laws of two thousand one which amended this item  AND  PRIOR
   13  TO  THE COMMENCEMENT DATE OF THE FIRST PAYROLL PERIOD WHICH BEGINS AFTER
   14  JULY FIRST, TWO THOUSAND TEN (1) while such person is a  participant  in
   15  such  program;  and  (2)  before  such person becomes such a participant
   16  pursuant to paragraph one or  two  of  subdivision  b  of  this  section
   17  (whether  or not rendered in a New York city eligible position); and (3)
   18  after such person ceases to be a participant, but before he or she again
   19  becomes such a participant pursuant to paragraph five of  such  subdivi-
   20  sion  b  (whether or not rendered in a New York city eligible position);
   21  and
   22    (C) each such participant  shall  contribute  an  additional  one  and
   23  eighty-five  one-hundredths  percent  of  his or her compensation earned
   24  from all credited service (whether or not in a physically  taxing  posi-
   25  tion)  rendered  on and after the commencement date of the first payroll
   26  period which begins subsequent to the effective date  of  [the]  chapter
   27  FIVE  HUNDRED NINE of the laws of two thousand one which added this item
   28  (1) while such person is a participant in such program; and  (2)  before
   29  such  person becomes such a participant pursuant to paragraph one or two
   30  of subdivision b of this section (whether or not rendered in a New  York
   31  city  eligible  position);  and  (3)  after  such  person ceases to be a
   32  participant, but before he or  she  again  becomes  such  a  participant
   33  pursuant  to  paragraph  five  of  such  subdivision  b  (whether or not
   34  rendered in a New York city eligible position); and
   35    (ii) each such participant who is  employed  in  a  physically  taxing
   36  position  (as  defined  in  paragraph  eleven  of  subdivision a of this
   37  section) shall contribute, in addition to the additional member contrib-
   38  utions required to be made at the percentage of  compensation  specified
   39  in subparagraph (i) of this paragraph for the credited service specified
   40  in  such  subparagraph  (i), an additional one and ninety-eight one-hun-
   41  dredths percent of his or her compensation earned from that  portion  of
   42  such  credited service which is rendered in a physically taxing position
   43  on and after the starting date of the twenty-five-year early  retirement
   44  program  (A) while such person is a participant in such program; and (B)
   45  before such person becomes such a participant pursuant to paragraph  one
   46  or two of subdivision b of this section; and (C) after such person ceas-
   47  es  to  be  a  participant,  but  before  he or she again becomes such a
   48  participant pursuant to paragraph five of such subdivision b.
   49    (iii) notwithstanding the provisions of subparagraphs (i) and (ii)  of
   50  this  paragraph,  a person who becomes a participant in the twenty-five-
   51  year early retirement program provided by this  section,  who  prior  to
   52  such  membership  was  subject  to the provisions of section six hundred
   53  four-b of this article, shall not be  required  to  pay  the  additional
   54  member  contributions  required  by  subparagraphs  (i) and (ii) of this
   55  paragraph for any period of credited service before  which  such  person
   56  became  a  participant pursuant to paragraph one or two of subdivision b
       A. 7075--B                          6
    1  of this section and during which such participant  was  subject  to  the
    2  provisions of such section six hundred four-b and no additional employee
    3  contributions were required of such member.
    4    S  6.  Paragraph 1 of subdivision f of section 604-d of the retirement
    5  and social security law, as amended by chapter 509 of the laws of  2001,
    6  is amended to read as follows:
    7    1.  In  addition  to  the member contributions required by section six
    8  hundred thirteen of this article, each participant in the age fifty-sev-
    9  en retirement  program  shall  contribute  (subject  to  the  applicable
   10  provisions  of  subdivision  d  of  section six hundred thirteen of this
   11  article) an additional percentage or additional percentages  of  his  or
   12  her compensation to the retirement system of which he or she is a member
   13  in accordance with the following schedule:
   14    (i)  (A) each such participant shall contribute an additional four and
   15  thirty-five one-hundredths percent of his  or  her  compensation  earned
   16  from  all  credited service (whether or not in a physically taxing posi-
   17  tion) rendered prior to the commencement date of the first payroll peri-
   18  od which begins after January first, nineteen hundred  ninety-eight  (1)
   19  while  such person is a participant in such program; and (2) before such
   20  person becomes such a participant pursuant to paragraph one or three  of
   21  subdivision  c  of  this  section (whether or not rendered in a New York
   22  city eligible position, and whether rendered before or after the  enact-
   23  ment date of the age fifty-seven retirement program); and (3) after such
   24  person  ceases  to  be a participant, but before he or she again becomes
   25  such a participant pursuant to paragraph  five  of  such  subdivision  c
   26  (whether or not rendered in a New York city eligible position); and
   27    (B)  each  such  participant  shall  contribute  an additional two and
   28  eighty-five one-hundredths percent of his  or  her  compensation  earned
   29  from  all  credited service (whether or not in a physically taxing posi-
   30  tion) rendered on and after the commencement date of the  first  payroll
   31  period  which  begins after January first, nineteen hundred ninety-eight
   32  and prior to the commencement date of the  first  payroll  period  which
   33  begins  subsequent  to  the effective date of [the] chapter FIVE HUNDRED
   34  NINE of the laws of two thousand one which amended this item  AND  PRIOR
   35  TO  THE COMMENCEMENT DATE OF THE FIRST PAYROLL PERIOD WHICH BEGINS AFTER
   36  JULY FIRST, TWO THOUSAND TEN (1) while such person is a  participant  in
   37  such  program;  and  (2)  before  such person becomes such a participant
   38  pursuant to paragraph one or three of  subdivision  c  of  this  section
   39  (whether  or not rendered in a New York city eligible position); and (3)
   40  after such person ceases to be a participant, but before he or she again
   41  becomes such a participant pursuant to paragraph five of  such  subdivi-
   42  sion  c  (whether or not rendered in a New York city eligible position);
   43  and
   44    (C) each such participant  shall  contribute  an  additional  one  and
   45  eighty-five  one-hundredths  percent  of  his or her compensation earned
   46  from all credited service (whether or not in a physically  taxing  posi-
   47  tion)  rendered  on and after the commencement date of the first payroll
   48  period which begins subsequent to the effective date  of  [the]  chapter
   49  FIVE  HUNDRED NINE of the laws of two thousand one which added this item
   50  (1) while such person is a participant in such program; and  (2)  before
   51  such  person  becomes  such  a  participant pursuant to paragraph one or
   52  three of subdivision c of this section (whether or not rendered in a New
   53  York city eligible position); and (3) after such person ceases to  be  a
   54  participant,  but  before  he  or  she  again becomes such a participant
   55  pursuant to paragraph  five  of  such  subdivision  c  (whether  or  not
   56  rendered in A New York city eligible position); and
       A. 7075--B                          7
    1    (ii)  each  such  participant  who  is employed in a physically taxing
    2  position (as defined in paragraph eleven of subdivision a of section six
    3  hundred four-c of this article, SUCH SECTION AS ADDED BY  CHAPTER  NINE-
    4  TY-SIX OF THE LAWS OF NINETEEN HUNDRED NINETY-FIVE) shall contribute, in
    5  addition  to  the additional member contributions required to be made at
    6  the percentage of compensation specified in  subparagraph  (i)  of  this
    7  paragraph  for  the credited service specified in such subparagraph (i),
    8  an additional one and ninety-eight one-hundredths percent of his or  her
    9  compensation  earned from that portion of such credited service which is
   10  rendered in a physically taxing position (A)  while  such  person  is  a
   11  participant  in  such program; and (B) before such person becomes such a
   12  participant pursuant to paragraph one or three of subdivision c of  this
   13  section  (whether rendered before or after the enactment date of the age
   14  fifty-seven retirement program); and (C) after such person ceases to  be
   15  a  participant,  but  before  he or she again becomes such a participant
   16  pursuant to paragraph five of such subdivision c.
   17    (iii) notwithstanding the provisions of subparagraphs (i) and (ii)  of
   18  this paragraph, a person who becomes a participant in the age fifty-sev-
   19  en  early retirement program provided by this section, who prior to such
   20  membership was subject to the provisions of section six  hundred  four-b
   21  of  this  article,  shall  not  be required to pay the additional member
   22  contributions required by subparagraphs (i) and (ii) of  this  paragraph
   23  for  any  period  of  credited service before which such person became a
   24  participant pursuant to paragraph one or three of subdivision c of  this
   25  section  and during which such participant was subject to the provisions
   26  of such section six hundred four-b and no additional  employee  contrib-
   27  utions were required of such member.
   28    S  7.  This  act  shall take effect immediately and shall be deemed to
   29  have been in full force and effect on and after June 30, 2010; provided,
   30  that the amendments to subdivision a of section 603  of  the  retirement
   31  and  social  security  law  made  by  section three of this act shall be
   32  subject to the expiration and reversion of such subdivision pursuant  to
   33  section  13  of  chapter  682 of the laws of 2003, as amended, when upon
   34  such date the provisions of section  three-a  of  this  act  shall  take
   35  effect.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  would  allow Tier 2, 3 and 4 members of the New York State
       and Local Employees' Retirement System and certain other public  retire-
       ment  systems to retire without a benefit reduction due to early retire-
       ment upon the attainment of age fifty-five (55) and the completion of at
       least twenty-five (25) years of service. It would also amend the employ-
       ee contribution payment schedule for certain members  of  the  New  York
       City Employees' Retirement System who are covered under the Optional Age
       Fifty-Five  Improved  Retirement  Benefit  Program.  This  bill would be
       deemed to be in effect on June 30, 2010.
         Insofar as this bill would affect the New York State and Local Employ-
       ees' Retirement System, if it is enacted, we anticipate that there would
       be  estimated  additional  annual  contributions  of  approximately  $69
       million  to  the  State of New York and $98 million to the participating
       employers in the New York State and Local Employees' Retirement System.
         This estimate, dated December 21,  2009  and  intended  for  use  only
       during  the  2010  Legislative  Session,  is  Fiscal  Note  No. 2010-14,
       prepared by the Actuary for the New  York  State  and  Local  Employees'
       Retirement System.
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