Bill Text: NY A07132 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to allowing retired public employees who participated in World Trade Center rescue, recovery or cleanup operations to seek subsequent employment with the state or a municipal corporation without diminution of retirement benefits.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2020-02-19 - print number 7132c [A07132 Detail]

Download: New_York-2019-A07132-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7132
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 10, 2019
                                       ___________
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
        AN  ACT  to amend the retirement and social security law, in relation to
          allowing retired public employees  who  participated  in  World  Trade
          Center  rescue,  recovery  or  cleanup  operations  to seek subsequent
          employment with the state or a municipal corporation  without  diminu-
          tion of retirement benefits
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 212 of the retirement and social  security  law  is
     2  amended by adding a new subdivision 4 to read as follows:
     3    4.  Notwithstanding the provisions of subdivisions one and two of this
     4  section, the earning limitations established by this section  shall  not
     5  apply  to  any  person who, prior to the effective date of this subdivi-
     6  sion, has filed and received approval for such filed notice  of  partic-
     7  ipation in World Trade Center rescue, recovery or cleanup operations, as
     8  defined  in section two of this chapter, has retired from public employ-
     9  ment, receives a service retirement allowance from such  public  retire-
    10  ment  system and seeks subsequent employment with the state or a munici-
    11  pal corporation; provided, however, the provisions of  this  subdivision
    12  shall  not  apply  to  a person who retired with a disability retirement
    13  benefit.
    14    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill  will  allow  service  retirees  who  previously  filed  and
        received  approval  for  notice  of  participation in World Trade Center
        rescue, recovery or cleanup operations and become subsequently  employed
        with the state or a municipal corporation to be exempt from the earnings
        limitations  set  forth  in section two hundred twelve. These provisions
        shall not apply to disability retirees.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07545-08-9
        A. 7132                             2
          If this bill is enacted, we expect few retirees to be affected.  There
        would  be  negligible additional annual costs. However, if large numbers
        of retirees are hired into such positions,  there  would  be  additional
        annual  costs  which would be shared by the state of New York and all of
        the participating employers in the System.
          Summary of relevant resources:
          The  membership  data  used  in  measuring  the impact of the proposed
        change was the same as that used in the March 31, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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 March 5, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No.  2019-49,  prepared  by
        the Actuary for the New York State and Local Retirement System.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This bill would add subdivision 4 to Section 212 of the Retirement and
        Social Security Law to waive the earnings limitation for retired members
        who  filed  a  notice of participation in the World Trade Center rescue,
        recovery or cleanup operations, who received approval  for  such  notice
        prior  to the effective date of this subdivision and who seek subsequent
        employment with the state or a municipal corporation. The provisions  of
        this subdivision would not apply to members retired for disability. This
        act shall take effect immediately.
          The  annual  cost  to  the  employers of members of the New York State
        Teachers' Retirement System is estimated to be negligible if  this  bill
        is enacted.
          Member  data  is  from  the  System's  most recent actuarial valuation
        files, consisting of data provided by the employers  to  the  Retirement
        System.  Data  distributions and statistics can be found in the System's
        Comprehensive Annual Financial Report (CAFR).    System  assets  are  as
        reported  in the System's financial statements, and can also be found in
        the CAFR. Actuarial assumptions and methods are provided in the System's
        Actuarial Valuation Report.
          The source of this estimate is Fiscal Note  2019-20  dated  March  27,
        2019  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2019 Legislative Session.
        I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
        Retirement  System.  I  am a member of the American Academy of Actuaries
        and I meet the Qualification Standards of the American Academy of  Actu-
        aries to render the actuarial opinion contained herein.