Bill Text: NY A07547 | 2023-2024 | General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relates to authorizing state university police, regional state park police and detective investigators for the office of the attorney general to receive additional service credit in an optional twenty year retirement plan.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed) 2024-06-03 - REFERRED TO RULES [A07547 Detail]
Download: New_York-2023-A07547-Amended.html
Bill Title: Relates to authorizing state university police, regional state park police and detective investigators for the office of the attorney general to receive additional service credit in an optional twenty year retirement plan.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed) 2024-06-03 - REFERRED TO RULES [A07547 Detail]
Download: New_York-2023-A07547-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7547--A 2023-2024 Regular Sessions IN ASSEMBLY May 25, 2023 ___________ Introduced by M. of A. SILLITTI -- read once and referred to the Commit- tee 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 AN ACT to amend the retirement and social security law, in relation to authorizing certain persons in an optional twenty year retirement plan for state university police officer service, regional state park police and special investigators for the office of the attorney gener- al The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 384-e of the retirement and social security law is 2 amended by adding three new subdivisions d, e and f to read as follows: 3 d. Notwithstanding any other provision of law to the contrary, upon 4 completion of twenty years of service, and upon retirement, each such 5 member who was previously credited with service credit in the New York 6 state and local employees' retirement system or the New York state and 7 local police and fire retirement system as an officer appointed by the 8 state university pursuant to paragraph l of subdivision two of section 9 three hundred fifty-five of the education law and who has successfully 10 completed a course of law enforcement training as provided in such 11 section of the education law may receive for each such year of previous 12 service, up to a total of no greater than five years of previous 13 service, additional pension equal to one-sixtieth of his or her final 14 average salary. 15 To obtain such credit a member shall pay such retirement system, for 16 deposit in the fund used to accumulate employer contributions, a sum 17 equal to the product of the number of years of service being claimed 18 and three percent of such member's compensation earned during the twelve EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11184-03-4A. 7547--A 2 1 months of credited service immediately preceding the date that the 2 member made application for credit pursuant to this section. 3 e. Notwithstanding any other provision of law to the contrary, upon 4 completion of twenty years of service, and upon retirement, each such 5 member who was previously credited with service credit in the New York 6 state and local employees' retirement system or the New York state and 7 local police and fire retirement system as an officer or member of the 8 regional state park police department may receive for each such year of 9 previous service, up to a total of no greater than five years of previ- 10 ous service, additional pension equal to one-sixtieth of his or her 11 final average salary. 12 To obtain such credit a member shall pay such retirement system, for 13 deposit in the fund used to accumulate employer contributions, a sum 14 equal to the product of the number of years of service being claimed 15 and three percent of such member's compensation earned during the twelve 16 months of credited service immediately preceding the date that the 17 member made application for credit pursuant to this section. 18 f. Notwithstanding any other provision of law to the contrary, upon 19 completion of twenty years of service, and upon retirement, each such 20 member who was previously credited with service credit in the New York 21 state and local employees' retirement system as a special investigator 22 employed in the office of the attorney general may receive for each 23 such year of previous service, up to a total of no greater than five 24 years of previous service, additional pension equal to one-sixtieth of 25 his or her final average salary. 26 To obtain such credit a member shall pay such retirement system, for 27 deposit in the fund used to accumulate employer contributions, a sum 28 equal to the product of the number of years of service being claimed 29 and three percent of such member's compensation earned during the twelve 30 months of credited service immediately preceding the date that the 31 member made application for credit pursuant to this section. 32 § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would allow up to five years of previous service rendered as a police officer with either the State University of New York or Regional State Park Police Department or as a special investigator in the Office of the New York State Attorney General to become creditable under section 384-e of the Retirement and Social Security Law. Upon completion of twenty years of service and upon retirement, an affected member would receive an additional pension of one-sixtieth of their final average salary for each such additional year credited. Affected members would be required to contribute an amount equal to three percent of their prior twelve months of compensation for each year of service credit claimed. If this bill is enacted during the 2024 Legislative Session, we antic- ipate that there will be a past service cost averaging 13.7% of an affected member's compensation for each year of additional service cred- it granted. All costs would be shared by the State of New York and the local participating employers in the New York State and Local Police and Fire Retirement System. The exact number of current members as well as future members who could be affected by this legislation cannot be readily determined. 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 theA. 7547--A 3 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. 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 January 3, 2024, and intended for use only during the 2024 Legislative Session, is Fiscal Note No. 2024-62, prepared by the Actuary for the New York State and Local Retirement System.
