Bill Text: NY A08058 | 2013-2014 | General Assembly | Introduced


Bill Title: Provides a temporary retirement incentive and payment incentive for certain employees of the state university of New York health science center at Brooklyn.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2014-01-08 - referred to governmental employees [A08058 Detail]

Download: New_York-2013-A08058-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8058
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 17, 2013
                                      ___________
       Introduced  by  M. of A. BRENNAN, PERRY -- read once and referred to the
         Committee on Governmental Employees
       AN ACT to amend the retirement and social security law, in  relation  to
         providing  a  temporary retirement incentive and payment incentive for
         certain public employees of the state university of  New  York  health
         science center at Brooklyn
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The retirement and social security law is amended by adding
    2  a new article 19-B to read as follows:
    3                                ARTICLE 19-B
    4              BENEFIT ENHANCEMENTS FOR CERTAIN EMPLOYEES OF THE
    5             STATE UNIVERSITY OF NEW YORK HEALTH SCIENCE CENTER
    6                                 AT BROOKLYN
    7  SECTION 920. BENEFIT ENHANCEMENT.
    8          921. FIFTY-FIVE/TWENTY-FIVE YEARS RETIREMENT INCENTIVE.
    9          922. PAYMENT INCENTIVE.
   10    S 920. BENEFIT ENHANCEMENT.  A.  DEFINITIONS.  FOR  PURPOSES  OF  THIS
   11  SECTION:
   12    1.  "RETIREMENT  SYSTEM" MEANS THE NEW YORK STATE AND LOCAL EMPLOYEES'
   13  RETIREMENT SYSTEM AND THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM.
   14    2. "TEACHERS' RETIREMENT SYSTEM" MEANS THE NEW  YORK  STATE  TEACHERS'
   15  RETIREMENT SYSTEM.
   16    3. "OPTIONAL RETIREMENT PROGRAM" MEANS THE PROGRAMS ESTABLISHED PURSU-
   17  ANT  TO  THE PROVISIONS OF SECTION ONE HUNDRED EIGHTY-ONE, THREE HUNDRED
   18  NINETY-ONE OR SIXTY-TWO HUNDRED  FIFTY-ONE  OF  THE  EDUCATION  LAW;  OR
   19  CONTINUED  PURSUANT  TO  SECTION THREE OF CHAPTER NINE HUNDRED EIGHTY OF
   20  THE LAWS OF NINETEEN HUNDRED SIXTY-TWO.
   21    4. "PARTICIPATING EMPLOYER" OR "APPOINTING AUTHORITY" MEANS THE  STATE
   22  UNIVERSITY OF NEW YORK.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10006-09-3
       A. 8058                             2
    1    5.  "ELIGIBLE EMPLOYEE" MEANS A PERSON WHO IS A MEMBER OF A RETIREMENT
    2  SYSTEM OR A PARTICIPANT IN AN OPTIONAL  RETIREMENT  PROGRAM  WHO  IS  AN
    3  EMPLOYEE  OF  THE  STATE UNIVERSITY OF NEW YORK HEALTH SCIENCE CENTER AT
    4  BROOKLYN INCLUDING ANY ELIGIBLE EMPLOYEE WHO HAS BEEN OR WILL BE IDENTI-
    5  FIED FOR LAYOFF, NON-RENEWAL OF AN EMPLOYMENT CONTRACT OR TERMINATION OF
    6  EMPLOYMENT  BECAUSE OF ECONOMY, CONSOLIDATION OR ABOLITION OF FUNCTIONS,
    7  CURTAILMENT OR OTHERWISE.
    8    6. "ACTIVE SERVICE" MEANS SERVICE WHILE BEING  PAID  ON  THE  PAYROLL,
    9  PROVIDED  THAT  (A)  A  LEAVE OF ABSENCE WITH PAY SHALL BE DEEMED ACTIVE
   10  SERVICE; AND (B) OTHER APPROVED LEAVE WITHOUT PAY NOT TO  EXCEED  TWELVE
   11  WEEKS  FROM JANUARY FIRST, TWO THOUSAND THIRTEEN AND THE COMMENCEMENT OF
   12  THE DESIGNATED OPEN PERIOD.
   13    7. "OPEN PERIOD" MEANS THE PERIOD BEGINNING WITH THE COMMENCEMENT DATE
   14  AS DEFINED IN PARAGRAPH EIGHT OF THIS SUBDIVISION AND SHALL NOT BE  MORE
   15  THAN  SIXTY DAYS OR LESS THAN THIRTY DAYS IN LENGTH, AS SPECIFIED BY THE
   16  PARTICIPATING EMPLOYER PURSUANT TO SUBDIVISION C OF THIS SECTION.
   17    8. "COMMENCEMENT DATE" MEANS THE FIRST DAY  THE  RETIREMENT  INCENTIVE
   18  AUTHORIZED  BY  THIS SECTION SHALL BE MADE AVAILABLE, WHICH SHALL MEAN A
   19  DATE WHICH SHALL OCCUR NO LATER THAN AUGUST FIRST,  TWO  THOUSAND  THIR-
   20  TEEN.    FOR  THE  PURPOSES  OF  RETIREMENT  PURSUANT TO THIS SECTION, A
   21  SERVICE RETIREMENT  APPLICATION  MUST  BE  FILED  WITH  THE  APPROPRIATE
   22  RETIREMENT  SYSTEM  NOT  LESS  THAN FOURTEEN DAYS PRIOR TO THE EFFECTIVE
   23  DATE OF RETIREMENT TO BECOME EFFECTIVE, UNLESS A SHORTER PERIOD OF  TIME
   24  IS PERMITTED UNDER LAW.
   25    B.  NOTICE TO EMPLOYER. ALL ELIGIBLE EMPLOYEES DESIRING TO AVAIL THEM-
   26  SELVES OF THE  RETIREMENT  INCENTIVE  PROVIDED  BY  THIS  SECTION  SHALL
   27  PROVIDE  WRITTEN  NOTICE  TO  HIS OR HER EMPLOYER ON OR BEFORE THE FOUR-
   28  TEENTH DAY PRECEDING THE END OF THE OPEN PERIOD.    FAILURE  TO  PROVIDE
   29  SUCH WRITTEN NOTICE SHALL RENDER THE EMPLOYEE INELIGIBLE FOR THE RETIRE-
   30  MENT INCENTIVE PROVIDED BY THIS SECTION.
   31    C.  ELECTION  BY  PARTICIPATING EMPLOYER. 1. ON OR BEFORE JULY THIRTY-
   32  FIRST, TWO THOUSAND THIRTEEN, THE PARTICIPATING EMPLOYER  MAY  ELECT  TO
   33  PROVIDE  ITS  ELIGIBLE EMPLOYEES THE RETIREMENT INCENTIVES AUTHORIZED BY
   34  THIS SECTION BY THE ADOPTION OF A RESOLUTION OF ITS GOVERNING BODY.  THE
   35  RESOLUTION  SHALL  SPECIFY  THE COMMENCEMENT DATE OF THE PROGRAM AND THE
   36  LENGTH OF THE OPEN PERIOD. A COPY OF SUCH RESOLUTION SHALL BE FILED WITH
   37  THE APPROPRIATE RETIREMENT SYSTEM OR SYSTEMS,  AND,  IF  APPLICABLE,  ON
   38  FORMS PROVIDED BY SUCH SYSTEM.
   39    2.   IN THE EVENT THAT THE PARTICIPATING EMPLOYER FAILS TO ESTABLISH A
   40  COMMENCEMENT DATE FOR THE  RETIREMENT  BENEFIT  ESTABLISHED  UNDER  THIS
   41  SECTION,  THE  COMMENCEMENT  DATE  FOR  THE  ELIGIBLE EMPLOYEES SHALL BE
   42  AUGUST FIRST, TWO THOUSAND THIRTEEN.
   43    D. EMPLOYEE ELIGIBILITY. NOTWITHSTANDING ANY OTHER PROVISION  OF  LAW,
   44  ANY ELIGIBLE EMPLOYEE WHO:
   45    1.  HAS  BEEN  CONTINUOUSLY IN THE ACTIVE SERVICE OF THE PARTICIPATING
   46  EMPLOYER FROM JANUARY FIRST, TWO THOUSAND TWELVE TO THE DATE IMMEDIATELY
   47  PRIOR TO THE COMMENCEMENT DATE OF THE APPLICABLE OPEN PERIOD;
   48    2. FILES AN APPLICATION FOR SERVICE RETIREMENT  WITH  THE  APPROPRIATE
   49  RETIREMENT  SYSTEM,  OR  FILES  THE APPROPRIATE APPLICATION AND AUTHORI-
   50  ZATION FORM WITH THE OPTIONAL RETIREMENT PROGRAM AND A DULY ACKNOWLEDGED
   51  RETIREMENT INCENTIVE FORM FOR SUCH PROGRAM WITH THE APPROPRIATE  PERSON-
   52  NEL OFFICE, THAT IS EFFECTIVE DURING THE OPEN PERIOD; AND
   53    3.  IS OTHERWISE ELIGIBLE FOR A SERVICE RETIREMENT AS OF THE EFFECTIVE
   54  DATE OF THE APPLICATION FOR RETIREMENT SHALL BE ENTITLED TO THE  RETIRE-
   55  MENT  INCENTIVE PROVIDED IN THIS SECTION.  IF NOT OTHERWISE ELIGIBLE FOR
   56  A SERVICE RETIREMENT, THE FOLLOWING PERSON SHALL BE  DEEMED  TO  SATISFY
       A. 8058                             3
    1  THE  ELIGIBILITY CONDITION OF THIS SECTION: A PERSON WHO IS AT LEAST AGE
    2  FIFTY WITH TEN OR MORE YEARS SERVICE AS OF THE EFFECTIVE DATE OF RETIRE-
    3  MENT (OTHER THAN A MEMBER OF A RETIREMENT PLAN WHICH PROVIDES FOR  HALF-
    4  PAY PENSION UPON COMPLETION OF TWENTY-FIVE YEARS OR LESS SERVICE WITHOUT
    5  REGARD  TO  AGE);  A  MEMBER  OF  A  RETIREMENT  PLAN WHICH PROVIDES FOR
    6  HALF-PAY PENSION UPON COMPLETION OF TWENTY-FIVE YEARS OF SERVICE WITHOUT
    7  REGARD TO AGE WHO HAS NOT ACCRUED, EXCLUDING ADDITIONAL  CREDIT  GRANTED
    8  PURSUANT  TO  THIS  SECTION,  THE  MINIMUM  NUMBER  OF  YEARS OF SERVICE
    9  REQUIRED TO RETIRE WITH AN ALLOWANCE EQUAL TO  FIFTY  PERCENT  OF  FINAL
   10  AVERAGE SALARY UNDER SUCH PLAN, BUT HAS, WITH THE INCLUSION OF THE ADDI-
   11  TIONAL  CREDIT PROVIDED UNDER THIS SECTION, ACCRUED SUCH NUMBER OF YEARS
   12  OF CREDIT; OR A PARTICIPANT IN AN  OPTIONAL  RETIREMENT  PLAN  AT  LEAST
   13  FIFTY  YEARS  OF AGE WITH TEN YEARS OF SERVICE ON AN ANNUAL SALARY BASIS
   14  WITH HIS OR HER EMPLOYER AS OF THE DATE OF THE RETIREMENT.
   15    E. RETIREMENT INCENTIVE. NOTWITHSTANDING ANY OTHER PROVISION  OF  LAW,
   16  AN ELIGIBLE EMPLOYEE WHO IS:
   17    1. A MEMBER OF A RETIREMENT SYSTEM AND WHO IS ENTITLED TO A RETIREMENT
   18  INCENTIVE  PURSUANT TO THIS SECTION SHALL RECEIVE A RETIREMENT INCENTIVE
   19  OF ONE-TWELFTH OF A YEAR OF ADDITIONAL RETIREMENT CREDIT FOR  EACH  YEAR
   20  OF  PENSION SERVICE CREDITED AS OF THE DATE OF RETIREMENT, UP TO A MAXI-
   21  MUM OF THREE YEARS OF RETIREMENT SERVICE CREDIT AT THE TIME  OF  RETIRE-
   22  MENT.
   23    2.  AN  ELIGIBLE  EMPLOYEE WHO IS COVERED BY THE PROVISIONS OF ARTICLE
   24  FIFTEEN OF THIS CHAPTER SHALL RETIRE UNDER  THE  PROVISIONS  OF  ARTICLE
   25  FIFTEEN  OF  THIS  CHAPTER.  THE  AMOUNT OF SUCH BENEFIT FOR AN ELIGIBLE
   26  EMPLOYEE WHO IS COVERED BY ARTICLE FIFTEEN OF THIS CHAPTER  AND  RETIRES
   27  UNDER THE PROVISIONS OF THIS SECTION, OTHER THAN A MEMBER WITH THIRTY OR
   28  MORE YEARS OF SERVICE IN THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIRE-
   29  MENT  SYSTEM  OR  A TEACHERS' RETIREMENT SYSTEM, SHALL BE REDUCED BY SIX
   30  PERCENT FOR EACH OF THE FIRST TWO YEARS BY WHICH RETIREMENT PRECEDES AGE
   31  SIXTY-TWO, PLUS A FURTHER REDUCTION OF THREE PERCENT FOR  EACH  YEAR  BY
   32  WHICH  RETIREMENT  PRECEDES  AGE SIXTY. SUCH REDUCTION SHALL BE PRORATED
   33  FOR PARTIAL YEARS. THE AMOUNT OF SUCH BENEFIT FOR AN  ELIGIBLE  EMPLOYEE
   34  WITH  THIRTY  OR  MORE  YEARS OF SERVICE WHO IS A MEMBER OF THE NEW YORK
   35  STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM OR A  TEACHERS'  RETIREMENT
   36  SYSTEM  SHALL  BE REDUCED BY FIVE PERCENT FOR EACH YEAR BY WHICH RETIRE-
   37  MENT PURSUANT TO THIS SECTION PRECEDES AGE FIFTY-FIVE.
   38    3. AN ELIGIBLE EMPLOYEE SERVING IN AN ELIGIBLE TITLE WHO IS COVERED BY
   39  ARTICLE ELEVEN OF THIS CHAPTER SHALL RETIRE UNDER THE PROVISIONS OF SUCH
   40  ARTICLE. THE AMOUNT OF SUCH BENEFIT FOR AN ELIGIBLE EMPLOYEE COVERED  BY
   41  ARTICLE  ELEVEN  OF  THIS  CHAPTER  OTHER  THAN  A MEMBER OF A TEACHERS'
   42  RETIREMENT SYSTEM OR A MEMBER OF THE NEW YORK STATE AND LOCAL EMPLOYEES'
   43  RETIREMENT SYSTEM WITH THIRTY OR MORE YEARS OF SERVICE SHALL BE  REDUCED
   44  BY  SIX  PERCENT  FOR  EACH  OF  THE FIRST TWO YEARS BY WHICH RETIREMENT
   45  PURSUANT  TO  THIS  SECTION  PRECEDES  AGE  SIXTY-TWO,  PLUS  A  FURTHER
   46  REDUCTION OF THREE PERCENT FOR EACH YEAR BY WHICH RETIREMENT PURSUANT TO
   47  THIS  SECTION  PRECEDES  AGE  SIXTY,  PROVIDED,  HOWEVER,  THE FOREGOING
   48  REDUCTIONS SHALL NOT APPLY: (A) IN ANY CASE WHERE AN  ELIGIBLE  EMPLOYEE
   49  CAN  RETIRE PURSUANT TO A PLAN WHICH PERMITS RETIREMENT FOR SERVICE WITH
   50  IMMEDIATE PAYABILITY, EXCLUSIVE OF THIS ACT, PRIOR TO THE AGE OF  FIFTY-
   51  FIVE  OR  (B)  TO  ANY  TIME  PERIOD SUBSEQUENT TO THE POINT AT WHICH AN
   52  ELIGIBLE EMPLOYEE CAN RETIRE FOR SERVICE WITHOUT REDUCTION OF HIS OR HER
   53  SERVICE RETIREMENT ALLOWANCE PURSUANT TO ARTICLE SIXTEEN OF  THIS  CHAP-
   54  TER.  SUCH  REDUCTION SHALL BE PRORATED FOR PARTIAL YEARS. THE AMOUNT OF
   55  SUCH BENEFIT FOR AN ELIGIBLE EMPLOYEE WHO IS A  MEMBER  OF  A  TEACHERS'
   56  RETIREMENT SYSTEM OR A MEMBER OF THE NEW YORK STATE AND LOCAL EMPLOYEES'
       A. 8058                             4
    1  RETIREMENT  SYSTEM WITH THIRTY OR MORE YEARS OF SERVICE SHALL BE REDUCED
    2  BY FIVE PERCENT FOR EACH YEAR  BY  WHICH  RETIREMENT  PURSUANT  TO  THIS
    3  SECTION  PRECEDES  AGE  FIFTY-FIVE. SUCH REDUCTION SHALL BE PRORATED FOR
    4  PARTIAL YEARS.
    5    4.  AN  ELIGIBLE  EMPLOYEE  WHO  IS  NOT  COVERED BY ARTICLE ELEVEN OR
    6  FIFTEEN OF THIS CHAPTER SHALL RETIRE UNDER THE PROVISIONS OF THE PLAN BY
    7  WHICH HE OR SHE IS COVERED. THE AMOUNT OF SUCH BENEFIT SHALL BE  REDUCED
    8  BY  FIVE  PERCENT  FOR  EACH  YEAR  BY WHICH RETIREMENT PURSUANT TO THIS
    9  SECTION  PRECEDES  AGE  FIFTY-FIVE,  PROVIDED,  HOWEVER,  THE  FOREGOING
   10  REDUCTIONS  SHALL  NOT  APPLY IN ANY CASE WHERE AN ELIGIBLE EMPLOYEE CAN
   11  RETIRE PURSUANT TO A PLAN WHICH  PERMITS  RETIREMENT  FOR  SERVICE  WITH
   12  IMMEDIATE  PAYABILITY,  EXCLUSIVE  OF  THIS SECTION, PRIOR TO THE AGE OF
   13  FIFTY-FIVE. SUCH REDUCTION SHALL BE PRORATED FOR PARTIAL YEARS.
   14    5. AN ELIGIBLE EMPLOYEE WHO PARTICIPATES IN A  RETIREMENT  PLAN  WHICH
   15  PROVIDES  FOR  A  RETIREMENT  ALLOWANCE  EQUAL TO FIFTY PERCENT OF FINAL
   16  AVERAGE SALARY UPON THE COMPLETION OF TWENTY-FIVE YEARS OF SERVICE WITH-
   17  OUT REGARD TO AGE AND WHO IS OTHERWISE ELIGIBLE TO RETIRE  SHALL  RETIRE
   18  UNDER  THE  PROVISIONS OF SUCH PLAN. SUCH EMPLOYEE SHALL, AT THE TIME OF
   19  RETIREMENT, BE CREDITED WITH ONE-TWELFTH OF A YEAR OF ADDITIONAL RETIRE-
   20  MENT SERVICE CREDIT FOR EACH YEAR OF SERVICE CREDITED UNDER SUCH PLAN AS
   21  OF THE DATE OF RETIREMENT, UP TO A MAXIMUM OF THREE YEARS OF  RETIREMENT
   22  SERVICE  CREDIT.  IF SUCH EMPLOYEE HAS NOT ACCRUED, EXCLUDING ADDITIONAL
   23  CREDIT GRANTED PURSUANT TO THIS SECTION, THE MINIMUM NUMBER OF YEARS  OF
   24  SERVICE  REQUIRED  TO RETIRE WITH AN ALLOWANCE EQUAL TO FIFTY PERCENT OF
   25  FINAL AVERAGE SALARY UNDER SUCH PLAN, BUT HAS, WITH THE INCLUSION OF THE
   26  ADDITIONAL CREDIT PROVIDED UNDER THIS SECTION, ACCRUED  SUCH  NUMBER  OF
   27  YEARS  OF  CREDIT,  THE BENEFIT PAYABLE SHALL BE THE PERCENTAGE OF FINAL
   28  AVERAGE SALARY THAT WOULD ORDINARILY BE APPLICABLE  TO  SUCH  INDIVIDUAL
   29  UPON  RETIREMENT WITH SUCH AMOUNT OF CREDIT, INCLUDING INCENTIVE CREDIT,
   30  REDUCED BY FIVE PER CENTUM PER YEAR FOR EACH YEAR BY WHICH THE NUMBER OF
   31  YEARS OF SERVICE OTHERWISE REQUIRED TO RETIRE WITH AN ALLOWANCE EQUAL TO
   32  FIFTY PERCENT OF FINAL AVERAGE SALARY UNDER SUCH PLAN EXCEEDS THE AMOUNT
   33  OF SERVICE CREDITED TO SUCH  EMPLOYEE  UNDER  SUCH  PLAN  AT  RETIREMENT
   34  EXCLUDING  THE  ADDITIONAL  RETIREMENT INCENTIVE SERVICE CREDIT PROVIDED
   35  PURSUANT TO THIS SECTION. SUCH REDUCTION SHALL BE PRORATED  FOR  PARTIAL
   36  YEARS.
   37    F.  OPTIONAL RETIREMENT PROGRAM RETIREMENT INCENTIVE. A PARTICIPANT IN
   38  AN OPTIONAL RETIREMENT PROGRAM WHO IS ENTITLED TO A RETIREMENT INCENTIVE
   39  PURSUANT TO THIS SECTION SHALL RECEIVE AN ADDITIONAL  EMPLOYER  CONTRIB-
   40  UTION  EQUAL  TO  AN  AMOUNT,  WHICH  SHALL  BE  CALCULATED  AS FOLLOWS:
   41  ONE-TWELFTH FOR EACH YEAR  OF  SERVICE  MULTIPLIED  BY  FIFTEEN  PERCENT
   42  MULTIPLIED  BY  THE  EMPLOYEE'S EARNABLE ANNUAL SALARY RATE IN EFFECT ON
   43  JULY FIRST, TWO THOUSAND THIRTEEN OR THE EFFECTIVE DATE OF THIS  SECTION
   44  IF THE EMPLOYEE RETIRES PRIOR TO JULY FIRST, TWO THOUSAND THIRTEEN, SUCH
   45  AMOUNT  NOT  TO  EXCEED  FORTY-FIVE  PERCENT  OF  SUCH SALARY RATE. SUCH
   46  CONTRIBUTION SHALL BE MADE TO THE EMPLOYEE'S  RETIREMENT  ANNUITY  UNDER
   47  THE OPTIONAL RETIREMENT PROGRAM UP TO THE MAXIMUM CONTRIBUTION ALLOWABLE
   48  UNDER  SECTION  415  OF  THE  INTERNAL REVENUE CODE. ANY CONTRIBUTION IN
   49  EXCESS OF THAT LIMIT SHALL BE CONTRIBUTED BY THE EMPLOYER TO AN INTERNAL
   50  REVENUE CODE SECTION 403(B) CONTRACT ON BEHALF OF THE  EMPLOYEE  TO  THE
   51  EXTENT  IT  CAN  BE  CONTRIBUTED ON A BEFORE-TAX BASIS UNDER THE MAXIMUM
   52  LIMITS ALLOWED UNDER THE INTERNAL REVENUE CODE. CONTRIBUTIONS IN  EXCESS
   53  OF  THAT  AMOUNT SHALL BE PAID IN CASH TO THE PARTICIPANT IN THREE EQUAL
   54  INSTALLMENTS DURING A TWENTY-FOUR MONTH PERIOD COMMENCING ON SUCH ELIGI-
   55  BLE EMPLOYEE'S EFFECTIVE DATE OF RETIREMENT.
       A. 8058                             5
    1    G. INTERNAL REVENUE CODE LIMITS. NOTHING IN THIS SECTION SHALL BE USED
    2  TO PROVIDE BENEFITS THAT SHALL EXCEED THE LIMITS  CONTAINED  IN  SECTION
    3  415 OF THE INTERNAL REVENUE CODE. PROVIDED, HOWEVER, ANY SERVICE RETIRE-
    4  MENT BENEFIT WHICH HAS BEEN REDUCED BECAUSE OF SECTION 415 OF THE INTER-
    5  NAL  REVENUE CODE SHALL BE INCREASED WHEN AND CONSISTENT WITH THE DOLLAR
    6  LIMITS IN SECTION 415 OF THE INTERNAL REVENUE CODE ARE ADJUSTED  BY  THE
    7  INTERNAL  REVENUE  SERVICE  FOR COST OF LIVING INCREASES. SUCH INCREASES
    8  SHALL NOT INCREASE THE BENEFIT IN EXCESS OF THE SERVICE RETIREMENT BENE-
    9  FIT OTHERWISE PAYABLE.
   10    H. FORFEITURE. ANY ELIGIBLE  EMPLOYEE  WHO  RETIRES  PURSUANT  TO  THE
   11  PROVISIONS  OF  THIS  SECTION  AND  ENTERS OR REENTERS PUBLIC SERVICE AS
   12  DEFINED IN SUBDIVISION E OF SECTION TWO HUNDRED TEN OF THIS CHAPTER  AND
   13  JOINS OR REJOINS ANY PUBLIC RETIREMENT SYSTEM OF THE STATE AS DEFINED IN
   14  SUBDIVISION  SIX  OF  SECTION  ONE  HUNDRED FIFTY-TWO OF THIS CHAPTER OR
   15  ELECTS TO PARTICIPATE IN AN OPTIONAL RETIREMENT  PROGRAM  SHALL  IF  THE
   16  ADDITIONAL BENEFIT WAS PROVIDED PURSUANT TO: (1) PARAGRAPH ONE OF SUBDI-
   17  VISION  E  OF THIS SECTION, FORFEIT THE ADDITIONAL BENEFIT AUTHORIZED BY
   18  THIS SECTION AT THE TIME OF HIS OR HER  SUBSEQUENT  RETIREMENT;  OR  (2)
   19  SUBDIVISION  F OF THIS SECTION, REPAY TO THE PARTICIPATING EMPLOYER SUCH
   20  ADDITIONAL CONTRIBUTION TOGETHER WITH THE APPROPRIATE INTEREST AS DETER-
   21  MINED BY THE APPROPRIATE RETIREMENT SYSTEM.
   22    I. MAXIMUM RETIREMENT BENEFIT. NOTWITHSTANDING ANY OTHER PROVISION  OF
   23  LAW,  IF  THE  SERVICE  RETIREMENT  BENEFIT  OF A MEMBER OF A RETIREMENT
   24  SYSTEM IS SUBJECT TO A MAXIMUM RETIREMENT BENEFIT, THE ADDITIONAL  BENE-
   25  FIT AUTHORIZED BY THIS SECTION WILL BE COMPUTED BY MULTIPLYING THE FINAL
   26  AVERAGE  SALARY  TIMES  THE NUMBER OF YEARS OF SERVICE CREDIT GRANTED BY
   27  SUBDIVISION E OF THIS SECTION TIMES THE BENEFIT  FRACTION  OF  THE  PLAN
   28  UNDER WHICH SUCH MEMBER RETIRES.
   29    J.  PAYMENT  OF COSTS. THE PENSION BENEFIT COSTS OF THIS SECTION SHALL
   30  BE PAID BY THE PARTICIPATING EMPLOYER AS PROVIDED BY APPLICABLE LAW  FOR
   31  EACH  RETIREMENT  SYSTEM  COVERED  BY  THIS SECTION OVER A PERIOD NOT TO
   32  EXCEED FIVE YEARS COMMENCING IN THE STATE FISCAL YEAR ENDING MARCH THIR-
   33  TY-FIRST, TWO THOUSAND FOURTEEN.
   34    K. INELIGIBILITY.   NOTWITHSTANDING ANY OTHER PROVISION  OF  LAW,  THE
   35  BENEFITS  PROVIDED  BY  THIS  SECTION SHALL NOT BE MADE AVAILABLE TO ANY
   36  PERSON WHO (1) HAS RECEIVED ANY RETIREMENT INCENTIVE AUTHORIZED  BY  ANY
   37  PROVISION OF STATE LAW, OR (2) WHO RECEIVES, HAS RECEIVED OR IS ELIGIBLE
   38  TO  RECEIVE A PAYMENT IN A LUMP SUM OR IN ANOTHER FORM FROM A RETIREMENT
   39  INCENTIVE PURSUANT TO THE PROVISIONS OF A COLLECTIVE  BARGAINING  AGREE-
   40  MENT  OR  BY  OTHER  ARRANGEMENT  WITH  HIS OR HER EMPLOYER, UNLESS SUCH
   41  PERSON FILES A WRITTEN STATEMENT WITH HIS OR HER  EMPLOYER,  A  COPY  OF
   42  WHICH  SHALL  BE FORWARDED TO THE APPROPRIATE RETIREMENT SYSTEM, THAT HE
   43  OR SHE AGREES TO WAIVE ANY RIGHT  TO  SUCH  PAYMENT.  THE  PARTICIPATING
   44  EMPLOYER  WHO  MAKES AN ELECTION PURSUANT TO THIS SECTION AND WHO OFFERS
   45  OR HAS OFFERED A RETIREMENT INCENTIVE PURSUANT TO THE  PROVISIONS  OF  A
   46  COLLECTIVE  BARGAINING  AGREEMENT OR BY OTHER ARRANGEMENT SHALL PREPARE,
   47  AND FILE WITH EACH RETIREMENT SYSTEM, A LIST CONTAINING  THE  NAMES  AND
   48  SOCIAL SECURITY NUMBERS OF ALL PERSONS DESCRIBED IN THIS SUBDIVISION.
   49    S  921.  FIFTY-FIVE/TWENTY-FIVE  YEARS RETIREMENT INCENTIVE. A.  DEFI-
   50  NITIONS. FOR PURPOSES OF THIS SECTION:
   51    1. "RETIREMENT SYSTEM" MEANS THE NEW YORK STATE AND  LOCAL  EMPLOYEES'
   52  RETIREMENT SYSTEM AND THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM.
   53    2.  "TEACHERS'  RETIREMENT  SYSTEM" MEANS THE NEW YORK STATE TEACHERS'
   54  RETIREMENT SYSTEM.
   55    3. "PARTICIPATING EMPLOYER" MEANS THE STATE UNIVERSITY OF NEW YORK.
       A. 8058                             6
    1    4. "ELIGIBLE EMPLOYEE" MEANS A PERSON WHO IS A MEMBER OF A  RETIREMENT
    2  SYSTEM  WHO  IS  AN  EMPLOYEE OF THE STATE UNIVERSITY OF NEW YORK HEALTH
    3  SCIENCE CENTER AT BROOKLYN WHO HAS ATTAINED AGE FIFTY-FIVE  AND  HAS  AT
    4  LEAST TWENTY-FIVE YEARS OF CREDITABLE SERVICE IN A RETIREMENT SYSTEM.
    5    5.  "ACTIVE  SERVICE"  MEANS  SERVICE WHILE BEING PAID ON THE PAYROLL,
    6  PROVIDED THAT (A) A LEAVE OF ABSENCE WITH PAY  SHALL  BE  DEEMED  ACTIVE
    7  SERVICE; (B) OTHER APPROVED LEAVE WITHOUT PAY NOT TO EXCEED TWELVE WEEKS
    8  FROM  JANUARY  FIRST,  TWO THOUSAND THIRTEEN AND THE COMMENCEMENT OF THE
    9  DESIGNATED OPEN PERIOD.
   10    6. "OPEN PERIOD" MEANS THE PERIOD BEGINNING WITH THE COMMENCEMENT DATE
   11  AS DEFINED IN PARAGRAPH SEVEN OF THIS SUBDIVISION AND SHALL NOT BE  MORE
   12  THAN  SIXTY DAYS OR LESS THAN THIRTY DAYS IN LENGTH. FOR THE PURPOSES OF
   13  RETIREMENT PURSUANT TO THIS SECTION, A  SERVICE  RETIREMENT  APPLICATION
   14  MUST BE FILED WITH THE APPROPRIATE RETIREMENT SYSTEM NOT LESS THAN FOUR-
   15  TEEN DAYS PRIOR TO THE EFFECTIVE DATE OF RETIREMENT TO BECOME EFFECTIVE,
   16  UNLESS A SHORTER PERIOD OF TIME IS PERMITTED UNDER LAW.
   17    7.  "COMMENCEMENT  DATE"  MEANS  THE  FIRST DAY THE RETIREMENT BENEFIT
   18  MANDATED BY THIS SECTION SHALL BE MADE AVAILABLE,  WHICH  SHALL  MEAN  A
   19  DATE WHICH SHALL BE NO LATER THAN AUGUST FIRST, TWO THOUSAND THIRTEEN.
   20    B. ELECTION BY PARTICIPATING EMPLOYER. ON OR BEFORE JULY THIRTY-FIRST,
   21  TWO  THOUSAND  THIRTEEN, THE PARTICIPATING EMPLOYER MAY ELECT TO PROVIDE
   22  ITS EMPLOYEES THE RETIREMENT INCENTIVE AUTHORIZED BY THIS SECTION BY THE
   23  ADOPTION OF A RESOLUTION OF ITS GOVERNING BODY.   THE  RESOLUTION  SHALL
   24  SPECIFY  THE  COMMENCEMENT  DATE  OF THE INCENTIVE AND THE LENGTH OF THE
   25  OPEN PERIOD.
   26    C. COMMENCEMENT DATE. 1. THE PARTICIPATING EMPLOYER, IF IT  ELECTS  TO
   27  PARTICIPATE PURSUANT TO SUBDIVISION B OF THIS SECTION, SHALL ESTABLISH A
   28  COMMENCEMENT  DATE  FOR  THE  RETIREMENT  BENEFIT ESTABLISHED UNDER THIS
   29  SECTION BY ITS GOVERNING  BODY  ADOPTING  A  RESOLUTION  ESTABLISHING  A
   30  COMMENCEMENT DATE.
   31    2.   IN THE EVENT THAT THE PARTICIPATING EMPLOYER FAILS TO ESTABLISH A
   32  COMMENCEMENT DATE FOR THE  RETIREMENT  BENEFIT  ESTABLISHED  UNDER  THIS
   33  SECTION,  THE  COMMENCEMENT  DATE  FOR  THE  ELIGIBLE EMPLOYEES SHALL BE
   34  AUGUST FIRST, TWO THOUSAND THIRTEEN.
   35    D. EMPLOYEE ELIGIBILITY. NOTWITHSTANDING ANY OTHER PROVISION  OF  LAW,
   36  ANY  ELIGIBLE  EMPLOYEE  WHO  (1)  HAS  BEEN  CONTINUOUSLY IN THE ACTIVE
   37  SERVICE OF THE PARTICIPATING EMPLOYER FROM JANUARY FIRST,  TWO  THOUSAND
   38  TWELVE  TO  THE  DATE  IMMEDIATELY PRIOR TO THE COMMENCEMENT DATE OF THE
   39  APPLICABLE OPEN PERIOD, (2) FILES AN APPLICATION FOR SERVICE  RETIREMENT
   40  THAT  IS EFFECTIVE DURING THE OPEN PERIOD, AND (3) IS OTHERWISE ELIGIBLE
   41  FOR A SERVICE RETIREMENT AS OF THE EFFECTIVE DATE OF THE APPLICATION FOR
   42  RETIREMENT SHALL BE ENTITLED TO THE RETIREMENT BENEFIT PROVIDED IN  THIS
   43  SECTION.
   44    E.  TWENTY-FIVE  YEAR AGE FIFTY-FIVE INCENTIVE. 1. NOTWITHSTANDING ANY
   45  OTHER PROVISION OF LAW, AN ELIGIBLE  EMPLOYEE  WHO  IS  A  MEMBER  OF  A
   46  RETIREMENT  SYSTEM  AND WHO IS ENTITLED TO A RETIREMENT BENEFIT PURSUANT
   47  TO THIS SECTION MAY RETIRE DURING THE OPEN PERIOD WITHOUT THE  REDUCTION
   48  OF  HIS  OR  HER  RETIREMENT  BENEFIT THAT WOULD OTHERWISE BE IMPOSED BY
   49  ARTICLES ELEVEN AND FIFTEEN OF THIS CHAPTER IF HE OR  SHE  HAS  ATTAINED
   50  THE  AGE  OF  FIFTY-FIVE  AND HAS COMPLETED AT LEAST TWENTY-FIVE OR MORE
   51  YEARS OF CREDITABLE SERVICE. AN ELIGIBLE EMPLOYEE WHO IS COVERED BY  THE
   52  PROVISIONS  OF  ARTICLES ELEVEN AND FIFTEEN OF THIS CHAPTER SHALL RETIRE
   53  UNDER THE PROVISIONS OF ARTICLES ELEVEN AND FIFTEEN OF THIS CHAPTER.
   54    2. THE PARTICIPATING EMPLOYER MAY DENY PARTICIPATION IN THE RETIREMENT
   55  BENEFIT PROVIDED BY THIS SECTION IF THE GOVERNING BOARD OF  THE  PARTIC-
   56  IPATING  EMPLOYER  MAKES A DETERMINATION THAT THE EMPLOYEE HOLDS A POSI-
       A. 8058                             7
    1  TION THAT IS DEEMED CRITICAL TO THE MAINTENANCE  OF  PUBLIC  HEALTH  AND
    2  SAFETY.
    3    3.  THE ACTION OF THE PARTICIPATING EMPLOYER IN DENYING THE RETIREMENT
    4  BENEFIT PROVIDED FOR IN THIS SECTION TO ANY INDIVIDUAL SHALL BE  SUBJECT
    5  TO  REVIEW  IN  THE  MANNER PROVIDED FOR IN ARTICLE SEVENTY-EIGHT OF THE
    6  CIVIL PRACTICE LAW AND RULES. SUCH ACTION FOR REVIEW PURSUANT TO ARTICLE
    7  SEVENTY-EIGHT OF  THE  CIVIL  PRACTICE  LAW  AND  RULES  SHALL  ONLY  BE
    8  COMMENCED  BY  THE  INDIVIDUAL  THAT  WAS  DENIED THE RETIREMENT BENEFIT
    9  PROVIDED BY THIS SECTION.
   10    4. AFTER MAKING ANY SUCH DETERMINATION UNDER  PARAGRAPH  TWO  OF  THIS
   11  SUBDIVISION,  THE  CHIEF EXECUTIVE OFFICER OR GOVERNING BOARD, AS APPRO-
   12  PRIATE, OF THE  PARTICIPATING  EMPLOYER  SHALL  NOTIFY  THE  APPROPRIATE
   13  RETIREMENT SYSTEM OR TEACHERS' RETIREMENT SYSTEM OF ITS DETERMINATION.
   14    F. REPAYMENT OF COSTS. THE PENSION BENEFIT COSTS OF THIS SECTION SHALL
   15  BE  PAID BY THE PARTICIPATING EMPLOYER AS PROVIDED BY APPLICABLE LAW FOR
   16  EACH RETIREMENT SYSTEM COVERED BY THIS SECTION  OVER  A  PERIOD  NOT  TO
   17  EXCEED FIVE YEARS COMMENCING IN THE STATE FISCAL YEAR ENDING MARCH THIR-
   18  TY-FIRST, TWO THOUSAND FOURTEEN.
   19    S  922.  PAYMENT  INCENTIVE.  A. DEFINITIONS. FOR THE PURPOSES OF THIS
   20  SECTION:
   21    1. "ACTIVE SERVICE" SHALL  MEAN:  SERVICE  WHILE  BEING  PAID  ON  THE
   22  PAYROLL,  PROVIDED  THAT (I) A LEAVE OF ABSENCE WITH PAY SHALL BE DEEMED
   23  ACTIVE SERVICE, AND (II) OTHER APPROVED LEAVE WITHOUT PAY NOT TO  EXCEED
   24  TWELVE WEEKS FROM JANUARY FIRST, TWO THOUSAND THIRTEEN AND THE COMMENCE-
   25  MENT OF THE DESIGNATED OPEN PERIOD.
   26    2. "COMMENCEMENT DATE" SHALL MEAN: THE FIRST DAY THE PAYMENT INCENTIVE
   27  AUTHORIZED  BY  THIS SECTION SHALL BE MADE AVAILABLE, WHICH SHALL MEAN A
   28  DATE WHICH SHALL OCCUR NO LATER THAN AUGUST FIRST,  TWO  THOUSAND  THIR-
   29  TEEN.
   30    3. "ELIGIBLE EMPLOYEE" SHALL MEAN: ANY INDIVIDUAL WHO IS PAID A SALARY
   31  OR  OTHER FORM OF COMPENSATION BY THE PARTICIPATING EMPLOYER FOR WORKING
   32  ON A FULL-TIME BASIS FOR AT LEAST FIVE YEARS AT THE UNIVERSITY  HOSPITAL
   33  OF  BROOKLYN,  AND WHO IS EITHER (I) NOT A MEMBER OF A RETIREMENT SYSTEM
   34  OR A PARTICIPANT OF AN OPTIONAL RETIREMENT PROGRAM, OR (II) A MEMBER  OF
   35  A  RETIREMENT  SYSTEM OR A PARTICIPANT OF AN OPTIONAL RETIREMENT PROGRAM
   36  WHO IS NOT OTHERWISE ELIGIBLE FOR A SERVICE RETIREMENT ON THE  EFFECTIVE
   37  DATE  OF THIS ARTICLE, PROVIDED, HOWEVER, THAT "ELIGIBLE EMPLOYEE" SHALL
   38  NOT MEAN AN INDIVIDUAL WHO RECEIVES A BENEFIT  ENHANCEMENT  OR  OPTIONAL
   39  RETIREMENT  BENEFIT  PURSUANT TO ANOTHER PROVISION OF LAW, INCLUDING BUT
   40  NOT LIMITED TO, SECTIONS NINE HUNDRED TWENTY AND NINE HUNDRED TWENTY-ONE
   41  OF THIS CHAPTER.
   42    4. "OPEN PERIOD" SHALL MEAN: THE PERIOD BEGINNING WITH  THE  COMMENCE-
   43  MENT  DATE AS DEFINED IN PARAGRAPH TWO OF THIS SUBDIVISION AND SHALL NOT
   44  BE MORE THAN SIXTY DAYS OR LESS THAN THIRTY DAYS IN LENGTH, AS SPECIFIED
   45  BY THE PARTICIPATING EMPLOYER.
   46    5. "PARTICIPATING EMPLOYER" SHALL MEAN: THE STATE  UNIVERSITY  OF  NEW
   47  YORK.
   48    B. ELECTION BY PARTICIPATING EMPLOYER. ON OR BEFORE JULY THIRTY-FIRST,
   49  TWO  THOUSAND  THIRTEEN, THE PARTICIPATING EMPLOYER MAY ELECT TO PROVIDE
   50  ITS ELIGIBLE EMPLOYEES THE PAYMENT INCENTIVE AUTHORIZED BY THIS  SECTION
   51  BY  THE  ADOPTION  OF A RESOLUTION BY ITS GOVERNING BODY. THE RESOLUTION
   52  SHALL SPECIFY THE COMMENCEMENT DATE OF THE INCENTIVE AND THE  LENGTH  OF
   53  THE OPEN PERIOD.
   54    C.  NOTICE TO EMPLOYER. ALL ELIGIBLE EMPLOYEES DESIRING TO AVAIL THEM-
   55  SELVES OF THE PAYMENT INCENTIVE PROVIDED IN SUBDIVISION E OF THIS SUBDI-
   56  VISION SHALL PROVIDE WRITTEN NOTICE TO HIS OR HER EMPLOYER ON OR  BEFORE
       A. 8058                             8
    1  THE  FOURTEENTH  DAY  PRECEDING  THE  END OF THE OPEN PERIOD. FAILURE TO
    2  PROVIDE SUCH WRITTEN NOTICE SHALL RENDER THE EMPLOYEE INELIGIBLE FOR THE
    3  PAYMENT INCENTIVE PROVIDED BY THIS SECTION.
    4    D.  EMPLOYEE ELIGIBILITY. NOTWITHSTANDING ANY PROVISIONS OF LAW TO THE
    5  CONTRARY, ANY ELIGIBLE EMPLOYEE WHO (1) HAS BEEN IN THE  ACTIVE  SERVICE
    6  OF THE PARTICIPATING EMPLOYER FROM JANUARY FIRST, TWO THOUSAND TWELVE TO
    7  THE  DAY  IMMEDIATELY  PRIOR  TO THE COMMENCEMENT DATE OF THE APPLICABLE
    8  PERIOD, AND (2) FILES AN APPLICATION FOR A  PAYMENT  INCENTIVE  THAT  IS
    9  EFFECTIVE DURING THE OPEN PERIOD SHALL BE ENTITLED TO THE PAYMENT INCEN-
   10  TIVE PROVIDED IN THIS SECTION.
   11    E.  PAYMENT  INCENTIVE.  NOTWITHSTANDING  ANY PROVISIONS OF LAW TO THE
   12  CONTRARY, AN ELIGIBLE EMPLOYEE SHALL RECEIVE A PAYMENT INCENTIVE OF  ONE
   13  WEEK'S  SALARY  FOR EACH YEAR OF FULL-TIME EMPLOYMENT UP TO A MAXIMUM OF
   14  THIRTEEN WEEKS OF PAYMENT INCENTIVE, PROVIDED  THAT  THE  EMPLOYEE  MUST
   15  LEAVE  ACTIVE SERVICE WITHIN SIXTY DAYS AFTER THE PARTICIPATING EMPLOYER
   16  HAS SENT OR DELIVERED A WRITTEN OFFER OF THE INCENTIVE TO THE  EMPLOYEE,
   17  AND  PROVIDED FURTHER THAT THE PAYMENT INCENTIVE OFFERED TO ANY EMPLOYEE
   18  WHOSE ANNUAL SALARY EXCEEDS  ONE  HUNDRED  THOUSAND  DOLLARS,  INCLUDING
   19  OVERTIME, SHALL BE LIMITED TO A MAXIMUM OF EIGHT WEEKS.
   20    F. PAYMENT OF COSTS. THE PAYMENT INCENTIVE COSTS OF THIS SECTION SHALL
   21  BE PAID BY THE PARTICIPATING EMPLOYER FROM ITS GENERAL REVENUE FUND.
   22    S 2. Severability clause. If any clause, sentence, paragraph, subdivi-
   23  sion,  section  or  part  of  this act shall be adjudged by any court of
   24  competent jurisdiction to be invalid, such judgment  shall  not  affect,
   25  impair,  or  invalidate  the remainder thereof, but shall be confined in
   26  its operation to the clause, sentence, paragraph,  subdivision,  section
   27  or part thereof directly involved in the controversy in which such judg-
   28  ment shall have been rendered. It is hereby declared to be the intent of
   29  the  legislature  that  this  act  would  have been enacted even if such
   30  invalid provisions had not been included herein.
   31    S 3. This act shall take effect immediately.
         FISCAL NOTE.--This fiscal note was requested  by  Member  of  Assembly
       James Brennan. Pursuant to Section 50 of the Legislative Law, the fiscal
       note that must be appended in its entirety to this bill is:
         This  bill would provide a temporary retirement incentive for eligible
       employees of the State University of New York Health Science  Center  at
       Brooklyn  during  the fiscal year 2013-2014. The first provision of this
       retirement incentive provides certain eligible employees with a  retire-
       ment incentive of one-twelfth of a year of additional service credit per
       year  of  accrued  service  credit  up  to a maximum of three additional
       years. To be eligible, a member must be otherwise eligible for a service
       retirement or have attained age 50 or greater, with at least  ten  years
       of  service.  Members  not  subject to an early retirement reduction and
       less than age 55 at retirement will have their benefit reduced  by  five
       percent  for  each  year  their age precedes 55. The second provision of
       this retirement incentive would permit members eligible  for  retirement
       under Article 11 or Article 15 of the Retirement and Social Security Law
       to  retire  without  early  retirement  reductions upon attainment of at
       least age 55 with 25 years of service. Currently 30 years of service are
       required. An eligible employee retiring under one of the provisions must
       retire during that provision's designated open period. Such open  period
       shall  commence  no  later  than August 1, 2013 and shall be at least 30
       days, but not more than 60 days in length. Members  may  not  receive  a
       benefit under both provisions of the retirement incentive.
         This  bill  would  also provide an incentive payment during the fiscal
       year 2013-2014 to certain eligible employees of the State University  of
       A. 8058                             9
       New  York Health Science Center at Brooklyn who terminate employment. An
       eligible employee would receive an incentive payment of one week's sala-
       ry for each year of full-time employment up to  a  maximum  of  thirteen
       weeks provided the employee is not eligible for a service retirement and
       leaves active service within 60 days of receiving the payment offer from
       the  State  University  of  New  York Health Science Center at Brooklyn.
       Eligible employees with a salary in excess of $100,000, including  over-
       time,  would  be  limited to a maximum of eight weeks under this payment
       incentive. An eligible employee must file an application for the payment
       incentive during the designated open period.   Such  open  period  shall
       commence no later than August 1, 2013 and shall be at least 30 days, but
       not  more  than  60  days in length. Employees would not be permitted to
       receive both the retirement incentive  and  payment  incentive  provider
       under this bill.
         The  cost  of  the  retirement  incentive  provided under this bill to
       eligible employees of the State University of New  York  Health  Science
       Center  at Brooklyn is estimated to be approximately $1.4 million assum-
       ing all employees who are eligible elect to retire under the  incentive.
       The actual final cost will depend on the number of employees who actual-
       ly  elect  to  retire, and their final service and salary at retirement.
       The cost of this retirement incentive shall be paid by the State Univer-
       sity of New York Health Science Center at Brooklyn over a period not  to
       exceed  five  years  commencing  the  state fiscal year ending March 31,
       2014. The cost of the termination payment incentive would be paid by the
       State University of New York Health Science Center at  Brooklyn  out  of
       its  general revenue fund, and therefore does not have any impact on the
       Retirement System.
         The source of this estimate is Fiscal Note 2013-40 dated June 3,  2013
       prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
       System and is intended for use only during the 2013 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.
         FISCAL  NOTE.--This  bill would allow the State University of New York
       Health Science Center at Brooklyn (the employer)  to  elect  to  provide
       their  employees who are members of the New York State and Local Employ-
       ees' Retirement System (ERS), the New  York  State  Teachers  Retirement
       System  (TRS)  or  the  Optional  Retirement  Program with two temporary
       retirement incentive programs and one employment termination  incentive.
       Electing  employees  may  elect  to  receive only one of the incentives.
       Using traditional labels from previous incentive programs:
         Part A: ERS and TRS members would receive  additional  service  credit
       (one-twelfth  of a year for each year of service credited as of the date
       of retirement, up to a maximum of three  years).  Further,  for  certain
       members who are not otherwise eligible for a service retirement benefit,
       this bill would provide the ability to retire with reductions.
         Part  B:  In  addition, this bill would eliminate the early retirement
       reductions at 25 years of service for  retirement  during  the  election
       period  for  Tier  2, 3, 4, 5 and 6 members of ERS and TRS. The election
       period must be for at least 30, but not more than 60 days. The  employer
       can declare health and safety positions to be ineligible.
         Part  C:  Further,  this  bill would provide that any employee with at
       least 5 years of service with the  employer  may  receive  an  incentive
       payment  equal  to  1  week  of salary for each year of service with the
       employer.   Electing employees must leave the  payroll  within  60  days
       A. 8058                            10
       after  receiving a written offer of the incentive from the employer. The
       payment may not exceed 13 weeks of salary, except that for employees who
       earn in excess of $100,000, the payment may not exceed 8 weeks of  sala-
       ry.
         If  this bill is enacted, insofar as it affects the New York State and
       Local Employees Retirement System (ERS), the additional  cost  for  each
       member  who receives the benefit of Part A or Part B will vary depending
       on the member's age, years of service, plans and final average salary.
         Part A: We anticipate that the per-member cost (at retirement) of  the
       additional  service  credit  benefit will average approximately 70% of a
       member's final average salary. This cost will be borne by  the  employer
       electing the incentive over a five-year period commencing with a payment
       in the State fiscal year 2013-2014.
         Part  B: We anticipate that the per-member cost (at retirement) of the
       elimination of the early retirement reductions at 25  years  of  service
       will average approximately 120% of a member's final average salary. This
       cost  will  be  borne by the employer over a five-year period commencing
       with a payment in the State fiscal year 2013-2014.
         Part C: The cost for the incentive payments made to employees who  are
       not  eligible  for  either  of Parts A or B will be paid directly by the
       employer to the employees. There will not be cost to the System.
         This estimate, dated May 17, 2013, and intended for  use  only  during
       the  2013  Legislative  Session, is Fiscal Note No. 2013-128 prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System.
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