Bill Text: NY A08486 | 2013-2014 | General Assembly | Introduced
Bill Title: Relates to service credit of certain members of the New York state and local employees' retirement system who obtained credit for service with the Niagara Frontier Transit Metro System, Inc.; provides that any retirement or death benefit payable or paid by such retirement system shall be reduced by the amount of the non-forfeitable benefit payable or paid for such service under the Amalgamated Transit Union Local 1342 - Niagara Frontier Transit Metro System Pension Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2014-11-21 - signed chap.442 [A08486 Detail]
Download: New_York-2013-A08486-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
8486
I N A S S E M B L Y
January 17, 2014
___________
Introduced by M. of A. RYAN -- read once and referred to the Committee
on Governmental Employees
AN ACT in relation to service credit of certain members of the New York
state and local employees' retirement system who obtained credit for
service with the Niagara Frontier Transit Metro System, Inc.
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Notwithstanding the provisions of chapter 670 of the laws
2 of 1996 or any other provision of law to the contrary, any member or
3 retiree of the New York state and local employees' retirement system who
4 obtained credit for service after March 31, 1974 with the Niagara Fron-
5 tier Transit Metro System, Inc., and who retains a non-forfeitable bene-
6 fit for such service under the Amalgamated Transit Union Local 1342 --
7 Niagara Frontier Transit Metro System Pension Fund shall remain eligible
8 for such service with the New York state and local employees' retirement
9 system; provided, however, that any retirement or death benefit payable
10 or paid by such retirement system shall be reduced by the amount of the
11 non-forfeitable benefit payable or paid for such service under the Amal-
12 gamated Transit Union Local 1342 -- Niagara Frontier Transit Metro
13 System Pension Fund. For any person currently receiving a retirement
14 allowance, such reduction shall be retroactive to the effective date of
15 retirement.
16 S 2. This act shall take effect immediately and the addition, amend-
17 ment and/or repeal of any rule or regulation necessary for the implemen-
18 tation of this act on its effective date are hereby authorized.
FISCAL NOTE.-- Pursuant to Legislate Law, Section 50:
This bill would reduce the retirement or death benefit payable or paid
by the New York State and Local Employees' Retirement System (NYSLERS)
to any member or retiree who obtained credit for service after March 31,
1974 with the Niagara Frontier Transit Metro System who retains a non-
forfeitable benefit with the Niagara Metro Pension Fund for such
service. The reduction in the benefit from NYSLERS will be based on the
amount of the non-forfeitable benefit payable or paid for such service,
for which the affected individuals will receive benefits from both
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07702-06-4
A. 8486 2
retirement plans. For current retirees, such reduction will be retroac-
tive to the date of retirement.
If this bill is enacted, there will be no cost to the State or partic-
ipating employers in the NYSLERS.
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, 2013 actuarial valu-
ation. Distributions and other statistics can be found in the 2013
Report of the Actuary and the 2013 Comprehensive Annual Financial
Report.
The Market Assets and GASB Disclosures are found in the March 31, 2013
New York State and Local Retirement System Financial Statements and
Supplementary Information.
The actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial
Assumptions, and the Codes Rules and Regulations of the State of New
York: Audit and Control.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
This estimate, dated January 14, 2014 and intended for use only during
the 2014 Legislative Session, is Fiscal Note No. 2014-56, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.
