STATE OF NEW YORK ________________________________________________________________________ 2722 2021-2022 Regular Sessions IN SENATE January 22, 2021 ___________ Introduced by Sen. HARCKHAM -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to provide a temporary retirement incentive for certain public employees (Part A); and to provide an age 55/25 years temporary retirement incentive for certain public employees (Part B) The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. This act enacts into law components of legislation that 2 would enable public employers to offer a temporary retirement incentive 3 to their employees, as well as to provide an age 55/25 years temporary 4 incentive for certain public employees. Each component is wholly 5 contained within a Part identified as Parts A and B. The effective date 6 for each particular provision contained within such Part is set forth in 7 the last section of such part. Any provision in any section contained 8 within a Part, including the effective date of the Part, which makes 9 reference to a section "of this act", when used in connection with that 10 particular component, shall be deemed to mean and refer to the corre- 11 sponding section of the Part in which it is found, unless noted other- 12 wise. The benefits of this act shall not be applicable to anyone who 13 first became a member of a public retirement system of the state on or 14 after January first, two thousand ten. 15 § 2. Legislative findings. The legislature finds and declares that the 16 retirement benefits provided for in this act are designed to achieve 17 cost-savings for public employers and to avoid layoffs of public employ- 18 ees in this time of fiscal need. Therefore, the retirement incentive 19 benefit provided for in Part A of this act and the age 55/25 years 20 retirement benefit provided for in Part B of this act are intended only 21 to be temporary in nature for employees who are eligible to receive and 22 qualify for the applicable benefit during the applicable time periods 23 specified within each Part. Further, nothing in this act shall be 24 construed to create an expectation of a future or continuing retirement EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03658-02-1S. 2722 2 1 benefit for any public employee who is not eligible to receive and qual- 2 ify for the retirement benefits in this act during the applicable time 3 periods. 4 PART A 5 Section 1. Definitions. As used in this act, unless the context clear- 6 ly requires otherwise: 7 a. "Retirement system" means the New York state and local employees' 8 retirement system, the New York state teachers' retirement system, the 9 New York city teachers' retirement system, the New York city board of 10 education retirement system or the New York city employees' retirement 11 system, exclusive of the retirement plans established pursuant to 12 sections 13-156 and 13-157 of the administrative code of the city of New 13 York. 14 b. "Teachers' retirement system" means the New York state teachers' 15 retirement system or the New York city teachers' retirement system. 16 c. "Optional retirement program" means the programs established pursu- 17 ant to the provisions of section 181, 391 or 6251 of the education law; 18 or continued pursuant to section 3 of chapter 980 of the laws of 1962. 19 d. "State employer" means (a) the executive branch of the state, (b) 20 the state-operated institutions of the state university of New York, (c) 21 the statutory and contract colleges operated pursuant to section 357 of 22 the education law, (d) the state university construction fund (herein- 23 after referred to in this act as the "fund"), (e) a cooperative exten- 24 sion association (hereinafter referred to in this act as the "associ- 25 ation"), (f) the city university of New York as defined in subdivision 2 26 of section 6202 of the education law, (g) the unified court system, (h) 27 the senate, (i) the assembly, and (j) joint legislative employers. 28 e. (a) "Participating employer" means an employer, other than a state 29 employer, which participates in a retirement system; such term shall 30 include a community college operating under the program of the state 31 university of New York. 32 (b) "Educational employer" means a participating employer which is a 33 school district, a board of cooperative educational services, a voca- 34 tional education and extension board, an institution for the instruction 35 of the deaf and of the blind as enumerated in section 4201 of the educa- 36 tion law, or a school district as enumerated in section 1 of chapter 566 37 of the laws of 1967, as amended. 38 f. "Eligible employee" means a person who is a member of a retirement 39 system or a participant in an optional retirement program who is an 40 employee in the executive branch of a state employer or an employee of a 41 state employer or a participating employer which makes an election under 42 this section or section four of this act, but such term shall not 43 include the following persons: 44 (a) elected officials, judges or justices appointed to or serving in a 45 court of record and acting village justices; 46 (b) chief administrative officers of participating employers which 47 participate in a teachers' retirement system; 48 (c) officers described in sections 4, 41-a, 46, 61, 70, 70-a, 169 49 (including those officers whose salary is established pursuant to salary 50 plans under subdivision 3 of section 169), 180 and subdivision 1 of 51 section 41 of the executive law and any agency or department head 52 appointed by the governor, comptroller or attorney general; 53 (d) appointed members of boards or commissions any of whose members 54 are appointed by the governor or by another state officer or body;S. 2722 3 1 (e) nonjudicial officers and employees of the unified court system 2 unless the chief administrator of the courts elects as provided herein, 3 which election shall cover only nonjudicial officers and employees hold- 4 ing positions in any title in the classified service of the unified 5 court system; 6 (f) officers or employees of the senate unless the senate adopts a 7 resolution authorizing the temporary president to file the election as 8 provided in this subdivision; 9 (g) officers or employees of the assembly unless the assembly adopts a 10 resolution authorizing the speaker of the assembly to file the election 11 as provided in this subdivision; and 12 (h) officers or employees of joint legislative employers unless: 13 (i) with respect to officers or employees of the legislative library, 14 legislative messenger service, legislative health service, legislative 15 ethics commission, the legislative bill drafting commission, and the 16 joint line of the legislative task force on demographic research and 17 reapportionment, the senate and assembly adopt a concurrent resolution 18 authorizing the temporary president of the senate and the speaker of the 19 assembly to jointly file an election as provided in this subdivision; 20 (ii) with respect to officers or employees of components of the senate 21 as identified pursuant to section 90 of the legislative law, the senate 22 adopts a resolution authorizing the temporary president to file an 23 election for officers or employees of those components designated in 24 such resolution; and 25 (iii) with respect to officers or employees of components of the 26 assembly as identified pursuant to section 90 of the legislative law, 27 the assembly adopts a resolution authorizing the speaker of the assembly 28 to file an election for officers or employees of those components desig- 29 nated in such resolution. 30 Any election under paragraphs (e) through (h) of this subdivision to 31 make available the retirement incentive program provided by this act 32 shall be in writing and filed with the state comptroller not later than 33 ninety days after the effective date of this act. Notwithstanding any 34 other provision of this act, each such filing shall specify the 35 commencement date and the length of the open period. Only one open peri- 36 od shall be made available for employees covered by elections under 37 paragraphs (e) through (h) of this subdivision. 38 For the purposes of such paragraphs (f), (g) or (h) of this subdivi- 39 sion, an employee of the legislature shall be as such term is defined in 40 section 7-a, 7-b or 7-d of the legislative law or by any other provision 41 of law which classifies employees of an entity to be legislative employ- 42 ees for all purposes, but shall not include senators or members of the 43 assembly. The term "joint legislative employer" shall mean legislative 44 commissions, committees, task forces, councils or similar bodies whose 45 membership is comprised of both senators and assembly members, or which 46 consist of commissioners, or the majority of whose membership is 47 appointed by one or more of the following: the temporary president of 48 the senate, the speaker of the assembly, the minority leader of the 49 senate, and/or the minority leader of the assembly. The temporary presi- 50 dent of the senate and the speaker of the assembly shall be the joint 51 legislative employer of the employees of the legislature referred to in 52 sections 7-a and 7-b of the legislative law. 53 g. "Eligible title" means any title where a certain number of posi- 54 tions in that title, as identified by agency, department, work location 55 or appointing authority, college or campus, as the case may be, would 56 otherwise be identified for layoff but for this act because of economy,S. 2722 4 1 consolidation or abolition of functions, curtailment of activities or 2 otherwise. However, an eligible title can also include a title as iden- 3 tified by agency, department, work location or appointing authority in 4 which positions would not be eliminated but into which employees in 5 titles affected by layoff can be transferred or reassigned pursuant to 6 the civil service law, rule or regulation. The determination of eligible 7 titles shall be made by: (a) the appointing authority, subject to the 8 approval of the director of state operations for titles within the exec- 9 utive branch, (b) the board of trustees for the state university 10 (including the association) subject to the approval of the director of 11 state operations, the fund, the city university of New York and of each 12 community college operating under the program of the state university, 13 (c) the person or persons who elect under paragraphs (e) through (h) of 14 subdivision f of this section to offer the retirement incentive provided 15 by this act, and (d) the chief executive officer or other comparable 16 official for participating employers other than the community colleges. 17 h. "College faculty" means an employee, not in the classified service, 18 of a state employer described in paragraphs (b), (c), (d), (e) and (f) 19 of subdivision d of this section or of a community college who is a 20 member of a teachers' retirement system, the New York state and local 21 employees' retirement system or a participant in an optional retirement 22 program. 23 i. "Active service" means service while being paid on the payroll, 24 provided that (a) a leave of absence with pay shall be deemed active 25 service; (b) other approved leave without pay not to exceed twelve weeks 26 from February 1, 2021 and the commencement of the designated open peri- 27 od; and (c) the period of time subsequent to the June 2021 school term 28 and on or before August 31, 2021 for a teacher (or other employee 29 employed on a school-year basis) who is otherwise in active service on 30 February 1, 2021 shall be deemed active service. 31 j. "Open period" means the period beginning with the commencement date 32 as defined in subdivision k of this section and shall not be more than 33 ninety days nor less than thirty days in length, as specified by the 34 director of state operations or by a participating employer pursuant to 35 section four of this act, by the appropriate board of trustees for the 36 state university (including the association), the fund, the city univer- 37 sity of New York or a community college operating under a program of the 38 state university or by a state employer described in paragraphs (g), 39 (h), (i) and (j) of subdivision d of this section; provided however that 40 any such period shall not extend beyond September 30, 2021 for the exec- 41 utive branch of a state employer described in paragraphs (a) and (b) of 42 subdivision d of this section (except for college faculty), not beyond 43 December 31, 2021 for participating employers, college faculty for a 44 state employer described in paragraph (b) of subdivision d of this 45 section, state employers described in paragraphs (c), (d) and (e) of 46 subdivision d of this section, not beyond January 31, 2022 for college 47 faculty of an employer described in paragraph (f) of subdivision d of 48 this section, and not beyond August 31, 2021 for educational employers. 49 For the purposes of retirement pursuant to this act, a service retire- 50 ment application must be filed with the appropriate retirement system 51 not less than fourteen days prior to the effective date of retirement to 52 become effective, unless a shorter period of time is permitted under 53 law. 54 k. "Commencement date" means the first day the retirement incentive 55 authorized by this act shall be made available, which shall mean a date 56 on or after the effective date of this act to be determined by theS. 2722 5 1 director of state operations for the executive branch of the state, and 2 which date shall occur no later than thirty days before September 30, 3 2021 or for any participating employer a date on or after the effective 4 date of this act. For any other state employer, such term shall mean a 5 date on or after the effective date of this act and shall occur no later 6 than thirty days before September 30, 2021. The director of state oper- 7 ations shall notify the head of the appropriate retirement system of the 8 date of each open period applicable to employees of the executive branch 9 or of a state employer prior to the commencement date. 10 § 2. The determination of whether a title shall be considered eligible 11 shall consider whether the reduction of a specific number of positions 12 within a title would unacceptably: 13 a. Directly result in a reduction of the level of service required or 14 mandated to protect and care for clients of the state or a participating 15 employer or to assure public health and safety; 16 b. Endanger the health or safety of employees of the state or a 17 participating employer; or 18 c. Clearly result in a loss of significant revenue to the state or a 19 participating employer or result in substantially increased overtime or 20 contractual costs. However, upon the determination of the director of 21 state operations, with respect to employees of the executive branch of a 22 state employer, any titles may be determined eligible if the vacancies 23 created can be controlled by the use of transfer or reassignment 24 provisions of the civil service law, rules or regulations or other 25 deployment of state employees. 26 § 3. a. Eligibility for inclusion in the retirement incentive provided 27 by section six of this act shall be determined: (a) by seniority: for 28 participating employers and for state employers described in paragraphs 29 (a), (b), (c), (d), (e) and (f) of subdivision d of section one of this 30 act, other than for college faculty; seniority shall mean the date of 31 original permanent appointment in the civil service of the state 32 adjusted to include veteran's credits for those entitled to receive such 33 credits pursuant to sections 80, 80-a and 85, if applicable, of the 34 civil service law, as established in the official records of the depart- 35 ment of civil service, regardless of the jurisdictional classification 36 of the position or the status of the incumbent; (b) by seniority, as 37 applicable for the unified court system; (c) for state employers 38 described in paragraphs (h), (i) and (j) of subdivision d of section one 39 of this act as determined by the person or persons who make the election 40 to offer the retirement incentive; and (d) for college faculty, by the 41 board of trustees of the state university, city university and of each 42 community college operating under the program of the state university. 43 b. All eligible employees serving in eligible titles desiring to avail 44 themselves of the retirement incentive provided by section six of this 45 act shall provide written notice to his or her employer on or before the 46 twenty-first day preceding the end of the open period, or before the end 47 of the applicable open period as such open period is determined by the 48 director of state operations. Failure to provide such written notice 49 shall render the employee ineligible for the retirement incentive 50 provided by this act. 51 § 4. a. On or before August 31, 2021, a participating employer or a 52 state employer described in paragraphs (b), (c), (d), (e) and (f) of 53 subdivision d of section one of this act may elect to provide its 54 employees the retirement incentive authorized by this act by (a) the 55 enactment of a local law or (b) in the case of a participating employer 56 which is not so empowered to act by local law or a state employerS. 2722 6 1 described in paragraphs (b), (c), (d), (e) and (f) of subdivision d of 2 section one of this act, by the adoption of a resolution of its govern- 3 ing body; provided however, no local law or resolution enacted pursuant 4 to this section shall in any manner supersede any local charter, 5 provided further, that for an educational employer such election must be 6 made by July 30, 2021. The local law or resolution shall specify the 7 commencement date of the program and the length of the open period. For 8 a community college operating under the program of state university of 9 New York, such election shall be made by the board of trustees of such 10 community college subject to the approval of its sponsor. A copy of such 11 law or resolution shall be filed with the appropriate retirement system 12 or systems, and, if applicable, on forms provided by such system. The 13 local law or resolution shall be accompanied by the affidavit of the 14 chief executive officer or other comparable official certifying to the 15 information contained in subdivision b of this section. 16 b. Notwithstanding any other provision of law, the benefits provided 17 by this act shall not be made available to any person who (a) has 18 received any retirement incentive authorized by any provision of state 19 law, or (b) who receives, has received or is eligible to receive a 20 payment in a lump sum or in another form from a retirement incentive 21 pursuant to the provisions of a collective bargaining agreement or by 22 other arrangement with his or her employer, unless such person files a 23 written statement with his or her employer, a copy of which shall be 24 forwarded to the appropriate retirement system, that he or she agrees to 25 waive any right to such payment. A participating employer who makes an 26 election pursuant to this section and who offers or has offered a 27 retirement incentive pursuant to the provisions of a collective bargain- 28 ing agreement or by other arrangement shall prepare, and file with each 29 retirement system, a list containing the names and social security 30 numbers of all persons described in this subdivision. A participating 31 employer is authorized to exempt persons in its employ from the 32 provisions of paragraph (b) of this subdivision. Such exemption shall be 33 made part of the election made pursuant to this section. 34 c. Notwithstanding any other provision of this act to the contrary, 35 the mayor of the city of New York may declare employees of the community 36 colleges of the city university of New York ineligible for the retire- 37 ment incentive provided by this act by filing such notification with the 38 chancellor of the city university of New York, with copies to the chair 39 of the senate finance committee, the chair of the assembly ways and 40 means committee and the director of the budget, in writing, no later 41 than the thirtieth day next succeeding the effective date of this act. 42 § 5. Notwithstanding any other provision of law, any eligible employee 43 serving in an eligible title who: 44 a. has been continuously in the active service of a state employer or 45 of a participating employer from February 1, 2021 to the date immediate- 46 ly prior to the commencement date of the applicable open period; 47 b. files an application for service retirement (or files the appropri- 48 ate application and authorization form with the optional retirement 49 program and a duly acknowledged retirement incentive form for such 50 program with the appropriate personnel office) that is effective during 51 the open period; and 52 c. is otherwise eligible for a service retirement as of the effective 53 date of the application for retirement shall be entitled to the retire- 54 ment incentive provided in section six of this act. If not otherwise 55 eligible for a service retirement, the following person shall be deemed 56 to satisfy the eligibility condition of this section: a person who is atS. 2722 7 1 least age fifty with ten or more years service as of the effective date 2 of retirement (other than a member of a retirement plan which provides 3 for half-pay pension upon completion of twenty-five years or less 4 service without regard to age); a member of a retirement plan which 5 provides for half-pay pension upon completion of twenty-five years of 6 service without regard to age who has not accrued, excluding additional 7 credit granted pursuant to this act, the minimum number of years of 8 service required to retire with an allowance equal to fifty percent of 9 final average salary under such plan, but has, with the inclusion of the 10 additional credit provided under this act, accrued such number of years 11 of credit; or a participant in an optional retirement plan at least 12 fifty years of age with ten years of service on an annual salary basis 13 with his or her employer as of the date of retirement. 14 § 6. Notwithstanding any other provision of law, an eligible employee 15 serving in an eligible title who is: 16 a. A member of a retirement system and who is entitled to a retirement 17 incentive pursuant to section five of this act shall receive a retire- 18 ment incentive of one-twelfth of a year of additional retirement credit 19 for each year of pension service credited as of the date of retirement, 20 up to a maximum of three years of retirement service credit at the time 21 of retirement, provided, however, that service credit provided under the 22 provisions of sections 902 and 911 of the retirement and social security 23 law shall not be included when calculating the additional retirement 24 credit awarded pursuant to this act. For the New York city teachers' 25 retirement system, the New York city employees' retirement system and 26 the New York city board of education retirement system such incentive 27 shall be available for all purposes, including fulfilling the qualifying 28 service requirements of plan A and C, if applicable. 29 An eligible employee who is covered by the provisions of article 15 of 30 the retirement and social security law shall retire under the provisions 31 of article 15 of the retirement and social security law. The amount of 32 such benefit for an eligible employee who is covered by article 15 of 33 the retirement and social security law and retires under the provisions 34 of this section (other than a member with thirty or more years of 35 service in the New York state and local employees' retirement system or 36 a teachers' retirement system) shall be reduced by six percent for each 37 of the first two years by which retirement precedes age sixty-two, plus 38 a further reduction of three percent for each year by which retirement 39 precedes age sixty, provided, however, the foregoing reductions shall 40 not apply: (i) in any case where an eligible employee can retire after 41 twenty-five years of service with immediate payability prior to the age 42 of sixty-two pursuant to section 604-b of the retirement and social 43 security law or (ii) to any time period subsequent to the point at which 44 an eligible employee can retire for service without reduction of his or 45 her service retirement allowance pursuant to article 16 of the retire- 46 ment and social security law. Such reduction shall be prorated for 47 partial years. The amount of such benefit for an eligible employee with 48 thirty or more years of service who is a member of the New York state 49 and local employees' retirement system or a teachers' retirement system 50 or an eligible employee who is a participant in the optional twenty-five 51 year early retirement program for certain New York city members governed 52 by section 604-c of the retirement and social security law, as added by 53 chapter 96 of the laws of 1995 or a twenty-five year participant in the 54 age fifty-five retirement program governed by section 604-i of the 55 retirement and social security law, with twenty-five or more years of 56 service and who is covered by article 15 of the retirement and socialS. 2722 8 1 security law shall be reduced by five percent for each year by which 2 retirement pursuant to this section precedes age fifty-five. The amount 3 of such benefit for an eligible New York city employee with five or more 4 years of service and who is a participant in the age fifty-seven retire- 5 ment program governed by section 604-d of the retirement and social 6 security law shall be reduced by one-thirtieth for the first two years 7 by which retirement precedes age fifty-seven plus a further reduction of 8 one-twentieth for each year by which retirement precedes age fifty-five. 9 Such reduction shall be prorated for partial years. There shall be no 10 reduction for an eligible New York city employee in a physically taxing 11 position with twenty-five or more years of service and who is a partic- 12 ipant (i) in the optional twenty-five year early retirement program for 13 certain members governed by section 604-c of the retirement and social 14 security law, as added by chapter 96 of the laws of 1995, or (ii) in the 15 age fifty-seven retirement program governed by section 604-d of the 16 retirement and social security law. 17 An eligible employee serving in an eligible title who is covered by 18 article 11 of the retirement and social security law shall retire under 19 the provisions of such article. The amount of such benefit for an eligi- 20 ble employee covered by article 11 of the retirement and social security 21 law other than a member of a teachers' retirement system or a member of 22 the New York state and local employees' retirement system with thirty or 23 more years of service, a participant in the optional age fifty-five 24 improved benefit retirement program for certain New York city employees 25 governed by section 445-d of the retirement and social security law, as 26 added by chapter 96 of the laws of 1995, with twenty-five or more years 27 of service, or a participant in the optional age fifty-five retirement 28 program for New York city teachers and certain other members governed by 29 section 445-i of the retirement and social security law, with twenty- 30 five or more years of service, shall be reduced by six percent for each 31 of the first two years by which retirement pursuant to this section 32 precedes age sixty-two, plus a further reduction of three percent for 33 each year by which retirement pursuant to this section precedes age 34 sixty, provided, however, the foregoing reductions shall not apply: (i) 35 in any case where an eligible employee can retire pursuant to a plan 36 which permits retirement for service with immediate payability, exclu- 37 sive of this act, prior to the age of fifty-five or (ii) to any time 38 period subsequent to the point at which an eligible employee can retire 39 for service without reduction of his or her service retirement allowance 40 pursuant to article 16 of the retirement and social security law. Such 41 reduction shall be prorated for partial years. The amount of such bene- 42 fit for an eligible employee who is a member of a teachers' retirement 43 system or a member of the New York state and local employees' retirement 44 system with thirty or more years of service, a participant in the 45 optional age fifty-five improved benefit retirement program for certain 46 New York city employees governed by section 445-d of the retirement and 47 social security law, as added by chapter 96 of the laws of 1995, with 48 twenty-five or more years of service, or a participant in the optional 49 age fifty-five retirement program for New York city teachers and certain 50 other members governed by section 445-i of the retirement and social 51 security law, with twenty-five or more years of service and who is 52 covered by article 11 of the retirement and social security law shall be 53 reduced by five percent for each year by which retirement pursuant to 54 this section precedes age fifty-five. Such reduction shall be prorated 55 for partial years. There shall be no reduction for an eligible New York 56 city employee in a physically taxing position and who is a participantS. 2722 9 1 in the optional age fifty-five improved benefit retirement program for 2 certain New York city employees governed by section 445-d of the retire- 3 ment and social security law, as added by chapter 96 of the laws of 4 1995, with twenty-five or more years of service. 5 An eligible employee serving in an eligible title who is not covered 6 by article 11 or 15 of the retirement and social security law shall 7 retire under the provisions of the plan by which he or she is covered. 8 The amount of such benefit shall be reduced by five percent for each 9 year by which retirement pursuant to this section precedes age fifty- 10 five, provided, however, the foregoing reductions shall not apply: (i) 11 in any case where an eligible employee can retire pursuant to a plan 12 which permits retirement for service with immediate payability, exclu- 13 sive of this act, prior to the age of fifty-five or (ii) to any time 14 period subsequent to the point at which an eligible employee can retire 15 for service without reduction of his or her service retirement allowance 16 pursuant to article 16 of the retirement and social security law. Such 17 reduction shall be prorated for partial years. 18 An eligible employee serving in an eligible title who participates in 19 a retirement plan which provides for a retirement allowance equal to 20 fifty percent of final average salary upon the completion of twenty-five 21 years of service without regard to age and who is otherwise eligible to 22 retire shall retire under the provisions of such plan. Such employee 23 shall, at the time of retirement, be credited with one-twelfth of a year 24 of additional retirement service credit for each year of service credit- 25 ed under such plan as of the date of retirement, up to a maximum of 26 three years of retirement service credit, subject to the provisions of 27 subdivision b of this section. If such employee has not accrued, exclud- 28 ing additional credit granted pursuant to this act, the minimum number 29 of years of service required to retire with an allowance equal to fifty 30 percent of final average salary under such plan, but has, with the 31 inclusion of the additional credit provided under this act, accrued such 32 number of years of credit, the benefit payable shall be the percentage 33 of final average salary that would ordinarily be applicable to such 34 individual upon retirement with such amount of credit (including incen- 35 tive credit), reduced by five per centum per year for each year by which 36 the number of years of service otherwise required to retire with an 37 allowance equal to fifty percent of final average salary under such plan 38 exceeds the amount of service credited to such employee under such plan 39 at retirement (excluding the additional retirement incentive service 40 credit provided pursuant to this act). Such reduction shall be prorated 41 for partial years. 42 b. A participant in an optional retirement program who is entitled to 43 a retirement incentive pursuant to section five of this act shall 44 receive an additional employer contribution equal to an amount, which 45 shall be calculated as follows: (one-twelfth for each year of service) 46 multiplied by (fifteen percent) multiplied by (the employee's earnable 47 annual salary rate in effect on March 1, 2021 or the effective date of 48 this act if the employee retires prior to March 1, 2021), such amount 49 not to exceed forty-five percent of such salary rate. Such contribution 50 shall be made to the employee's retirement annuity under the optional 51 retirement program up to the maximum contribution allowable under 52 section 415 of the internal revenue code. Any contribution in excess of 53 that limit shall be contributed by the employer to an internal revenue 54 code section 403(b) contract on behalf of the employee to the extent it 55 can be contributed on a before-tax basis under the maximum limits 56 allowed under the internal revenue code. Contributions in excess of thatS. 2722 10 1 amount shall be paid in cash to the participant in three equal install- 2 ments during a twenty-four month period commencing on such eligible 3 employee's effective date of retirement. Provided, however, if the 4 employee is employed by the city university of New York and in the 5 active service of such employer on October 1, 2021 or the effective date 6 of this act if the employee retires prior to October 1, 2021, the 7 employee's earnable annual salary rate shall be the annual salary rate 8 in effect on such applicable date. 9 § 7. a. An employee of a state employer, other than the city universi- 10 ty of New York, who retires pursuant to this act may defer calculation 11 of the value of accumulated sick leave credits, if any, and partic- 12 ipation in the state health insurance plan. 13 b. Notwithstanding any other provision of law, any termination pay or 14 leave arising from accrued sick leave or accrued annual leave for an 15 eligible employee who has elected the retirement incentive provided by 16 this act and who is a member of the New York city teachers' retirement 17 system employed by the board of education of the city of New York shall 18 be paid in three equal installments during a twenty-four month period 19 commencing on such eligible employee's effective date of retirement. 20 c. An employee of the city of New York or the city university of New 21 York, as defined in subdivision 2 of section 6202 of the education law, 22 who retires under the retirement incentive provided by this act, who is 23 eligible for terminal leave pursuant to an applicable collective 24 bargaining agreement or a personnel policy or rule or retirement leave 25 pursuant to section 3107 of the education law or who has an accrued 26 annual leave balance on the effective date of retirement shall be paid 27 in three equal installments two months, fourteen months and twenty-four 28 months following such eligible employee's effective date of retirement. 29 § 8. a. With respect to employees of the executive branch of a state 30 employer, any position, other than a position supported by special 31 revenue funds, vacated as a result of an eligible employee in an eligi- 32 ble title receiving the retirement incentive provided by section six of 33 this act shall be eliminated unless such position is identified by the 34 director of state operations as one into which another state employee 35 can be appointed, transferred or reassigned pursuant to the civil 36 service law, rules or regulations, in which case the former position of 37 the state employee so appointed, transferred or reassigned shall be 38 eliminated. 39 b. The director of state operations shall direct the department of 40 civil service to prepare a report designating the title, grade level, 41 salary, and classification, according to appointing authority, (i) of 42 each position which is eliminated pursuant to subdivision a of this 43 section, (ii) of each position into which another state employee was 44 appointed, transferred, or reassigned and the former position of such 45 state employee, and (iii) of each position which is eliminated as a 46 result of an appointment, transfer or reassignment referred to in para- 47 graph (ii) of this subdivision. Such report shall be available no later 48 than ninety days after the last date of the open period related to such 49 positions. 50 § 9. Notwithstanding any inconsistent provision of section eight of 51 this act or any other provision of law: 52 a. A participating employer or a state employer described in para- 53 graphs (b) through (e) of subdivision d of section one of this act shall 54 not be required to eliminate the positions of eligible employees in 55 eligible titles receiving the retirement incentive provided by section 56 six of this act if such employer can demonstrate that it will achieve aS. 2722 11 1 compensation savings such that the total amount of base salary paid for 2 the two-year period subsequent to the effective date of retirement for 3 such eligible employees in eligible titles to those new hires, if any, 4 who otherwise would not have been hired by such employer after the 5 effective date of this act but for the retirement incentive provided 6 herein shall be no more than one-half of the total amount of base salary 7 that would have been paid to such eligible employees from their date of 8 retirement for such two-year period. Each such employer shall make 9 available its plans for achieving these savings. 10 b. The city of New York or the city university of New York, as defined 11 in subdivision 2 of section 6202 of the education law, shall not be 12 required to eliminate the positions of eligible employees in eligible 13 titles receiving the retirement incentive provided by section six of 14 this act if such participating employer can demonstrate that it will 15 achieve a compensation or equivalent headcount savings such that the 16 total amount of compensation including benefits paid for the two-year 17 period subsequent to the effective date of retirement for such eligible 18 employees in eligible titles to those new hires, if any, who otherwise 19 would not have been hired by such employer after the effective date of 20 this act but for the retirement incentive provided herein shall be no 21 more than one-half of the total amount of base salary that would have 22 been paid to such eligible employees from their date of retirement for 23 such two-year period. For purposes of this subdivision, the "city of New 24 York" shall mean the city of New York or a participating employer a 25 majority of the members of whose governing body are: (a) appointed by 26 the mayor of the city of New York or other citywide elected official, a 27 borough president of the city of New York, or any combination thereof; 28 (b) designated by virtue of their city of New York office or position or 29 their office or position with a participating employer whose governing 30 board is described in paragraph (a) of this subdivision; or (c) 31 appointed or designated by any combination of the foregoing. Each such 32 employer shall make available its plans for achieving these savings. 33 c. To the extent any transfer of personnel between the state employer 34 described in paragraph (a) of subdivision d of section one of this act 35 and the state employer described in paragraph (b) of subdivision d of 36 section one of this act occurs pursuant to a voluntary transfer of state 37 personnel, or otherwise, the provisions of subdivision a of this section 38 with respect to achieving savings shall be applicable. Nothing herein 39 shall be construed to impair the authority of the director of state 40 operations pursuant to subdivision g of section one or section two of 41 this act. 42 § 10. Nothing in this act shall be used to provide benefits that shall 43 exceed the limits contained in section 415 of the internal revenue code. 44 Provided, however, any service retirement benefit which has been reduced 45 because of section 415 of the internal revenue code shall be increased 46 when (and consistent with) the dollar limits in section 415 of the 47 internal revenue code are adjusted by the internal revenue service for 48 cost of living increases. Such increases shall not increase the benefit 49 in excess of the service retirement benefit otherwise payable. 50 § 11. Any eligible employee who retires pursuant to the provisions of 51 this act and enters or reenters public service as defined in subdivision 52 e of section 210 of the retirement and social security law and joins or 53 rejoins any public retirement system of the state as defined in subdivi- 54 sion 6 of section 152 of the retirement and social security law or 55 elects to participate in an optional retirement program shall if the 56 additional benefit was provided pursuant to: (a) subdivision a ofS. 2722 12 1 section six of this act, forfeit the additional benefit authorized by 2 this act at the time of his or her subsequent retirement; or (b) subdi- 3 vision b of section six of this act, repay to the state or participating 4 employer such additional contribution together with the appropriate 5 interest as determined by the state comptroller. 6 § 12. Notwithstanding any other provision of law, if the service 7 retirement benefit of a member of a retirement system is subject to a 8 maximum retirement benefit, the additional benefit authorized by this 9 act will be computed by multiplying the final average salary times the 10 number of years of service credit granted by section six of this act 11 times the benefit fraction of the plan under which such member retires. 12 § 13. The provisions of section 430 of the retirement and social secu- 13 rity law shall not apply to any benefit or benefit improvement provided 14 by this act. 15 § 14. The pension benefit costs of subdivision a of section six of 16 this act shall be paid by employers as provided by applicable law for 17 each retirement system covered by this act over a period not to exceed 18 five years commencing in the state fiscal year ending March 31, 2023. 19 § 15. Where an employee is eligible to receive the benefit authorized 20 under section six and the retirement benefit provided for under section 21 five of part B of the chapter of the laws of 2021 which added this part, 22 such employee may elect a section under which he or she will partic- 23 ipate. 24 § 16. This act shall take effect immediately. 25 PART B 26 Section 1. Definitions. As used in this act, unless the context clear- 27 ly requires otherwise: 28 a. "Retirement system" means the New York state and local employees' 29 retirement system, the New York state teachers' retirement system, the 30 New York city teachers' retirement system, the New York city board of 31 education retirement system or the New York city employees' retirement 32 system, exclusive of the retirement plans established pursuant to 33 sections 13-156 and 13-157 of the administrative code of the city of New 34 York. 35 b. "Teachers' retirement system" means the New York state teachers' 36 retirement system or the New York city teachers' retirement system. 37 c. "State employer" means (a) the executive branch of the state, (b) 38 the state-operated institutions of the state university of New York, (c) 39 the statutory and contract colleges operated pursuant to section 357 of 40 the education law, (d) the state university construction fund (herein- 41 after referred to in this act as the "fund"), (e) a cooperative exten- 42 sion association (hereinafter referred to in this act as the "associ- 43 ation"), and (f) the city university of New York as defined in 44 subdivision 2 of section 6202 of the education law, (g) the unified 45 court system, (h) the senate, (i) the assembly, and (j) joint legisla- 46 tive employers. 47 d. (a) "Participating employer" means an employer, other than a state 48 employer, which participates in a retirement system; such term shall 49 include a community college operating under the program of state univer- 50 sity of New York. 51 (b) "Educational employer" means a participating employer which is a 52 school district, a board of cooperative educational services, a voca- 53 tional education and extension board, an institution for the instruction 54 of the deaf and of the blind as enumerated in section 4201 of the educa-S. 2722 13 1 tion law, or a school district as enumerated in section 1 of chapter 566 2 of the laws of 1967, as amended. 3 e. "Eligible employee" means a person who is a member of a retirement 4 system who is an employee in the executive branch of a state employer or 5 an employee of a state employer or a participating employer who has 6 attained age fifty-five and has at least twenty-five years of creditable 7 service in a retirement system, but such term shall not include the 8 following persons: 9 (a) elected officials, judges or justices appointed to or serving in 10 court of record and acting village justices; 11 (b) chief administrative officers of participating employers which 12 participate in a teachers' retirement system; 13 (c) officers described in sections 4, 41-a, 46, 61, 70, 70-a, 169 14 (including those officers whose salary is established pursuant to salary 15 plans under subdivision 3 of section 169), 180 and subdivision 1 of 16 section 41 of the executive law and any agency or department head 17 appointed by the governor, comptroller or attorney general; 18 (d) appointed members of boards or commissions any of whose members 19 are appointed by the governor or by another state officer or body; 20 (e) nonjudicial officers and employees of the unified court system 21 unless the chief administrator of the courts elects as provided herein, 22 which election shall cover only nonjudicial officers and employees hold- 23 ing positions in any title in the classified service of the unified 24 court system; 25 (f) officers or employees of the senate unless the senate adopts a 26 resolution authorizing the temporary president to file the election as 27 provided in this subdivision; 28 (g) officers or employees of the assembly unless the assembly adopts a 29 resolution authorizing the speaker of the assembly to file the election 30 as provided in this subdivision; and 31 (h) officers or employees of joint legislative employers unless: 32 (i) with respect to officers or employees of the legislative library, 33 legislative messenger service, legislative health service, legislative 34 ethics committee, the legislative bill drafting commission, and the 35 joint line of the legislative task force on demographic research and 36 reapportionment, the senate and assembly adopt a concurrent resolution 37 authorizing the temporary president of the senate and the speaker of the 38 assembly to jointly file an election as provided in this subdivision; 39 (ii) with respect to officers or employees of components of the senate 40 as identified pursuant to section 90 of the legislative law, the senate 41 adopts a resolution authorizing the temporary president to file an 42 election for officers or employees of those components designated in 43 such resolution; and 44 (iii) with respect to officers or employees of components of the 45 assembly as identified pursuant to section 90 of the legislative law, 46 the assembly adopts a resolution authorizing the speaker of the assembly 47 to file an election for officers or employees of those components desig- 48 nated in such resolution. 49 Any election under paragraphs (e) through (h) of this subdivision to 50 make available the retirement incentive provided by this act shall be in 51 writing and filed with the state comptroller not later than ninety days 52 after the effective date of this act. Notwithstanding any other 53 provision of this act, each such filing shall specify the commencement 54 date of the open period. 55 For the purposes of such paragraph (f), (g) or (h) of this subdivi- 56 sion, an employee of the legislature shall be as such term is defined inS. 2722 14 1 section 7-a, 7-b or 7-d of the legislative law or by any other provision 2 of law which classifies employees of an entity to be legislative employ- 3 ees for all purposes, but shall not include senators or members of the 4 assembly. The term "joint legislative employer" shall mean legislative 5 commissions, committees, task forces, councils or similar bodies whose 6 membership is comprised of both senators and assembly members, or which 7 consist of commissioners, or the majority of whose membership is 8 appointed by one or more of the following: the temporary president of 9 the senate, the speaker of the assembly, the minority leader of the 10 senate, and/or the minority leader of the assembly. The temporary presi- 11 dent of the senate and the speaker of the assembly shall be the joint 12 legislative employer of the employees of the legislature referred to in 13 sections 7-a and 7-b of the legislative law. 14 f. "College faculty" means an employee, not in the classified service, 15 of a state employer described in paragraphs (b), (c), (d), (e) and (f) 16 of subdivision c of this section or of a community college who is a 17 member of a teachers' retirement system, or the New York state and local 18 employees' retirement system. 19 g. "Active service" means service while being paid on the payroll, 20 provided that (a) a leave of absence with pay shall be deemed active 21 service; (b) other approved leave without pay not to exceed twelve weeks 22 from February 1, 2021 and the commencement of the designated open peri- 23 od; and (c) the period of time subsequent to the June 2021 school term 24 and on or before August 31, 2021 for a teacher (or other employee 25 employed on a school-year basis) who is otherwise in active service on 26 the effective date of this act shall be deemed active service. 27 h. "Open period" means the period beginning with the commencement date 28 as defined in subdivision i of this section and shall be ninety days in 29 length; provided however that there shall be only one such open period 30 and any such period shall not extend beyond September 30, 2021 for a 31 state employer and December 31, 2021 for a participating employer. For 32 educational employers who make election after June 1, 2021, the open 33 period shall begin immediately after such election, and shall not extend 34 beyond August 31, 2021. For the purposes of retirement pursuant to this 35 act, a service retirement application must be filed with the appropriate 36 retirement system not less than fourteen days prior to the effective 37 date of retirement to become effective, unless a shorter period of time 38 is permitted under law. 39 i. "Commencement date" means the first day the retirement benefit 40 mandated by this act shall be made available, which shall mean a date or 41 dates on or after the effective date of this act to be determined by the 42 director of state operations for the executive branch of the state, or 43 for any other state employer or any participating employer which elects 44 to participate pursuant to section three of this act a date on or after 45 the effective date of this act; provided, however, that for an educa- 46 tional employer which elects to participate pursuant to section three of 47 this act, the commencement date shall be June 1, 2021; or immediately 48 after election of the retirement incentive for educational employers who 49 elect after June 1, 2021 and provided, further that for participating 50 employers which elect to participate pursuant to section three of this 51 act, except the city of New York and participating employers which are 52 not empowered to act by local law, the commencement date shall be Octo- 53 ber 1, 2021. The director of state operations shall notify the head of 54 the appropriate retirement system of the date of the open period appli- 55 cable to employees of the executive branch or of a state employer prior 56 to the commencement date.S. 2722 15 1 § 2. a. A state employer which elects to participate pursuant to 2 section three of this act, participating employer which is not empowered 3 to act by local law which elects to participate pursuant to section 4 three of this act, or the city of New York, if it elects to participate 5 pursuant to section three of this act shall establish a commencement 6 date for the retirement benefit established under section five of this 7 act in the following manner: (a) for the executive branch, the director 8 of state operations shall establish the commencement date in writing to 9 the appropriate retirement system; (b) for state employers described in 10 paragraphs (b), (c), (d), (e) and (f) of subdivision c of section one of 11 this act and participating employers that are not empowered to act by 12 local law, its governing body shall adopt a resolution establishing a 13 commencement date; (c) for state employers described in paragraphs (g), 14 (h), (i) and (j) of subdivision c of section one of this act, the person 15 or persons who make the election to offer the retirement incentive 16 pursuant to part A of the chapter of the laws of 2021 which added this 17 part shall establish a commencement date in writing to the appropriate 18 retirement system; and (d) for the city of New York, the chief executive 19 officer shall issue an executive order establishing the commencement 20 date, provided, however, no executive order, in the case of the city of 21 New York issued pursuant to this section, shall in any manner supersede 22 any local charter. A copy of any such resolution or executive order in 23 the case of the city of New York establishing a commencement date shall 24 be filed with the appropriate retirement system or systems, and, if 25 applicable, on forms provided by such system. The resolution or execu- 26 tive order in the case of the city of New York shall be accompanied by 27 the affidavit of the chief executive officer or other comparable offi- 28 cial certifying the commencement date. 29 b. A state employer, participating employer which is not empowered to 30 act by local law which elects to participate pursuant to section three 31 of this act, or the city of New York if it elects to participate pursu- 32 ant to section three of this act shall be required to establish a 33 commencement date under paragraph a of this subdivision for the retire- 34 ment benefit established under section five of this act. In the event 35 that a state employer, participating employer which is not empowered to 36 act by local law which elects to participate pursuant to section three 37 of this act, or the city of New York if it elects to participate pursu- 38 ant to section three of this act fails to establish a commencement date 39 for the retirement benefit established under section five of this act, 40 the commencement date for the eligible employees of a state employer 41 shall be July 1, 2021. The commencement date for the eligible employees 42 of all other employers referenced in this subdivision shall be September 43 1, 2021. 44 § 3. On or before September 1, 2021, a participating employer or a 45 state employer described in paragraphs (b), (c), (d), (e) and (f) of 46 subdivision c of section one of this act may elect to provide its 47 employees the retirement incentive authorized by this act by (a) the 48 enactment of a local law or (b) in the case of a participating employer 49 which is not so empowered to act by local law or a state employer 50 described in paragraphs (b), (c), (d), (e) and (f) of subdivision c of 51 section one of this act, by the adoption of a resolution of its govern- 52 ing body; provided however, no local law or resolution enacted pursuant 53 to this section shall in any manner supersede any local charter, 54 provided further, that for an educational employer such election must be 55 made by July 1, 2021. For a community college operating under the 56 program of state university of New York, such election shall be made byS. 2722 16 1 the board of trustees of such community college subject to the approval 2 of its sponsor. A copy of such law or resolution shall be filed with the 3 appropriate retirement system or systems, and, if applicable, on forms 4 provided by such system. The local law or resolution shall be accompa- 5 nied by the affidavit of the chief executive officer or other comparable 6 official certifying the validity of such local law or resolution. The 7 executive branch of the state shall be deemed to have made an election 8 under this section upon its enactment. 9 § 4. Notwithstanding any other provision of law, any eligible employee 10 who (a) has been continuously in the active service of a state employer 11 or of a participating employer from February 1, 2021 to the date imme- 12 diately prior to the commencement date of the applicable open period, 13 (b) files an application for service retirement that is effective during 14 the open period, and (c) is otherwise eligible for a service retirement 15 as of the effective date of the application for retirement shall be 16 entitled to the retirement benefit provided in section five of this act. 17 § 5. a. Notwithstanding any other provision of law, an eligible 18 employee who is: (a) a member of a retirement system and (b) who is 19 entitled to a retirement benefit pursuant to section four of this act 20 may retire during the open period without the reduction of his or her 21 retirement benefit that would otherwise be imposed by article 11 or 15 22 of the retirement and social security law if he or she has attained the 23 age of fifty-five and has completed at least twenty-five or more years 24 of creditable service. An eligible employee who is covered by the 25 provisions of articles 11 and 15 of the retirement and social security 26 law shall retire under the provisions of articles 11 and 15 of the 27 retirement and social security law. 28 b. The director of state operations, the chief executive officer of 29 the city of New York, or chief executive officer or governing board, as 30 appropriate, of the participating employer may deny participation in the 31 retirement benefit provided by subdivision a of this section if the 32 director of state operations, the chief executive officer of New York 33 city or the chief executive officer or governing board of the partic- 34 ipating employer makes a determination that the employee holds a posi- 35 tion that is deemed critical to the maintenance of public health and 36 safety. 37 c. Where an employee is eligible for the retirement benefit under this 38 section and the retirement incentive authorized pursuant to section six 39 of part A of the chapter of the laws of 2021 which added this part, such 40 employee shall elect a section under which he or she will participate. 41 The benefits provided by subdivision a of this section shall not be 42 conditioned upon a state or participating employer making the benefits 43 of section six of part A of this act available to employees in their 44 employ. Further, the benefits provided by subdivision a of this section 45 shall not be available in conjunction with the benefits of section six 46 of part A of the chapter of the laws of 2021 which added this part. 47 d. The action of the director of state operations, the chief executive 48 officer of the city of New York, or chief executive officer or governing 49 board, as appropriate, of the participating employer in denying the 50 retirement benefit provided for in subdivision a of this section to any 51 individual shall be subject to review in the manner provided for in 52 article 78 of the civil practice law and rules. Such action for review 53 pursuant to article seventy-eight of the civil practice law and rules 54 shall only be commenced by the individual that was denied the retirement 55 benefit provided by subdivision a of this section.S. 2722 17 1 e. After making any such determination under subdivision b of this 2 section, the director of state operations, the chief executive officer 3 of the city of New York and the chief executive officer or governing 4 board, as appropriate, of the participating employer shall notify the 5 appropriate retirement system or teachers' retirement system of its 6 determination. 7 § 6. The pension benefit costs of section five of this act shall be 8 paid by employers as provided by applicable law for each retirement 9 system covered by this act over a period not to exceed five years 10 commencing in the state fiscal year ending March 31, 2023. 11 § 7. This act shall take effect immediately. 12 § 3. Severability clause. If any clause, sentence, paragraph, subdivi- 13 sion, section or part of this act shall be adjudged by any court of 14 competent jurisdiction to be invalid, such judgment shall not affect, 15 impair, or invalidate the remainder thereof, but shall be confined in 16 its operation to the clause, sentence, paragraph, subdivision, section 17 or part thereof directly involved in the controversy in which such judg- 18 ment shall have been rendered. It is hereby declared to be the intent of 19 the legislature that this act would have been enacted even if such 20 invalid provisions had not been included herein. 21 § 4. This act shall take effect immediately; provided, however, that 22 the applicable effective date of Parts A and B of this act shall be as 23 specifically set forth in the last section of such Parts. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would provide additional service credit (one-twelfth of a year for each year of non-sick leave, non-Article 19 service credited as of the date of retirement, up to a maximum of three years) for certain members of the New York State and Local Employees' Retirement System, New York State Teachers Retirement System, New York City Teachers Retirement System, New York City Board of Education and the New York City Employees' Retirement System. Further, for certain members who are not otherwise eligible for a service retirement benefit, this bill would provide the ability to retire with reductions. This benefit would be available to only targeted positions. In addition, this bill would eliminate the early retirement reductions at 25 years of service instead of at 30 years of service for retirement during a specified 90 day period for Tier 2, 3 and 4 members of the New York State and Local Employees' Retirement System, New York State Teach- ers Retirement System, New York City Teachers Retirement System, New York City Board of Education and the New York City Employees' Retirement System. Employers electing this provision can declare health and safety positions to be ineligible. Retiring members may not receive both the additional service credit and the elimination of the early retirement reductions at 25 years of service instead of at 30 years of service. 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 these benefits will vary depending on the member's age, years of service, retirement plan and final average salary. We anticipate that the per-member cost (at retirement) of the addi- tional service credit benefit will average approximately 65% of a member's final average salary. This cost will be borne by each employer electing the incentive over a period not to exceed five years commencing with a payment in the State fiscal year ending March 31, 2023. We anticipate that the per-member cost (at retirement) of the elimi- nation of the early retirement reductions at 25 years of service insteadS. 2722 18 of at 30 years of service will average approximately 115% of a member's final average salary. This cost will be borne by each employer electing the incentive over a period not to exceed five years commencing with a payment in the State fiscal year ending March 31, 2023. Summary of relevant resources: Membership data as of March 31, 2020 was used in measuring the impact of the proposed change, the same data used in the April 1, 2020 actuari- al valuation. Distributions and other statistics can be found in the 2020 Report of the Actuary and the 2020 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2020 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, 2020 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 December 30, 2020, and intended for use only during the 2021 Legislative Session, is Fiscal Note No. 2021-7, prepared by the Actuary for the New York State and Local Retirement System.