Bill Text: NY S02945 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to employment of retired persons without diminution of retirement allowance for the period of employment requested by the prospective employer.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO CIVIL SERVICE AND PENSIONS [S02945 Detail]
Download: New_York-2017-S02945-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2945 2017-2018 Regular Sessions IN SENATE January 18, 2017 ___________ Introduced by Sen. BOYLE -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law, in relation to employment of retired persons without diminution of retirement allow- ance and period of employment requested by the prospective employer The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The closing paragraph of paragraph (b) of subdivision 2 of 2 section 211 of the retirement and social security law, as amended by 3 chapter 640 of the laws of 2008, is amended to read as follows: 4 Such approvals shall, for retired persons receiving a retirement 5 allowance from the New York state and local employees' retirement 6 system, be granted for the period of time requested by the prospective 7 employer and may be granted for periods not exceeding two years each, 8 provided that such person may not return to work in the same or similar 9 position for a period of one year following retirement. The authority or 10 officer specified in paragraph (a) of this subdivision, upon approving 11 employment of a retired person under this section, shall certify such 12 approval to the retirement system or pension plan from which such person 13 is receiving a retirement allowance. 14 § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill amends Section 211 of the Retirement and Social Security Law to require that when a prospective employer has submitted a written request for a Section 211 waiver on behalf of a retired person, approval of such request shall be granted for the period of time requested by such prospective employer. If this bill is enacted, there will be no additional costs to the New York State and Local Employees' Retirement and the New York State and Local Police and Fire Retirement System. Summary of relevant resources: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03844-02-7S. 2945 2 The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2016 actuarial valu- ation. Distributions and other statistics can be found in the 2016 Report of the Actuary and the 2016 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015 and 2016 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, 2016 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 estimate, dated January 12, 2017 and intended for use only during the 2017 Legislative Session, is Fiscal Note No. 2017-7, prepared by the Actuary for the New York State and Local Retirement System.
