Bill Text: NY S07074 | 2011-2012 | General Assembly | Amended
Bill Title: Makes permanent provisions of the retirement and social security law that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 2012-06-21 - SUBSTITUTED BY A9889A [S07074 Detail]
Download: New_York-2011-S07074-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7074--A
I N S E N A T E
April 27, 2012
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
AN ACT to amend chapter 735 of the laws of 2006, amending the retirement
and social security law relating to permitting certain members of the
New York state and local police and fire retirement system to receive
a partial lump sum distribution upon retirement, in relation to the
effectiveness thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 2 of chapter 735 of the laws of 2006, amending the
2 retirement and social security law relating to permitting certain
3 members of the New York state and local police and fire retirement
4 system to receive a partial lump sum distribution upon retirement, is
5 amended to read as follows:
6 S 2. This act shall take effect April 1, 2008 [and shall expire April
7 1, 2013 when upon such date the provisions of this act shall be deemed
8 repealed].
9 S 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will repeal the expiration date of April 1, 2013 from
Section 2 of Chapter 735 of the laws of 2006, thereby making the Partial
Lump Sum option permanent for members of the New York State and Local
Police and Fire System.
If this legislation is enacted during the 2012 legislative session, we
anticipate that there will not be costs for the lump sum payments made
on and after April 1, 2013 since the payments are determined on an actu-
arially equivalent basis.
Summary of relevant resources:
Data: March 31, 2011 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15334-03-2
S. 7074--A 2
Assumptions and Methods: 2010 and 2011 Annual Report to the Comp-
troller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2011 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2011 Actuarial Valuations report.
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 May 10, 2012, and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-149 prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.
