Bill Text: NY S07108 | 2023-2024 | General Assembly | Amended
Bill Title: Relates to authorizing state university police, regional state park police and detective investigators for the office of the attorney general to receive additional service credit in an optional twenty year retirement plan.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced) 2024-03-25 - PRINT NUMBER 7108B [S07108 Detail]
Download: New_York-2023-S07108-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7108--B 2023-2024 Regular Sessions IN SENATE May 18, 2023 ___________ Introduced by Sens. THOMAS, CHU -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- recommitted to the Committee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law, in relation to authorizing certain persons in an optional twenty year retirement plan to receive credit for previous service as a state university police officer, a regional state park police officer or a detective investi- gator for the office of the attorney general The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 384-e of the retirement and social security law is 2 amended by adding three new subdivisions d, e and f to read as follows: 3 d. Notwithstanding any other provision of law to the contrary, upon 4 completion of twenty years of service, and upon retirement, each such 5 member who was previously credited with service credit in the New York 6 state and local employees' retirement system or the New York state and 7 local police and fire retirement system as an officer appointed by the 8 state university pursuant to paragraph l of subdivision two of section 9 three hundred fifty-five of the education law and who has successfully 10 completed a course of law enforcement training as provided in such 11 section of the education law may receive for each such year of previous 12 service, up to a total of no greater than five years of previous 13 service, additional pension equal to one-sixtieth of such member's final 14 average salary. 15 To obtain such credit a member shall pay such retirement system, for 16 deposit in the fund used to accumulate employer contributions, a sum EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11184-07-4S. 7108--B 2 1 equal to the product of the number of years of service being claimed 2 and three percent of such member's compensation earned during the twelve 3 months of credited service immediately preceding the date that the 4 member made application for credit pursuant to this section. 5 e. Notwithstanding any other provision of law to the contrary, upon 6 completion of twenty years of service, and upon retirement, each such 7 member who was previously credited with service credit in the New York 8 state and local employees' retirement system or the New York state and 9 local police and fire retirement system as an officer or member of the 10 regional state park police department may receive for each such year of 11 previous service, up to a total of no greater than five years of previ- 12 ous service, additional pension equal to one-sixtieth of such member's 13 final average salary. 14 To obtain such credit a member shall pay such retirement system, for 15 deposit in the fund used to accumulate employer contributions, a sum 16 equal to the product of the number of years of service being claimed 17 and three percent of such member's compensation earned during the twelve 18 months of credited service immediately preceding the date that the 19 member made application for credit pursuant to this section. 20 f. Notwithstanding any other provision of law to the contrary, upon 21 completion of twenty years of service, and upon retirement, each such 22 member who was previously credited with service credit in the New York 23 state and local employees' retirement system as an investigator in a 24 detective investigator role employed in the office of the attorney 25 general may receive for each such year of previous service, up to a 26 total of no greater than five years of previous service, additional 27 pension equal to one-sixtieth of such member's final average salary. 28 To obtain such credit a member shall pay such retirement system, for 29 deposit in the fund used to accumulate employer contributions, a sum 30 equal to the product of the number of years of service being claimed 31 and three percent of such member's compensation earned during the twelve 32 months of credited service immediately preceding the date that the 33 member made application for credit pursuant to this section. 34 § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would allow up to five years of previous service rendered as a police officer with either the State University of New York or Regional State Park Police Department or as an investigator in a detec- tive investigator role in the Office of the New York State Attorney General to become creditable under section 384-e of the Retirement and Social Security Law. Upon completion of twenty years of service and upon retirement, an affected member would receive an additional pension of one-sixtieth of their final average salary for each such additional year credited. Affected members would be required to contribute an amount equal to three percent of their prior twelve months of compensation for each year of service credit claimed. If this bill is enacted during the 2024 Legislative Session, we antic- ipate that there will be a past service cost averaging 13.7% of an affected member's compensation for each year of additional service cred- it granted. All costs would be shared by the State of New York and the local participating employers in the New York State and Local Police and Fire Retirement System. The exact number of current members as well as future members who could be affected by this legislation cannot be readily determined. Summary of relevant resources:S. 7108--B 3 Membership data as of March 31, 2023 was used in measuring the impact of the proposed change, the same data used in the April 1, 2023 actuari- al valuation. Distributions and other statistics can be found in the 2023 Report of the Actuary and the 2023 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2023 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, 2023 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 March 19, 2024, and intended for use only during the 2024 Legislative Session, is Fiscal Note No. 2024-151, prepared by the Actuary for the New York State and Local Retirement System.