Bill Text: NY S07120 | 2013-2014 | General Assembly | Introduced
Bill Title: Enrolls all new members after 1/1/15 of the NY state and local police and fire retirement system into the section 384-d retirement plan if the employer has elected the benefits.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2014-11-21 - SIGNED CHAP.468 [S07120 Detail]
Download: New_York-2013-S07120-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7120
I N S E N A T E
April 29, 2014
___________
Introduced by Sen. GOLDEN -- 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
authorizing enrollment in the section 384-d retirement plan for all
new members of the New York state and local police and fire retirement
system
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The retirement and social security law is amended by adding
2 a new section 1201-a to read as follows:
3 S 1201-A. RETIREMENT PLAN. NOTWITHSTANDING ANY OTHER LAW TO THE
4 CONTRARY, MEMBERS WHO FIRST BECOME MEMBERS OF THE NEW YORK STATE AND
5 LOCAL POLICE AND FIRE RETIREMENT SYSTEM ON OR AFTER JANUARY FIRST, TWO
6 THOUSAND FIFTEEN AND ARE EMPLOYED BY AN EMPLOYER WHO HAS ELECTED THE
7 BENEFITS OF SECTION THREE HUNDRED EIGHTY-FOUR-D OF THIS CHAPTER SHALL
8 AUTOMATICALLY BE ENROLLED IN SUCH SECTION THREE HUNDRED EIGHTY-FOUR-D
9 RETIREMENT PLAN. ANY MEMBER SO ENROLLED IN THE SECTION THREE HUNDRED
10 EIGHTY-FOUR-D RETIREMENT PLAN MAY THEREAFTER WITHDRAW FROM SUCH PLAN.
11 S 2. This act shall take effect January 1, 2015.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will provide automatic enrollment into the provisions of
section 384-d of the Retirement and Social Security Law for members who
first become members of the New York State and Local Police and Fire
Retirement System on or after January 1, 2015 who are employed by an
employer who has elected the benefits of such plan. Any member so
enrolled may thereafter withdraw from such plan.
If this bill is enacted, there would be no cost since the enrollment
into such plan is already provided by law if the member files within the
first year of employment.
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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14838-01-4
S. 7120 2
Report of the Actuary and the 2013 Comprehensive Annual Financial
Report.
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 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.
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.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion continued.
This estimate, dated April 2, 2014 and intended for use during the
2014 Legislative Session, is Fiscal Note No. 2014-108, prepared by the
Actuary for the New York State and Local Police and Fire Retirement
System.
