Bill Text: NY S08882 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-04-27 - REFERRED TO CIVIL SERVICE AND PENSIONS [S08882 Detail]

Download: New_York-2021-S08882-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8882

                    IN SENATE

                                     April 27, 2022
                                       ___________

        Introduced  by  Sen.  BROOKS -- 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 the transfer of memberships for certain members of the New
          York state and local police and fire retirement system to the New York
          state and local employees' retirement system

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 384-d of the retirement and social security law  is
     2  amended by adding a new subdivision z to read as follows:
     3    z.  Any  member  currently  enrolled  pursuant to this section and who
     4  previously had a membership with the New York state and local employees'
     5  retirement system may elect to retroactively transfer his membership  in
     6  the  New  York  state and local police and fire retirement system to the
     7  New York state and local employees' retirement system.
     8    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow any active member of  the  New  York  State  and
        Local Police and Fire Retirement System (PFRS) covered by the provisions
        of  section  384-d  of the New York State Retirement and Social Security
        Law (RSSL) who was previously a member of the New York State  and  Local
        Employees'  Retirement  System  (ERS) to retroactively transfer all PFRS
        service credit to ERS. The member would not be required  to  work  in  a
        position  granting ERS membership to transfer. Plan coverage and cost of
        mandatory member contributions would be based upon the member's date  of
        membership and last reported employment instance.
          Insofar as this bill would affect the New York State and Local Retire-
        ment  System  (NYSLRS),  the  cost will depend upon the applicant's age,
        service, salary, plan, and any benefit type otherwise payable.
          The number of members who could benefit by this legislation cannot  be
        readily  determined,  but  all 25,251 active PFRS members covered by the
        provisions of RSSL section 384-d would be eligible. Pursuant to  Section
        25  of the RSSL, those costs arising in ERS would be borne solely by the
        State of New York.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11692-04-2
        S. 8882                             2

          In addition to the per-person costs discussed above, implementing  the
        provisions of this legislation would generate administrative costs.
          Summary of relevant resources:
          Membership  data as of March 31, 2021 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        and  2021 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, 2021
        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 25, 2022, and intended for use only  during
        the  2022  Legislative Session, is Fiscal Note No. 2022-108, prepared by
        the Actuary for the New York State and Local Retirement System.