S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
February 12, 2013
Introduced by Sens. MAZIARZ, KENNEDY -- read twice and ordered printed,
and when printed to be committed to the Committee on Civil Service and
AN ACT in relation to service credit of certain members of the New York
state and local employees' retirement system who obtained credit for
service with the Niagara Frontier Transit Metro System, Inc.
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding the provisions of chapter 670 of the laws
of 1996 or any other provision of law to the contrary, any member or
retiree of the New York state and local employees' retirement system who
obtained credit for service after March 31, 1974 with the Niagara Fron-
tier Transit Metro System, Inc., and who retains a non-forfeitable bene-
fit for such service under the Amalgamated Transit Union Local 1342 --
Niagara Frontier Transit Metro System Pension Fund shall remain eligible
for such service with the New York state and local employees' retirement
system; provided, however, that any retirement or death benefit payable
or paid by such retirement system shall be reduced by the amount of the
non-forfeitable benefit payable or paid for such service under the Amal-
gamated Transit Union Local 1342 -- Niagara Frontier Transit Metro
System Pension Fund. For any person currently receiving a retirement
allowance, such reduction shall be retroactive to the effective date of
S 2. This act shall take effect immediately.
FISCAL NOTE.--This bill would reduce the retirement or death benefit
payable or paid by the New York State and Local Employees' Retirement
System (NYSLERS) to any member or retiree who obtained credit for
service after March 31, 1974 with the Niagara Frontier Transit Metro
System who retains a non-forfeitable benefit with the Niagara Metro
Pension Fund for such service. The reduction in the benefit from NYSLERS
will be based on the amount of the non-forfeitable benefit payable or
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 3721 2
paid for such service, for which the affected individuals will receive
benefits from both retirement plans. For current retirees, such
reduction will be retroactive to the date of retirement.
If this bill is enacted, there will be no cost to the State or partic-
ipating employers in the NYSLERS.
Summary of relevant resources:
Data: March 31, 2012 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 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 February 12, 2013 and intended for use only
during the 2013 Legislative Session, is Fiscal Note No. 2013-82,
prepared by the Actuary for the New York State and Local Employees'