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
May 8, 2013
Introduced by Sen. FARLEY -- 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
increasing the retiree earnings cap
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 2 of section 212 of the retirement and social
security law, as amended by chapter 74 of the laws of 2006, is amended
to read as follows:
2. The earning limitations for retired persons in positions of public
service under this section shall be in accordance with the following
For the year Earnings limitation
2005 and 2006 $27,500
2007 [and thereafter] THROUGH 2012 $30,000
2013 AND THEREAFTER $34,000
S 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would amend Section 212 of the Retirement and Social Securi-
ty Law to set the amount a retired person may earn in public employment
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 5090 2
without reduction in retirement allowance during the year 2013 and ther-
eafter, to $34,000.
If this bill is enacted, insofar as it would affect the New York State
and Local Employees' Retirement System and the New York State and Local
Police and Fire Retirement System, the resulting 13.3% increase over the
current $30,000 limit, in place since 2007, which is less than the
increase in the consumer price index over the same period, would not
affect retirement patterns. Therefore, there will be no additional cost.
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 April 25, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-127, prepared by
the Actuary for the New York State and Local Employees' Retirement
System and the New York State and Local Police and Fire Retirement