senate Bill S7120

Signed by Governor

Relates to the section 384-d retirement plan

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
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actions

  • 29 / Apr / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 11 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 11 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1300
  • 11 / Jun / 2014
    • PASSED SENATE
  • 11 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 11 / Jun / 2014
    • REFERRED TO WAYS AND MEANS
  • 12 / Jun / 2014
    • SUBSTITUTED FOR A9392
  • 12 / Jun / 2014
    • ORDERED TO THIRD READING RULES CAL.197
  • 12 / Jun / 2014
    • PASSED ASSEMBLY
  • 12 / Jun / 2014
    • RETURNED TO SENATE
  • 10 / Nov / 2014
    • DELIVERED TO GOVERNOR
  • 21 / Nov / 2014
    • SIGNED CHAP.468

Summary

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.

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Bill Details

See Assembly Version of this Bill:
A9392
Versions:
S7120
Legislative Cycle:
2013-2014
Law Section:
Retirement and Social Security Law
Laws Affected:
Add ยง1201-a, R & SS L

Sponsor Memo

BILL NUMBER:S7120

TITLE OF BILL: 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

PURPOSE OR GENERAL IDEA OF BILL:

This bill would 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.

SUMMARY OF SPECIFIC PROVISIONS:

This bill would add a new section 1201-a to the Retirement and Social
Security Law to require enrollment in the section 384-d retirement
plan for all new members of the New York State and Local Police and
Fire Retirement System. This new section would also permit any member
covered by the provisions of such section to later withdraw from the
section 384-d retirement plan.

JUSTIFICATION:

Although a vast majority of public employers had previously elected to
offer the optional twenty-year retirement plan, established pursuant
to Section 384-d of the Retirement and Social Security Law, to
firefighters and/or policemen in its employ, oftentimes members fail
to make a timely election to participate in this retirement plan.
Presently, the only way to correct this unfortunate oversight is with
special legislation which is costly and time consuming. To correct
this situation this bill will require automatic enrollment in the
twenty year retirement plan. This bill also allows a member to
withdraw from the plan in those rare instances when a member has
decided that another available plan is more advantageous. In addition,
it should be noted that the Actuary for the New York State and Local
Police and Fire Retirement System has determined that there is no cost
associated with this legislation.

PRIOR LEGISLATIVE HISTORY:

None.

FISCAL IMPLICATIONS:

see fiscal note

EFFECTIVE DATE:

This act shall take effect January 1, 2015.

view bill text
                    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:

  Section 1. The retirement and social security law is amended by adding
a new section 1201-a to read as follows:
  S  1201-A.  RETIREMENT  PLAN.  NOTWITHSTANDING  ANY  OTHER  LAW TO THE
CONTRARY, MEMBERS WHO FIRST BECOME MEMBERS OF THE  NEW  YORK  STATE  AND
LOCAL  POLICE  AND FIRE RETIREMENT SYSTEM ON OR AFTER JANUARY FIRST, TWO
THOUSAND FIFTEEN AND ARE EMPLOYED BY AN EMPLOYER  WHO  HAS  ELECTED  THE
BENEFITS  OF  SECTION  THREE HUNDRED EIGHTY-FOUR-D OF THIS CHAPTER SHALL
AUTOMATICALLY BE ENROLLED IN SUCH SECTION  THREE  HUNDRED  EIGHTY-FOUR-D
RETIREMENT  PLAN.  ANY  MEMBER  SO ENROLLED IN THE SECTION THREE HUNDRED
EIGHTY-FOUR-D RETIREMENT PLAN MAY THEREAFTER WITHDRAW FROM SUCH PLAN.
  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.

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