S T A T E   O F   N E W   Y O R K
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                                  7993

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               May 1, 2009
                               ___________

Introduced by M. of A. ABBATE -- read once and referred to the Committee
  on Governmental Employees

AN  ACT  to amend the retirement and social security law, in relation to
  authorizing the transfer of service credit and membership  of  members
  of the New York state and local police and fire retirement system, who
  are  in  a  20  year  retirement plan, 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:

  Section  1. Section 384-d of the retirement and social security law is
amended by adding a new subdivision y to read as follows:
  Y. ANY MEMBER CURRENTLY ENROLLED PURSUANT  TO  THIS  SECTION  AND  WHO
PREVIOUSLY  TRANSFERRED SERVICE CREDIT FROM THE NEW YORK STATE AND LOCAL
EMPLOYEES' RETIREMENT SYSTEM TO THE NEW YORK STATE AND LOCAL POLICE  AND
FIRE  RETIREMENT  SYSTEM,  MAY  ELECT TO TRANSFER SUCH PREVIOUSLY TRANS-
FERRED SERVICE CREDIT BACK TO THE NEW YORK STATE  AND  LOCAL  EMPLOYEES'
RETIREMENT SYSTEM, AND SUCH MEMBER SHALL HAVE THE OPTION TO RETROACTIVE-
LY  TRANSFER  HIS  OR  HER  MEMBERSHIP  INTO  SUCH EMPLOYEES' RETIREMENT
SYSTEM.
  S 2. Section 381-b of  the  retirement  and  social  security  law  is
amended by adding a new subdivision g to read as follows:
  G.  TRANSFER OF MEMBERSHIP TO EMPLOYEES' RETIREMENT SYSTEM. ANY MEMBER
CURRENTLY ENROLLED PURSUANT TO THIS SECTION AND  WHO  PREVIOUSLY  TRANS-
FERRED  SERVICE  CREDIT  FROM  THE  NEW  YORK STATE AND LOCAL EMPLOYEES'
RETIREMENT SYSTEM TO THE NEW  YORK  STATE  AND  LOCAL  POLICE  AND  FIRE
RETIREMENT  SYSTEM,  MAY  ELECT  TO TRANSFER SUCH PREVIOUSLY TRANSFERRED
SERVICE CREDIT BACK TO THE NEW YORK STATE AND LOCAL  EMPLOYEES'  RETIRE-
MENT  SYSTEM,  AND  SUCH  MEMBER  SHALL HAVE THE OPTION TO RETROACTIVELY
TRANSFER HIS OR HER MEMBERSHIP INTO SUCH EMPLOYEES' RETIREMENT SYSTEM.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11520-01-9
              

A. 7993                             2

  This bill will allow any member of the New York State and Local Police
and Fire Retirement System, who is covered by Sections 384-d or 381-b of
the Retirement and Social Security  Law,  and  who  transferred  service
credit from the New York State and Local Employees' Retirement System to
the  New  York  State  and  Local  Police and Fire Retirement System, to
transfer that service credit back  to  the  New  York  State  and  Local
Employees'  Retirement System. If such member had been in a contributory
plan in the New York State and Local Employees' Retirement  System,  and
had  withdrawn  those contributions when they transferred, then by rein-
stating their membership in the New  York  State  and  Local  Employees'
Retirement System, they would be required to replace any member contrib-
utions, with interest.
  Insofar  as  this  will affect the New York State and Local Employees'
Retirement System, if this bill is enacted,  we  anticipate  that  there
will be negligible costs to the State of New York and all of the partic-
ipating  employers of the New York State and Local Employees' Retirement
System, since this will generally match the release of liabilities  from
the New York State and Local Employees' Retirement System at the time of
the  original  transfer  from  the  New  York State and Local Employees'
Retirement System. However there would  be  costs  to  members  who  had
transferred  from  a  contributory plan, to replace those contributions.
This cost to the members would depend on their  salaries  and  years  of
service in the New York State and Local Employees' Retirement System.
  This  estimate, dated March 27, 2009, and intended for use only during
the 2009 Legislative Session, is Fiscal Note No. 2009-191,  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
System.