S T A T E O F N E W Y O R K
________________________________________________________________________
S. 3768 A. 7334
2009-2010 Regular Sessions
S E N A T E - A S S E M B L Y
March 31, 2009
___________
IN SENATE -- Introduced by Sens. SAVINO, ADAMS -- read twice and ordered
printed, and when printed to be committed to the Committee on Civil
Service and Pensions
IN ASSEMBLY -- Introduced by M. of A. ABBATE, PHEFFER -- Multi-Sponsored
by -- M. of A. SALADINO -- read once and referred to the Committee on
Governmental Employees
AN ACT to amend the administrative code of the city of New York, in
relation to allowing members of the police department to remain in
service until age 65
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 14-124 of the administrative code of the city of
New York is amended to read as follows:
S 14-124 Termination of service of members of force because of super-
annuation. No member of the police force in the department, except
surgeons of police, a roentgenologist and a veterinarian, who is or
hereafter attains the age of [sixty-three] SIXTY-FIVE years shall
continue to serve as a member of such force but shall be retired and
placed on the pension rolls of the department, provided, however, that
any member who is not eligible for retirement at age [sixty-three]
SIXTY-FIVE shall continue to serve as a member only until such time as
he or she becomes eligible for such pension service retirement[,
provided further that any member participating in the social security
program may elect to remain in the department but only until such time
as he or she has earned the minimum number of quarters of coverage
required to assure future eligibility for social security retirement
benefits, but in no event beyond sixty-five years of age].
Notwithstanding the provisions of this section or of any other section
of law, any member who shall not have completed thirty-five years of
creditable city service within the meaning of subdivision j of section
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10724-02-9
S. 3768 2 A. 7334
13-206, prior to attaining the age of sixty-three years may continue to
serve as a member until he or she shall have completed such thirty-five
years of creditable city service.
S 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
FINANCIAL IMPACT - ADDITIONAL ANNUAL EMPLOYER COSTS: Based on the
additional actuarial assumptions described under the ACTUARIAL ASSUMP-
TIONS AND METHODS Section, enactment of the proposed legislation would
be expected to decrease annual employer costs by approximately $0.5
million per year.
FINANCIAL IMPACT - ADDITIONAL ANNUAL EMPLOYER CONTRIBUTIONS: Under the
current actuarial assumptions and methods, that would not be expected to
change until the Actuary does a full review of all actuarial assumptions
and methods, enactment of the proposed legislation would have no impact
on employer contributions for Fiscal Year 2010.
STATEMENT OF ACTUARIAL OPINION: I, Robert C. North, Jr., am the Chief
Actuary for the New York City Retirement Systems. I am a Fellow of the
Society of Actuaries and a Member of the American Academy of Actuaries.
I meet the Qualification Standards of the American Academy of Actuaries
to render the actuarial opinion contained herein.
FISCAL NOTE IDENTIFICATION: This estimate is intended for use only
during the 2009 Legislative Session. It is Fiscal Note 2009-07, dated
March 27, 2009, prepared by the Chief Actuary for the New York City
Police Pension Fund.