Senate Bill S6059

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

                                  6059

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              June 24, 2009
                               ___________

Introduced by Sens. LANZA, GOLDEN -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN  ACT  to amend the retirement and social security law, in relation to
  the membership of police officers and  firefighters;  and  creating  a
  task  force  to examine the benefit structure of all public retirement
  systems

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative findings. The legislature finds that adequate
and affordable pension benefits must be provided to all public employees
and their dependents. The continued coverage of Tier  Two  benefits  for
our  police  and fire employees has been called into question by Veto #5
of the governor. The legislature finds  and  declares  that  equity  and
fairness  requires  a  detailed  examination  of the retirement benefits
presently provided to all public employees. Until  this  examination  is
complete  the  legislature  also finds and declares that the benefits of
Tier Two shall be extended until June 30, 2011.
  S 2. 1. Task force on public retirement systems. A task force shall be
created by executive order to examine the benefit and cost structure  of
all public retirement systems in New York state.
  2.  Report  of the task force. No later than January 1, 2011, the task
force shall transmit to the governor, the  temporary  president  of  the
senate,  and  the  speaker  of  the  assembly a report and any suggested
legislation.
  S 3. Subdivision c of section 440 of the retirement and social securi-
ty law, as amended by chapter 63 of the laws of 2007, is amended to read
as follows:
  c. Notwithstanding any other provision  of  law,  the  provisions  and
limitations  of  this article shall apply, as may be appropriate, to all
police officers and firefighters who last  joined  a  public  retirement
system  of  the state or a municipality thereof, on or after July first,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14497-01-9
              

S. 6059                             2

nineteen hundred seventy-six, but prior  to  July  first,  two  thousand
[nine] ELEVEN.
  S 4. This act shall take effect immediately.
  FISCAL  NOTE.-- This bill would extend Tier 2 provisions to all police
officers and firefighters who join a  public  retirement  system  on  or
after July 1, 2009 but prior to July 1, 2011.
  It  would  also  create  a  Task Force to examine the benefit and cost
structure of all public retirement systems in New York State.  The  Task
Force report and suggested legislation must be transmitted by January 1,
2011.
  In  so  far  as  this  bill  would affect the New York State and Local
Police and Fire Retirement System, if it is enacted,  the  annual  costs
for  new  members  would  continue to be the expected long term employer
contribution rates of the plans adopted by each  employer,  which  range
from  approximately  8.6%  to 24% of annual compensation. These expected
long term employer contribution rates are the  same  as  the  long  term
employer contribution rates for existing Tier 2 members.
  This  estimate,  dated June 24, 2009, and intended for use only during
the 2009 Legislative Session, is Fiscal Note No. 2009-271,  prepared  by
the  Actuary for the New York State and Local Police and Fire Retirement
System.