S T A T E O F N E W Y O R K
Cal. No. 254
2011-2012 Regular Sessions
I N S E N A T E
January 5, 2011
Introduced by Sens. MAZIARZ, ADDABBO, ALESI, AVELLA, BONACIC, FUSCHILLO,
GOLDEN, GRIFFO, LARKIN, LIBOUS, LITTLE, RANZENHOFER, SEWARD -- read
twice and ordered printed, and when printed to be committed to the
Committee on Civil Service and Pensions -- recommitted to the Commit-
tee on Civil Service and Pensions in accordance with Senate Rule 6,
sec. 8 -- reported favorably from said committee, ordered to first and
second report, ordered to a third reading, amended and ordered
reprinted, retaining its place in the order of third reading
AN ACT to amend the retirement and social security law, in relation to
allowing an eligible member of the public retirement system to obtain
service credit for certain military service if such person has two
years of credited service
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 3 of section 1000 of the retirement and social
security law, as added by chapter 548 of the laws of 2000, is amended to
read as follows:
3. A member must have at least [five] TWO years of credited service
(not including service granted hereunder) to be eligible to receive
credit under this section.
S 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would amend Chapter 548 of the laws of 2000 to allow members
who have at least two (2) years of credited service to purchase service
credit for military service. Currently a member needs at least five (5)
years of credited service to be eligible to purchase such service cred-
For members that purchase military service credit who ordinarily would
not have attained five years of service credit, the additional military
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 168--A 2
service credit could provide a vested retirement benefit where a retire-
ment benefit would not have existed.
Insofar as this bill would affect the New York State and Local Employ-
ees' Retirement System and the New York State and Local Police and Fire
Retirement System, there will be a cost for such members. Such cost will
depend on the plan coverage, salary and age of the members who will be
receiving an increased benefit. This cost will be shared by the State of
New York and all participating employers in the New York State and Local
Employees' Retirement System and the New York State and Local Police and
Fire Retirement System.
Summary of relevant resources:
Data: March 31, 2011 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010 and 2011 Annual Report to the Comp-
troller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2011 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2011 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 March 8, 2012 and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-103, 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