senate Bill S6438A

Signed By Governor
2011-2012 Legislative Session

Increases certain special accidental death benefits

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Archive: Last Bill Status Via A9116 - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 01, 2012 signed chap.285
Jul 20, 2012 delivered to governor
Jun 19, 2012 returned to assembly
passed senate
3rd reading cal.1359
substituted for s6438a
Jun 19, 2012 substituted by a9116a
ordered to third reading cal.1359
committee discharged and committed to rules
Jun 06, 2012 reported and committed to finance
Mar 06, 2012 print number 6438a
amend and recommit to local government
Feb 09, 2012 referred to local government

Votes

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Jun 19, 2012 - Rules committee Vote

S6438A
24
0
committee
24
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

Jun 6, 2012 - Local Government committee Vote

S6438A
8
0
committee
8
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: Jun 6, 2012

Bill Amendments

Original
A (Active)
Original
A (Active)

S6438 - Bill Details

See Assembly Version of this Bill:
A9116A
Law Section:
General Municipal Law
Laws Affected:
Amd §208-f, Gen Muni L; amd §361-a, R & SS L

S6438 - Bill Texts

view summary

Increases certain special accidental death benefits paid to widows, widowers or the deceased member's children.

view sponsor memo
BILL NUMBER:S6438

TITLE OF BILL:
An act to amend the general municipal law and the retirement and
social security law, in relation to increasing certain special
accidental death benefits

PURPOSE OR GENERAL IDEA OF BILL:
This legislation extends the escalation of a cost of living increase
of approximately 3% for all line-of-duty widows or widowers for fiscal
year 2009-10.

SUMMARY OF PROVISIONS:
This bill amends subdivision c of section 208-f of the General
Municipal Law as amended by chapter 161 of the laws of 2011 and
subdivision c of section 361-a of the Retirement and social Security
Law, as amended by chapter 161 of the Laws of 2011.

JUSTIFICATION:
Since 1978, the Legislature has passed and the Governor signed into
law a cost of living increase and a one-year escalation for all New
York State widows and widowers of police officers and firefighters
killed in the line-of-duty. The intent of the original 1978 law was to
increase their benefits to an amount that would reflect the impact of
inflation. However, the law did not provide for any new cost of
living increase after July 1, 1979.

Since that date, the cost of living has increased well over 3% each
year, including some periods of double-digit inflation. These same
widows and widowers are no longer receiving adequate benefits. This
legislation does not totally cover the present inflation spiral, but
it at least provides some increased relief to the widows and widowers
of New York State's bravest citizens, who gave their lives in service
to the people of New York State. In the past, these brave families
have faced a poverty stricken existence. This legislation would
prevent the return of that deplorable state of affairs. As with
previous legislation, there is no cost to the localities, as the state
would reimburse them for this small increase.

PRIOR LEGISLATIVE HISTORY:
2008: A.9666/S.6733 Chapter 76
2009: A.4905/S.2343 Chapter 305
2010: A.9914A/S.6879A Chapter 439
2011: A.6068/S.3994A Chapter 161

FISCAL IMPLICATIONS:
Insofar as this bill would amend the Retirement and social Security
Law, it is estimated that there would be an additional annual cost of
approximately $390,000 above the approximately $8.7 million current
annual cost of this benefit. This cost would be shared by the State
of New York and all participating employers of the New York State and
Local police and Fire Retirement System.

This estimate, dated January 6, 2012 and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-43, prepared by


the Actuary for the New York State and Local Police and Fire
Retirement System.

EFFECTIVE DATE:
This act shall take effect July 1, 2012.

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

                                  6438

                            I N  S E N A T E

                            February 9, 2012
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the general municipal law and the retirement and  social
  security  law,  in  relation  to increasing certain special accidental
  death benefits

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

  Section  1.  Subdivision  c  of section 208-f of the general municipal
law, as amended by chapter 161 of the laws of 2011, is amended  to  read
as follows:
  c.  Commencing  July  first,  two thousand [eleven] TWELVE the special
accidental death benefit paid to a widow  or  widower  or  the  deceased
member's  children under the age of eighteen or, if a student, under the
age of twenty-three, if the widow or widower has died,  shall  be  esca-
lated  by  adding  thereto an additional percentage of the salary of the
deceased member (as increased pursuant to subdivision b of this section)
in accordance with the following schedule:
     calendar year of death
     of the deceased member              per centum
          1977 or prior                    [173.2%] 181.4%
          1978                             [165.2%] 173.2%
          1979                             [157.5%] 165.2%
          1980                             [150.0%] 157.5%
          1981                             [142.7%] 150.0%
          1982                             [135.7%] 142.7%
          1983                             [128.8%] 135.7%
          1984                             [122.1%] 128.8%
          1985                             [115.7%] 122.1%
          1986                             [109.4%] 115.7%
          1987                             [103.3%] 109.4%
          1988                              [97.4%] 103.3%
          1989                              [91.6%] 97.4%
          1990                              [86.0%] 91.6%
          1991                              [80.6%] 86.0%

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13981-02-2

S. 6438                             2

          1992                              [75.4%] 80.6%
          1993                              [70.2%] 75.4%
          1994                              [65.3%] 70.2%
          1995                              [60.5%] 65.3%
          1996                              [55.8%] 60.5%
          1997                              [51.3%] 55.8%
          1998                              [46.9%] 51.3%
          1999                              [42.6%] 46.9%
          2000                              [38.4%] 42.6%
          2001                              [34.4%] 38.4%
          2002                              [30.5%] 34.4%
          2003                              [26.7%] 30.5%
          2004                              [23.0%] 26.7%
          2005                              [19.4%] 23.0%
          2006                              [15.9%] 19.4%
          2007                              [12.6%] 15.9%
          2008                               [9.3%] 12.6%
          2009                               [6.1%] 9.3%
          2010                               [3.0%] 6.1%
          2011                               [0.0%] 3.0%
          2012                               0.0%
  S 2. Subdivision c of section 361-a of the retirement and social secu-
rity  law,  as amended by chapter 161 of the laws of 2011, is amended to
read as follows:
  c. Commencing July first, two thousand  [eleven]  TWELVE  the  special
accidental  death  benefit  paid  to  a widow or widower or the deceased
member's children under the age of eighteen or, if a student, under  the
age  of  twenty-three,  if the widow or widower has died, shall be esca-
lated by adding thereto an additional percentage of the  salary  of  the
deceased member, as increased pursuant to subdivision b of this section,
in accordance with the following schedule:
     calendar year of death
     of the deceased member              per centum
          1977 or prior                    [173.2%] 181.4%
          1978                             [165.2%] 173.2%
          1979                             [157.5%] 165.2%
          1980                             [150.0%] 157.5%
          1981                             [142.7%] 150.0%
          1982                             [135.7%] 142.7%
          1983                             [128.8%] 135.7%
          1984                             [122.1%] 128.8%
          1985                             [115.7%] 122.1%
          1986                             [109.4%] 115.7%
          1987                             [103.3%] 109.4%
          1988                              [97.4%] 103.3%
          1989                              [91.6%] 97.4%
          1990                              [86.0%] 91.6%
          1991                              [80.6%] 86.0%
          1992                              [75.4%] 80.6%
          1993                              [70.2%] 75.4%
          1994                              [65.3%] 70.2%
          1995                              [60.5%] 65.3%
          1996                              [55.8%] 60.5%
          1997                              [51.3%] 55.8%
          1998                              [46.9%] 51.3%
          1999                              [42.6%] 46.9%

S. 6438                             3

          2000                              [38.4%] 42.6%
          2001                              [34.4%] 38.4%
          2002                              [30.5%] 34.4%
          2003                              [26.7%] 30.5%
          2004                              [23.0%] 26.7%
          2005                              [19.4%] 23.0%
          2006                              [15.9%] 19.4%
          2007                              [12.6%] 15.9%
          2008                               [9.3%] 12.6%
          2009                               [6.1%] 9.3%
          2010                               [3.0%] 6.1%
          2011                               [0.0%] 3.0%
          2012                               0.0%
  S 3. This act shall take effect July 1, 2012.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This  bill  would amend both the General Municipal Law and the Retire-
ment and Social Security Law to increase the salary used in the computa-
tion of the special accidental death benefit by 3% in  cases  where  the
date of death was before 2012.
  Insofar  as  this bill would amend the Retirement and Social  Security
Law, it is estimated that there would be an additional  annual  cost  of
approximately  $390,000  above  the  approximately  $8.7 million current
annual cost of this benefit. This cost would be shared by the  State  of
New York and all participating employers of 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-
tion.
  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.
  This estimate, dated January 6, 2012 and intended for use only  during
the  2012  Legislative  Session, is Fiscal Note No. 2012-43, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.

S6438A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A9116A
Law Section:
General Municipal Law
Laws Affected:
Amd §208-f, Gen Muni L; amd §361-a, R & SS L

S6438A (ACTIVE) - Bill Texts

view summary

Increases certain special accidental death benefits paid to widows, widowers or the deceased member's children.

view sponsor memo
BILL NUMBER:S6438A

TITLE OF BILL:
An act
to amend the general municipal law and the retirement and social security
law, in relation to increasing certain special accidental death benefits

PURPOSE OR GENERAL IDEA OF BILL:
This legislation extends the escalation of a cost of living increase
of approximately 3% for all line-of-duty widows or widowers for
fiscal year 2009-10.

SUMMARY OF PROVISIONS:
This bill amends subdivision c of section 208-f of the General
Municipal Law as amended by chapter 161 of the laws of 2011 and
subdivision c of section 361-a of the Retirement and social Security
Law, as amended by chapter 161 of the Laws of 2011.

JUSTIFICATION:
Since 1978, the Legislature has passed and the Governor signed into
law a cost of living increase and a one-year escalation for all New
York State widows and widowers of police officers and firefighters
killed in the line-of-duty. The intent of the original 1978 law was
to increase their benefits to an amount that would reflect the impact
of inflation.
However, the law did not provide for any new cost of living increase
after July 1, 1979.

Since that date, the cost of living has increased well over 3% each
year, including some periods of double-digit inflation. These same
widows and widowers are no longer receiving adequate benefits. This
legislation does not totally cover the present inflation spiral, but
it at least provides some increased relief to the widows and widowers
of New York State's bravest citizens, who gave their lives in service
to the people of New York State. In the past, these brave families
have faced a poverty stricken existence. This legislation would
prevent the return of that deplorable state of affairs. As with
previous legislation, there is no cost to the localities, as the
state would reimburse them for this small increase.

PRIOR LEGISLATIVE HISTORY:
2008: A.9666/S.6733 Chapter 76
2009: A.4905/S.2343 Chapter 305
2010: A.9914A/S.6879A Chapter 439
2011: A.6068/S.3994A Chapter 161

FISCAL IMPLICATIONS:
See fiscal note contained in legislation.

EFFECTIVE DATE:
This act shall take effect July 1, 2012.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6438--A

                            I N  S E N A T E

                            February 9, 2012
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the general municipal law and the retirement and  social
  security  law,  in  relation  to increasing certain special accidental
  death benefits

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

  Section  1.  Subdivision  c  of section 208-f of the general municipal
law, as amended by chapter 161 of the laws of 2011, is amended  to  read
as follows:
  c.  Commencing  July  first,  two thousand [eleven] TWELVE the special
accidental death benefit paid to a widow  or  widower  or  the  deceased
member's  children under the age of eighteen or, if a student, under the
age of twenty-three, if the widow or widower has died,  shall  be  esca-
lated  by  adding  thereto an additional percentage of the salary of the
deceased member (as increased pursuant to subdivision b of this section)
in accordance with the following schedule:
     calendar year of death
     of the deceased member              per centum
          1977 or prior                    [173.2%] 181.4%
          1978                             [165.2%] 173.2%
          1979                             [157.5%] 165.2%
          1980                             [150.0%] 157.5%
          1981                             [142.7%] 150.0%
          1982                             [135.7%] 142.7%
          1983                             [128.8%] 135.7%
          1984                             [122.1%] 128.8%
          1985                             [115.7%] 122.1%
          1986                             [109.4%] 115.7%
          1987                             [103.3%] 109.4%
          1988                              [97.4%] 103.3%
          1989                              [91.6%] 97.4%

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13981-03-2

S. 6438--A                          2

          1990                              [86.0%] 91.6%
          1991                              [80.6%] 86.0%
          1992                              [75.4%] 80.6%
          1993                              [70.2%] 75.4%
          1994                              [65.3%] 70.2%
          1995                              [60.5%] 65.3%
          1996                              [55.8%] 60.5%
          1997                              [51.3%] 55.8%
          1998                              [46.9%] 51.3%
          1999                              [42.6%] 46.9%
          2000                              [38.4%] 42.6%
          2001                              [34.4%] 38.4%
          2002                              [30.5%] 34.4%
          2003                              [26.7%] 30.5%
          2004                              [23.0%] 26.7%
          2005                              [19.4%] 23.0%
          2006                              [15.9%] 19.4%
          2007                              [12.6%] 15.9%
          2008                               [9.3%] 12.6%
          2009                               [6.1%] 9.3%
          2010                               [3.0%] 6.1%
          2011                               [0.0%] 3.0%
          2012                               0.0%
  S 2. Subdivision c of section 361-a of the retirement and social secu-
rity  law,  as amended by chapter 161 of the laws of 2011, is amended to
read as follows:
  c. Commencing July first, two thousand  [eleven]  TWELVE  the  special
accidental  death  benefit  paid  to  a widow or widower or the deceased
member's children under the age of eighteen or, if a student, under  the
age  of  twenty-three,  if the widow or widower has died, shall be esca-
lated by adding thereto an additional percentage of the  salary  of  the
deceased member, as increased pursuant to subdivision b of this section,
in accordance with the following schedule:
     calendar year of death
     of the deceased member              per centum
          1977 or prior                    [173.2%] 181.4%
          1978                             [165.2%] 173.2%
          1979                             [157.5%] 165.2%
          1980                             [150.0%] 157.5%
          1981                             [142.7%] 150.0%
          1982                             [135.7%] 142.7%
          1983                             [128.8%] 135.7%
          1984                             [122.1%] 128.8%
          1985                             [115.7%] 122.1%
          1986                             [109.4%] 115.7%
          1987                             [103.3%] 109.4%
          1988                              [97.4%] 103.3%
          1989                              [91.6%] 97.4%
          1990                              [86.0%] 91.6%
          1991                              [80.6%] 86.0%
          1992                              [75.4%] 80.6%
          1993                              [70.2%] 75.4%
          1994                              [65.3%] 70.2%
          1995                              [60.5%] 65.3%
          1996                              [55.8%] 60.5%
          1997                              [51.3%] 55.8%

S. 6438--A                          3

          1998                              [46.9%] 51.3%
          1999                              [42.6%] 46.9%
          2000                              [38.4%] 42.6%
          2001                              [34.4%] 38.4%
          2002                              [30.5%] 34.4%
          2003                              [26.7%] 30.5%
          2004                              [23.0%] 26.7%
          2005                              [19.4%] 23.0%
          2006                              [15.9%] 19.4%
          2007                              [12.6%] 15.9%
          2008                               [9.3%] 12.6%
          2009                               [6.1%] 9.3%
          2010                               [3.0%] 6.1%
          2011                               [0.0%] 3.0%
          2012                               0.0%
  S 3. This act shall take effect July 1, 2012.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This  bill  would amend both the General Municipal Law and the Retire-
ment and Social Security Law to increase the salary used in the computa-
tion of the special accidental death benefit by 3% in  cases  where  the
date of death was before 2012.
  Insofar  as  this bill would amend the Retirement and Social  Security
Law, it is estimated that there would be an additional  annual  cost  of
approximately  $390,000  above  the  approximately  $8.7 million current
annual cost of this benefit. This cost would be shared by the  State  of
New York and all participating employers of 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-
tion.
  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.
  This estimate, dated January 6, 2012 and intended for use only  during
the  2012  Legislative  Session, is Fiscal Note No. 2012-43, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  PROVISIONS OF PROPOSED LEGISLATION - OVERVIEW:
  With  respect  to  the  City  of  New York (the "City"), this proposed
legislation would amend General Municipal Law ("GML") Section 208-f.c to
increase certain Special Accidental Death Benefits ("SADB") for line-of-
duty widows/widowers and/or children of former  uniformed  employees  of
the  City  and  the  New  York City Health and Hospitals Corporation and
certain former employees of the Triborough Bridge and  Tunnel  Authority
who were members of certain New York City Retirement Systems ("NYCRS").
  In  addition,  the  proposed  legislation  would  amend Retirement and
Social Security Law Section 361-a.c  to  cover  such  SADB  for  certain

S. 6438--A                          4

survivors  of  deceased   members of the New York State and Local Police
and Fire Retirement System.
  The Effective Date of the proposed legislation would be July 1, 2012.
  IMPACT  ON  BENEFITS - SADB RECIPIENTS: With respect to the NYCRS, the
proposed legislation would impact the SADB payable to certain  survivors
of members of the:
  * New York City Employees' Retirement System ("NYCERS"), or
  * New York City Police Pension Fund ("POLICE"), or
  * New York City Fire Department Pension Fund ("FIRE"), and
  who  were  employed by one of the following employers in certain posi-
tions:
  * New York City Police Department - Uniformed Position,
  * New York City Fire Department - Uniformed Position,
  * New York City Housing Authority - Uniformed Position,
  * New York City Transit Authority - Uniformed Position,
  * New York City Department of Correction - Uniformed Position,
  * New York City - Uniformed Position as Emergency  Medical  Technician
("EMT"),
  *  New York City Health and Hospitals Corporation - Uniformed Position
as EMT, or
  * Triborough Bridge and Tunnel Authority - Bridge and Tunnel Position.
  DESCRIPTION OF BENEFITS PAYABLE: Under the  GML,  the  basic  SADB  is
defined to equal:
  The salary of the deceased member at the date of death (or, in certain
instances, a greater salary based on rank or other status) ("Final Sala-
ry"), less:
  * Any death benefit is adjusted by any Supplementation or Cost-of-Liv-
ing Adjustment ("COLA") paid by the NYCRS to the member's survivors,
  * Any death benefit paid by Social Security to the member's survivors,
and
  * Any Worker's Compensation benefit paid to the member's survivors.
  The  SADB is paid to the deceased member's surviving widow or widower,
if alive. If the widow/widower is no longer alive, then the SADB is paid
to the deceased member's children until age eighteen or while  attending
school until age twenty-three.
  The  GML also provides that the SADB is subject to escalation based on
the calendar year of death of the member. Each year since Calendar  Year
1977  the  SADB  has  been increased by an additional cumulative, incre-
mental percentage of Final Salary. For example,  for  a  covered  member
deceased in Calendar Year 1979, the SADB cumulative percentage is 157.5%
of Final Salary as of July 1, 2011.
  Under the proposed legislation, the additional, incremental percentage
of Final Salary to be effective July 1, 2012 would be 3.0%.
  FINANCIAL IMPACT - ACTUARIAL PRESENT VALUES OF BENEFITS ("APVB"): With
respect  to NYCRS members under the actuarial assumptions and methods as
noted herein, the enactment of this proposed legislation would  increase
APVB by approximately $25.4 million as of June 30, 2012.
  FINANCIAL  IMPACT  -  EMPLOYER PAYMENTS: With respect to the NYCRS, as
these SADB are provided on a pay-as-you-go basis, the additional  annual
employer  payments  expected  to  be  paid during the first year, if the
proposed legislation is enacted, would equal approximately $2.4 million.
  Note: These additional payments represent an increase of approximately
4.6% in the estimated SADB payments during the first year.
  The SADB payments are made by the NYCRS who are reimbursed by the City
who is then reimbursed by the State of New York.

S. 6438--A                          5

  OTHER COSTS: The enactment of this proposed legislation would also  be
expected  to  result  in  modest increases in administrative expenses of
NYCERS, POLICE, FIRE, the employers and certain New York City agencies.
  CENSUS DATA: The financial impact of the proposed legislation is based
upon  the census data for such widows, widowers and children provided by
the NYCRS and adjusted, as necessary, to prepare  the  computations  and
for consistency with other data.
  The  following  table  shows,  by  Retirement  System,  the  number of
deceased members with eligible survivors as of June  30,  2011  and  the
estimated  annual  SADB rate prior to the increase proposed to be effec-
tive as of July 1, 2012.

                                 Table 1
                  SADB Census Data as of June 30, 2011
                              ($ Millions)
                        Number of            Annual SADB Rate
                        Deceased Members     Prior to Proposed
                        with Eligible        July 1, 2012
Retirement System       Survivors            Increase

NYCERS                   31                  $ 1.3
POLICE                  306                   15.0
FIRE                    614                   35.9
Total                   951                  $52.2

  ACTUARIAL ASSUMPTIONS AND METHODS: Additional APVB have been  computed
based  on  the  actuarial assumptions and methods in effect for the June
30, 2010 (Lag) actuarial valuations of NYCERS, POLICE and FIRE  used  to
determine  the  Preliminary  Fiscal  Year  2012  employer contributions,
including an Actuarial Interest Rate  ("AIR")  assumption  of  8.0%  per
annum.
  The  demographic  actuarial  assumptions  were adopted by the Board of
Trustees of each NYCRS during Fiscal Year 2006 and  the  AIR  assumption
was enacted by the New York State Legislature and Governor and continues
in effect.
  POTENTIAL  CHANGES IN ACTUARIAL ASSUMPTIONS AND METHODS: The impact of
enactment of the proposed legislation provided in this Fiscal  Note  has
been  based  on  the  current  actuarial assumptions and methods used to
determine employer contributions to the NYCRS.
  However, based, in part, on the results of experience studies mandated
by the New York City Charter, the Actuary has proposed new  packages  of
actuarial  assumptions  and  methods  for  use  in  determining employer
contributions to NYCRS  for  Fiscal  Year  2012  and  after.  Therefore,
current  actuarial  assumptions  no  longer represent the Actuary's best
estimates of future experience.
  It is anticipated that the APVB  determined  under  the  proposed  new
packages  of  actuarial  assumptions  and methods will increase compared
with the APVB determined under current actuarial assumptions  and  meth-
ods.
  Finally,  the actuarial assumptions currently employed for determining
employer contributions do not represent risk-adjusted,  economic  evalu-
ations.  Such  risk-adjusted,  economic  evaluations  could, for certain
components of the proposed  legislation,  produce  results  that  differ
significantly from the results shown herein.
  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

S. 6438--A                          6

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 continued herein.
  FISCAL  NOTE  IDENTIFICATION:  This  estimate is intended for use only
during the 2012 Legislative Session. It is Fiscal  Note  2012-05,  dated
February  29,  2012, prepared by the Chief Actuary for the New York City
Employees' Retirement System, the New York City Police Pension Fund  and
the New York City Fire Department Pension Fund.

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