Senate Bill S168A

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

                                 168--A
    Cal. No. 254

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             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-
it.
  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.
              

                                                           LBD00545-03-2

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-
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 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
System.