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

                                  5324

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 22, 2013
                               ___________

Introduced  by  M.  of A. ABBATE, ENGLEBRIGHT, COLTON, BOYLAND -- Multi-
  Sponsored by -- M. of A.  CUSICK, HOOPER, PERRY, SWEENEY,  WEISENBERG,
  ZEBROWSKI  --  read once and referred to the Committee on Governmental
  Operations

AN ACT to amend the retirement and social security law, in  relation  to
  providing benefit enhancements

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

  Section 1. Subdivision b of section 902 of the retirement  and  social
security law is amended by adding a new paragraph 4 to read as follows:
  4.    A  MEMBER  OF A RETIREMENT SYSTEM AS DEFINED BY SUBDIVISION A OF
SECTION NINE HUNDRED OF THIS ARTICLE WITH A DATE OF MEMBERSHIP  IN  SUCH
RETIREMENT  SYSTEM  ON  OR  AFTER  JULY TWENTY-SEVENTH, NINETEEN HUNDRED
SEVENTY-SIX AND BEFORE JANUARY FIRST,  TWO  THOUSAND  TEN  AND  WHO  HAS
CONTRIBUTED  TO  SUCH  RETIREMENT SYSTEM UNDER THE PROVISIONS OF ARTICLE
FOURTEEN OR FIFTEEN OF THIS CHAPTER FOR A PERIOD OF MORE THAN TEN  YEARS
SHALL  RECEIVE ONE-TWELFTH OF A YEAR OF ADDITIONAL RETIREMENT CREDIT FOR
EACH YEAR OF SERVICE IN EXCESS OF TEN YEARS OF SERVICE  FOR  WHICH  SUCH
MEMBER  HAS  CONTRIBUTED, AND SUCH ADDITIONAL RETIREMENT CREDIT SHALL BE
CREDITED TO ALL SUCH ELIGIBLE EMPLOYEES WITHOUT REGARD TO AN ELECTION OF
BENEFIT ENHANCEMENTS PURSUANT TO SECTION NINE HUNDRED ONE OF THIS  ARTI-
CLE.
  S 2. Subdivision b of section 911 of the retirement and social securi-
ty law is amended by adding a new paragraph 4 to read as follows:
  4.  A  MEMBER  OF  A  RETIREMENT SYSTEM AS DEFINED BY SUBDIVISION A OF
SECTION NINE HUNDRED TEN OF THIS ARTICLE WITH A DATE  OF  MEMBERSHIP  IN
SUCH RETIREMENT SYSTEM ON OR AFTER JULY TWENTY-SEVENTH, NINETEEN HUNDRED
SEVENTY-SIX  AND WHO HAS CONTRIBUTED TO SUCH RETIREMENT SYSTEM UNDER THE
PROVISIONS OF ARTICLE FOURTEEN OR FIFTEEN OF THIS CHAPTER FOR  A  PERIOD
OF MORE THAN TEN YEARS SHALL RECEIVE ONE-TWELFTH OF A YEAR OF ADDITIONAL
RETIREMENT  CREDIT  FOR  EACH  YEAR OF SERVICE IN EXCESS OF TEN YEARS OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08296-01-3
              

A. 5324                             2

SERVICE FOR WHICH SUCH  MEMBER  HAS  CONTRIBUTED,  AND  SUCH  ADDITIONAL
RETIREMENT CREDIT SHALL BE CREDITED TO ALL SUCH ELIGIBLE EMPLOYEES.
  S  3.  This act shall take effect immediately, except that if this act
shall have become a law on or after June 30, 2013 this  act  shall  take
effect  immediately  and  shall be deemed to have been in full force and
effect on and after June 30, 2013.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This bill would amend Article 19 of the Retirement and Social Security
Law to allow tier 3 and 4 members who have contributed for a  period  of
more  than  ten  (10)  years  in the New York State and Local Employees'
Retirement System, New York State Teachers' Retirement System, New  York
City  Employees'  Retirement  System, New York City Teachers' Retirement
System, or the New York City Board of  Education  Retirement  System  to
receive  an  additional month of service credit for each year of service
in excess of ten (10)  years  of  service  for  which  such  member  has
contributed. This bill would be deemed to be in effect on June 30, 2013.
  Insofar as this bill would affect the New York State and Local Employ-
ees'  Retirement System, if this bill is enacted, there will be an esti-
mated one time cost of approximately $374 million. Pursuant  to  section
25  of  the Retirement and Social Security Law, this cost would be borne
by the State of New York and would require an itemized appropriation  by
the  State  of  New York sufficient to pay the cost of the provision. If
this cost is amortized over a 5 year period,  the  cost  for  the  first
year, including interest, would be approximately $86.0 million.
  Summary of relevant resources:
  Data:  March  31,  2012  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2012  Report  of  the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2012 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2012 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  December  17,  2012, and intended for use only
during the  2013  Legislative  Session,  is  Fiscal  Note  No.  2013-22,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System.