S T A T E O F N E W Y O R K
________________________________________________________________________
7126
2013-2014 Regular Sessions
I N A S S E M B L Y
May 1, 2013
___________
Introduced by M. of A. ABBATE -- read once and referred to the Committee
on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
authorizing enrollment in the section 384-d retirement plan for all
new members of the New York state and local police and fire retirement
system
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The retirement and social security law is amended by adding
a new section 1201-a to read as follows:
S 1201-A. RETIREMENT PLAN. NOTWITHSTANDING ANY OTHER LAW TO THE
CONTRARY, MEMBERS WHO FIRST BECOME MEMBERS OF THE NEW YORK STATE AND
LOCAL POLICE AND FIRE RETIREMENT SYSTEM ON OR AFTER JANUARY FIRST, TWO
THOUSAND FOURTEEN AND ARE EMPLOYED BY AN EMPLOYER WHO HAS ELECTED THE
BENEFITS OF SECTION THREE HUNDRED EIGHTY-FOUR-D OF THIS CHAPTER SHALL
AUTOMATICALLY BE ENROLLED IN SUCH SECTION THREE HUNDRED EIGHTY-FOUR-D
RETIREMENT PLAN. ANY MEMBER SO ENROLLED IN THE SECTION THREE HUNDRED
EIGHTY-FOUR-D RETIREMENT PLAN MAY THEREAFTER WITHDRAW FROM SUCH PLAN.
S 2. This act shall take effect January 1, 2014.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will provide automatic enrollment into the provisions of
section 384-d of the Retirement and Social Security Law for members who
first become members of the New York State and Local Police and Fire
Retirement System on or after January 1, 2014 who are employed by an
employer who has elected the benefits of such plan. Any member so
enrolled may thereafter withdraw from such plan.
If this bill is enacted, there would be no cost since the enrollment
into such plan is already provided by law if the member files within the
first year of employment.
Summary of relevant resources:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10513-01-3
A. 7126 2
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.
This estimate, dated April 15, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-47, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.