senate Bill S4732A

2013-2014 Legislative Session

Limits the maximum post-retirement earnings of public employees

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2014 committed to rules
Jun 19, 2014 amended on third reading 4732a
vote reconsidered - restored to third reading
Jun 19, 2014 returned to senate
recalled from assembly
referred to governmental employees
delivered to assembly
passed senate
Jun 02, 2014 advanced to third reading
May 29, 2014 2nd report cal.
May 28, 2014 1st report cal.986
Jan 08, 2014 referred to civil service and pensions
Apr 19, 2013 referred to civil service and pensions

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S4732 - Bill Details

Current Committee:
Senate Rules
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §212, R & SS L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S6925
2009-2010: A6957C

S4732 - Bill Texts

view summary

Increases the amount of money a retiree may earn in a position of public service in the year 2014 and thereafter to $32,500.

view sponsor memo
BILL NUMBER:S4732

TITLE OF BILL: An act to amend the retirement and social security
law, in relation to the employment of retired persons

PURPOSE OR GENERAL IDEA OF BILL:

This will be the first increase in the post-retirement earnings limit
since 2007. The increase is tied to inflation over the period from
2007-2013. This bill would increase the sum that public retirees can
earn without diminution of retirement benefits.

SUMMARY OF SPECIFIC PROVISIONS:

This bill would amend subdivision 2 of section 212 of the retirement
and social security law. Specifically, this legislation would
authorize a retired person to earn up to $32,500 (starting in 2013)
without loss, suspension or diminution of their retirement allowance.

JUSTIFICATION:

Under current law, retirees may earn up to $30,000 without diminution
of retirement earnings. This legislation would continue a yearly
pattern of granting retirees an increase in what they can earn. As a
result, it would extend a program which has seen significant cost
savings to states and localities, whereby they can hire back
experienced employees at a dramatically reduced cost and without
benefits. This will be the first increase in the post-retirement
earnings limit since 2007. The increase is tied to inflation over the
period from 2007-2013.

Additionally, it should be noted that the dollar limitations expressed
in this section of the retirement and social security law have
traditionally tracked earning limitation amounts in federal law for
social security recipients. Congress, however, in a series of reform
measures passed in the late 1990's, has completely removed such
limitation amounts.

Additionally, pursuant to subdivision one of this section 212, there
are also no earning-limitations on or after the calendar year in which
any retired person attains age sixty-five.

PRIOR LEGISLATIVE HISTORY:

2011-12: Ways and Means;
2009-10: Ways and Means;
2007-08: Ways and Means

FISCAL IMPLICATIONS:

De Minimis; see fiscal notes.

EFFECTIVE DATE:

This Act shall take effect immediately and shall be deemed to have
been in full force and effect on and after January 1, 2013.


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

    S. 4732                                                  A. 6801

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             April 19, 2013
                               ___________

IN  SENATE  --  Introduced by Sen. DeFRANCISCO -- read twice and ordered
  printed, and when printed to be committed to the  Committee  on  Civil
  Service and Pensions

IN  ASSEMBLY  --  Introduced  by  M.  of A. SWEENEY, ABBATE, WEISENBERG,
  GALEF, HOOPER, BOYLAND, ZEBROWSKI, ABINANTI,  ROBERTS  --  Multi-Spon-
  sored  by -- M. of A. CAHILL, CLARK, COLTON, COOK, CYMBROWITZ, JAFFEE,
  MAGEE, MILLMAN, ORTIZ,  PERRY,  ROBINSON,  WRIGHT  --  read  once  and
  referred to the Committee on Governmental Employees

AN  ACT  to amend the retirement and social security law, in relation to
  the employment of retired persons

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

  Section  1.  Subdivision 2 of section 212 of the retirement and social
security law, as amended by chapter 74 of the laws of 2006,  is  amended
to read as follows:
  2.  The earning limitations for retired persons in positions of public
service under this section shall be in  accordance  with  the  following
table:

        For the year               Earnings limitation
            1996                         $12,500
            1997                         $13,500
            1998                         $14,500
            1999                         $15,500
            2000                         $17,000
            2001                         $18,500
            2002                         $20,000
            2003                         $25,000
            2004                         $27,500
            2005 and 2006                $27,500

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04719-04-3

S. 4732                             2                            A. 6801

            2007 [and thereafter],       $30,000
            2008, 2009, 2010, 2011
            AND 2012
            2013 AND THEREAFTER          $32,500
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after January 1, 2013.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would amend Section 212 of the Retirement and Social Securi-
ty Law to set the amount a retired person may earn in public  employment
without reduction in retirement allowance during the year 2013 and ther-
eafter, to $32,500.
  If this bill is enacted, insofar as it would affect the New York State
and  Local Employees' Retirement System and the New York State and Local
Police and Fire Retirement System, the resulting 8.3% increase over  the
current  $30,000  limit,  in  place  since  2007, which is less than the
increase in the consumer price index over  the  same  period  would  not
affect retirement patterns. Therefore, there will be no additional cost.
  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.  2013-16,
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.
  Pursuant to Legislative Law, Section 50:
  This  bill  would amend subdivision 2 of section 212 of the Retirement
and Social Security Law to increase the earnings limitation for  retired
members  in  positions  of public employment to $32,500 for the calendar
year 2013 and thereafter. The earnings limitation for the calendar  year
2012 was $30,000.
  The  annual  cost  to  the  employers of members of the New York State
Teachers' Retirement System is estimated to be negligible if  this  bill
is enacted.
  The  source  of  this estimate is Fiscal Note 2013-9 dated February 7,
2013 prepared by the Actuary of the New York State Teachers'  Retirement
System and is intended for use only during the 2013 Legislative Session.
I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
Retirement System.
  Pursuant to Legislative Law, Section 50:
  PROVISIONS OF PROPOSED LEGISLATION:  With respect to the New York City
Retirement Systems ("NYCRS"),  this  proposed  legislation  would  amend
Retirement  and Social Security Law ("RSSL") Section 212 to increase the
earnings limit of certain members who have  returned  to  employment  in
Public Service.

S. 4732                             3                            A. 6801

  The  Effective  Date  of the proposed legislation would be the date of
enactment retroactive to January 1, 2013.
  IMPACT  ON  BENEFITS:  Retired  members  of the NYCRS are permitted to
return to employment in "Public Service" where such term  means  employ-
ment in the service of New York State ("NYS") or any its political divi-
sions including:
  * A special district,
  * District corporation,
  * School district,
  * Board of cooperative educational services,
  * County vocational education and extension board,
  * Public benefit corporation,
  * Public authority created by or pursuant to NYS laws, or
  *  An  agency  or  organization  which  contributes as a participating
employer in a retirement system or pension plan administered by  NYS  or
any of its political subdivisions.
  Retirees  who  return  to Public Service and elect to be covered under
the provisions of RSSL Section 212 are permitted to earn in  a  calendar
year  an  amount  not  exceeding  a  specific dollar limit without loss,
suspension or diminution of their retirement allowances. Once a  retiree
attains  age 65 in a calendar year, there are no earnings limitations in
that calendar year or thereafter. Currently, the  dollar  limitation  in
effect for Calendar Year 2007 and thereafter is $30,000.
  Under  the  proposed  legislation,  the  dollar  limitation  would  be
increased to $32,500 for Calendar Year 2013 and thereafter.
  FINANCIAL IMPACT - EMPLOYER COST: The ultimate cost of a pension  plan
is the benefits it pays.
  To the extent the current RSSL Section 212 earnings limitation applies
in  Calendar  Years  2013  and  later, certain retirees would have their
retirement allowances suspended for the remainder of the  calendar  year
in  which  their earnings in Public Service exceed that earnings limita-
tion.
  Enactment of the proposed legislation  would  raise  the  amount  that
could  be  earned  in  Public  Service.  This  would  result in a slight
increase in benefits paid to retirees where their Public  Service  earn-
ings exceed the current RSSL Section 212 earnings limitation.
  If  a  definite amount of change to the expected retirement allowances
to be paid in a calendar year were known, it would be reflected  in  the
fiscal year the legislation were enacted.
  However,  a  change  in  the  applicable retirement allowances paid to
NYCRS retired members in a calendar year under this proposed legislation
are not known in advance. These changes would be  treated  as  actuarial
experience gains/losses recognized in the assets of the respective NYCRS
at  the end of that fiscal year (i.e., a change in retirement allowances
paid during Calendar Year 2013 would be reflected in the NYCRS assets as
of June 30, 2014).
  Under the Lag actuarial valuation methodology, adjustments in the June
30, 2014 asset values would first impact employer contributions  to  the
respective NYCRS for Fiscal Year 2016.
  For those NYCRS reemployed retirees who have elected to become subject
to  RSSL  Section 212 and who have exceeded the limit, the Actuary esti-
mates that the annual potential impact of the proposed legislation would
be to increase payouts from the NYCRS by less than $100,000  and,  over-
all,  there  would  be  a de minimis impact on the retirement allowances
otherwise payable.

S. 4732                             4                            A. 6801

  FINANCIAL IMPACT: EMPLOYER CONTRIBUTIONS: If enacted during  the  2013
Legislative  Session,  the  impact  on employer costs to the NYCRS would
begin Fiscal Year 2016.
  Overall,  the  Actuary  believes  the  changes  in  employer costs and
employer contributions to the NYCRS as a  result  of  enactment  of  the
proposed legislation would be de minimis.
  OTHER  COSTS:  Not  measured  in  this  Fiscal  Note  are any possible
increased administrative costs attributable to enactment of the proposed
legislation.
  CENSUS DATA: For purposes of analyzing  the  impact  of  the  proposed
legislation,   data  on  retirees  reemployed  in  Public  Service  were
furnished by the staffs of the NYRCS. This data was reviewed and consid-
ered illustrative of those who could potentially  be  impacted  by  this
proposed  legislation.  Where  data was not final, a percentage of those
retirees employed in Public Service under age 65 were assumed to  exceed
the RSSL Section 212 limit.

                                 Table 1

           NYCRS Retirees Reemployed in Public Service in 2012
                      Who Elected to be Subject to
                            RSSL Section 212

________________________________________________________________________
                                                 Number Reemployed Under
                           Number Reemployed          Age 65 with
                               All Ages            Earnings in Excess
Retirement System{1}         Any Earnings             of $30,000
________________________________________________________________________
NYCERS                            509                     35
TRS                             3,128                     12
BERS                               20{2}                   1
POLICE                            226                     11
FIRE                               10                      2{2}
       Total                    3,893                     61
________________________________________________________________________

{1} New York City Employees' Retirement System ("NYCERS")
    New York City Teachers' Retirement System ("TRS")
    New York City Board of Education Retirement System ("BERS")
    New York City Police Pension Fund ("POLICE")
    New York City Fire Department Pension Fund ("FIRE")

{2} Estimated from Information furnished.
  ACTUARIAL  ASSUMPTIONS  AND  METHODS: Any changes in employer contrib-
utions have been estimated based on the actuarial assumptions and  meth-
ods used in the June 30, 2011 (Lag) actuarial valuations of the NYCRS.
  For  purposes  of analyzing the impact of the proposed legislation, it
was assumed that the current number  of  reemployed  NYCRS  retirees  in
Public  Service  under  age 65 earning in excess of the RSSL Section 212
dollar limit would remain constant over time.
  It was also assumed that the earnings in Public Service of such  reem-
ployed  retirees  would  also  exceed  the proposed new RSSL Section 212
dollar limit by amounts comparable to those being earned  in  excess  of
the current dollar limit.

S. 4732                             5                            A. 6801

  Additional  employer  costs  have  been calculated using the actuarial
assumptions and methods currently in effect for the June 30, 2011  (Lag)
actuarial  valuation  of  NYCRS  to determine employer contributions for
Fiscal Year 2013.
  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
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 contained herein.
  FISCAL  NOTE  IDENTIFICATION:  This  estimate is intended for use only
during the 2013 Legislative Session. It is Fiscal  Note  2013-06,  dated
April  4,  2013  prepared  by  the  Chief  Actuary for the New York City
Retirement Systems.

Co-Sponsors

S4732A (ACTIVE) - Bill Details

Current Committee:
Senate Rules
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §212, R & SS L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S6925
2009-2010: A6957C

S4732A (ACTIVE) - Bill Texts

view summary

Increases the amount of money a retiree may earn in a position of public service in the year 2014 and thereafter to $32,500.

view sponsor memo
BILL NUMBER:S4732A

TITLE OF BILL: An act to amend the retirement and social security
law, in relation to the employment of retired persons

PURPOSE OR GENERAL IDEA OF BILL:

This will be the first increase in the post-retirement earnings limit
since 2007. The increase is tied to inflation over the period from
2007-2013. This bill would increase the sum that public retirees can
earn without diminution of retirement benefits.

SUMMARY OF SPECIFIC PROVISIONS:

This bill would amend subdivision 2 of section 212 of the retirement
and social security law. Specifically, this legislation would
authorize a retired person to earn up to $32,500 (starting in 2014)
without loss, suspension or diminution of their retirement allowance.

JUSTIFICATION:

Under current law, retirees may earn up to $30,000 without diminution
of retirement earnings. This legislation would continue a yearly
pattern of granting retirees an increase in what they can earn. As a
result, it would extend a program which has seen significant cost
savings to states and localities, whereby they can hire back
experienced employees at a dramatically reduced cost and without
benefits. This will be the first increase in the post-retirement
earnings limit since 2007. The increase is tied to inflation over the
period from 2007-2013.

Additionally, it should be noted that the dollar limitations expressed
in this section of the retirement and social security law have
traditionally tracked earning limitation amounts in federal law for
social security recipients. Congress, however, in a series of reform
measures passed in the late 1990's, has completely removed such
limitation amounts.

Additionally, pursuant to subdivision one of this section 212, there
are also no earning-limitations on or after the calendar year in which
any retired person attains age sixty-five.

PRIOR LEGISLATIVE HISTORY:

2011-12: Ways and Means;
2009-10: Ways and Means;
2007-08: Ways and Means

FISCAL IMPLICATIONS:

De Minimis; see fiscal notes.

EFFECTIVE DATE:

This Act shall take effect immediately and shall be deemed to have
been in full force and effect on and after January 1, 2014.


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

                                 4732--A
    Cal. No. 986

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 19, 2013
                               ___________

Introduced  by Sens. DeFRANCISCO, AVELLA, BALL -- read twice and ordered
  printed, and when printed to be committed to the  Committee  on  Civil
  Service  and Pensions -- recommitted to the Committee 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, passed by  Senate  and  delivered  to  the
  Assembly,  recalled,  vote  reconsidered,  restored  to 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
  the employment of retired persons

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

  Section  1.  Subdivision 2 of section 212 of the retirement and social
security law, as amended by chapter 74 of the laws of 2006,  is  amended
to read as follows:
  2.  The earning limitations for retired persons in positions of public
service under this section shall be in  accordance  with  the  following
table:

        For the year               Earnings limitation
            1996                         $12,500
            1997                         $13,500
            1998                         $14,500
            1999                         $15,500
            2000                         $17,000
            2001                         $18,500
            2002                         $20,000
            2003                         $25,000
            2004                         $27,500
            2005 and 2006                $27,500

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04719-07-4

S. 4732--A                          2

            2007 [and thereafter],       $30,000
            2008, 2009, 2010, 2011,
            2012 AND 2013
            2014 AND THEREAFTER          $32,500
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after January 1, 2014.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would amend Section 212 of the Retirement and Social Securi-
ty Law to set the amount a retired person may earn in public  employment
without reduction in retirement allowance during the year 2014 and ther-
eafter, to $32,500.
  If this bill is enacted, insofar as it would affect the New York State
and  Local Employees' Retirement System and the New York State and Local
Police and Fire Retirement System, the resulting 8.3% increase over  the
current  $30,000  limit,  in  place  since  2007, which is less than the
increase in the consumer price index over  the  same  period  would  not
affect retirement patterns. Therefore, there will be no additional cost.
  Summary of relevant resources:
  The  membership  data  used  in  measuring  the impact of the proposed
change was the same as that used in the March 31, 2013  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2013
Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.
  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
Assumptions,  and  the  Codes  Rules and Regulations of the State of New
York: Audit and Control.
  The Market Assets and GASB Disclosures are found in the March 31, 2013
New York State and Local  Retirement  System  Financial  Statements  and
Supplementary Information.
  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  November  15,  2013  and intended for use only
during the  2014  Legislative  Session,  is  Fiscal  Note  No.  2014-31,
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.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  PROVISIONS  OF PROPOSED LEGISLATION: With respect to the New York City
Retirement Systems ("NYCRS"),  this  proposed  legislation  would  amend
Retirement  and Social Security Law ("RSSL") Section 212 to increase the
earnings limit of certain members who have  returned  to  employment  in
Public Service.
  The  Effective  Date  of the proposed legislation would be the date of
enactment retroactive to January 1, 2014.
  IMPACT ON BENEFITS: Retired members of  the  NYCRS  are  permitted  to
return  to  employment in "Public Service" where such term means employ-
ment in the service of New York State ("NYS") or any  of  its  political
divisions including:
  * A special district,
  * District corporation,
  * School district,
  * Board of cooperative educational services,
  * County vocational education and extension board,
  * Public benefit corporation,
  * Public authority created by or pursuant to NYS laws, or

S. 4732--A                          3

  *  An  agency  or  organization  which  contributes as a participating
employer in a retirement system or pension plan administered by  NYS  or
any of its political subdivisions.
  Retirees  who  return  to Public Service and elect to be covered under
the provisions of RSSL Section 212 are permitted to earn in  a  calendar
year  an  amount  not  exceeding  a  specific dollar limit without loss,
suspension or diminution of their retirement allowances. Once a  retiree
attains  age 65 in a calendar year, there are no earnings limitations in
that calendar year or thereafter. Currently, the  dollar  limitation  in
effect for Calendar Year 2007 and thereafter is $30,000.
  Under  the  proposed  legislation,  the  dollar  limitation  would  be
increased to $32,500 for Calendar Year 2014 and thereafter.
  FINANCIAL IMPACT - EMPLOYER COST: The ultimate cost of a pension  plan
is the benefits it pays.
  To the extent the current RSSL Section 212 earnings limitation applies
in  Calendar  Years  2014  and  later, certain retirees would have their
retirement allowances suspended for the remainder of the  calendar  year
in  which  their earnings in Public Service exceed that earnings limita-
tion.
  Enactment of the proposed legislation  would  raise  the  amount  that
could  be  earned  in  Public  Service.  This  would  result in a slight
increase in benefits paid to retirees where their Public  Service  earn-
ings exceed the current RSSL Section 212 earnings limitation.
  If  a  definite amount of change to the expected retirement allowances
to be paid in a calendar year were known, it would be reflected  in  the
fiscal year the legislation were enacted.
  However,  a  change  in  the  applicable retirement allowances paid to
NYCRS retired members in a calendar year under this proposed legislation
are not known in advance. These changes would be  treated  as  actuarial
experience gains/losses recognized in the assets of the respective NYCRS
at  the end of that fiscal year (i.e., a change in retirement allowances
paid during Calendar Year 2014 would be reflected in the NYCRS assets as
of June 30, 2015).
  Under the Lag actuarial valuation methodology, adjustments in the June
30, 2015 asset values would first impact employer contributions  to  the
respective NYCRS for Fiscal Year 2017.
  For those NYCRS reemployed retirees who have elected to become subject
to  RSSL  Section 212 and who have exceeded the limit, the Actuary esti-
mates that the annual potential impact of the proposed legislation would
be to increase payouts from the NYCRS by less than $125,000  and,  over-
all,  there  would  be  a de minimis impact on the retirement allowances
otherwise payable.
  FINANCIAL IMPACT: EMPLOYER CONTRIBUTIONS: If enacted during  the  2014
Legislative  Session,  the  impact  on employer costs to the NYCRS would
begin Fiscal Year 2017.
  Overall, the Actuary  believes  the  changes  in  employer  costs  and
employer  contributions  to  the  NYCRS  as a result of enactment of the
proposed legislation would be de minimis.
  OTHER COSTS: Not  measured  in  this  Fiscal  Note  are  any  possible
increased administrative costs attributable to enactment of the proposed
legislation.
  CENSUS  DATA:  For  purposes  of  analyzing the impact of the proposed
legislation,  data  on  retirees  reemployed  in  Public  Service   were
furnished by the staffs of the NYCRS. This data was reviewed and consid-
ered  illustrative  of  those  who  could potentially be impacted by the
proposed legislation. Where data was not final, a  percentage  of  those

S. 4732--A                          4

retirees  employed in Public Service under age 65 were assumed to exceed
the RSSL Section 212 limit.

                                 Table 1

           NYCRS Retirees Reemployed in Public Service in 2013
                      Who Elected to be Subject to
                            RSSL Section 212

Retirement System{1}     Number Reemployed      Number Reemployed Under
                         Under Age 65           Age 65 with
                         Any Earnings           Earnings in Excess
                                                of $30,000
NYCERS                   282                    40
TRS                      3,065                  11
BERS                     20{2}                  2
POLICE                   233                    13
FIRE                     7                      2{2}
Total                    3,607                  68

{1} New York City Employees' Retirement System ("NYCERS")
    New York City Teachers' Retirement System ("TRS")
    New York City Board of Education Retirement System ("BERS")
    New York City Police Pension Fund ("POLICE")
    New York Fire Department Pension Fund ("FIRE")

{2} Estimated from information furnished.
  ACTUARIAL  ASSUMPTIONS  AND  METHODS: Any changes in employer contrib-
utions have been estimated based on the actuarial assumptions and  meth-
ods used in the June 30, 2013 (Lag) actuarial valuations of the NYCRS.
  For  purposes  of analyzing the impact of the proposed legislation, it
was assumed that the current number  of  reemployed  NYCRS  retirees  in
Public  Service  under  age 65 earning in excess of the RSSL Section 212
dollar limit would remain constant over time.
  It was also assumed that the earnings in Public Service of such  reem-
ployed  retirees  would  also  exceed  the proposed new RSSL Section 212
dollar limit by amounts comparable to those being earned  in  excess  of
the current dollar limit.
  Additional  employer  costs  have  been calculated using the actuarial
assumptions and methods currently in effect for the June 30, 2013  (Lag)
actuarial  valuation  of  NYCRS  to determine employer contributions for
Fiscal Year 2015.
  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
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 contained herein.
  FISCAL NOTE IDENTIFICATION: This estimate is  intended  for  use  only
during  the  2014  Legislative Session. It is Fiscal Note 2014-11, dated
April 3, 2014 prepared by the  Chief  Actuary  for  the  New  York  City
Retirement Systems.

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