S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
April 19, 2013
Introduced by Sen. ADDABBO -- 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 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
AN ACT to amend the retirement and social security law, in relation to
increasing the retiree earnings cap
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
For the year Earnings limitation
2005 and 2006 $27,500
2007 [and thereafter] THROUGH 2014 $30,000
2015 AND THEREAFTER $32,500
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 4738--A 2
FISCAL NOTE.--This bill would amend Section 212 of the Retirement and
Social Security Law to set the amount a retired person may earn in
public employment without reduction in retirement allowance during the
year 2015 and thereafter, 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
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
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 19, 2013 and intended for use only
during the 2014 Legislative Session, is Fiscal Note No. 2014-47,
prepared by the Actuary for the New York State and Local Employees'
Retirement System and the New York State and Local Police and Fire