Senate Bill S5090

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

                                  5090

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 8, 2013
                               ___________

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

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
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
        2007 [and thereafter] THROUGH 2012         $30,000
        2013 AND THEREAFTER                        $34,000
  S 2. This act shall take effect immediately.
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10431-02-3

              

S. 5090                             2

without reduction in retirement allowance during the year 2013 and ther-
eafter, to $34,000.
  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 13.3% 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 April 25, 2013 and intended for use  only  during
the  2013  Legislative Session, is Fiscal Note No. 2013-127, 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.