S T A T E O F N E W Y O R K
________________________________________________________________________
7816--A
2015-2016 Regular Sessions
I N A S S E M B L Y
May 27, 2015
___________
Introduced by M. of A. ABBATE, GOLDFEDER -- read once and referred to
the Committee on Governmental Employees -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the retirement and social security law, in relation to
the membership of police officers and firefighters
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision c of section 440 of the retirement and social
security law, as amended by section 2 of part A of chapter 504 of the
laws of 2009, is amended to read as follows:
c. Notwithstanding any other provision of law, the provisions and
limitations of this article shall apply, as may be appropriate, to all
police officers and firefighters who last joined a public retirement
system of the state or a municipality thereof, on or after July first,
nineteen hundred seventy-six[, but prior to July first, two thousand
nine,] ALL CORRECTIONS AND SANITATION MEMBERS OF THE NEW YORK CITY
EMPLOYEES' RETIREMENT SYSTEM WHO BECAME MEMBERS ON OR AFTER APRIL FIRST,
TWO THOUSAND TWELVE and all employees subject to the provisions of arti-
cle twenty-two of this chapter; provided, however, that in the case of a
conflict between the provisions of this article and article twenty-two
of this chapter, the provisions of article twenty-two shall be control-
ling.
S 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would grant Tier 2 status to Tier 3 police officers and
firefighters, and grant them a refund of their member contributions. For
members of the New York State and Local Police and Fire Retirement
System (NYS&LPFRS), it would affect only those who did NOT file an
election to become covered under the provisions of Article 22 (Tier 5).
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11214-03-5
A. 7816--A 2
If this bill is enacted, insofar as this bill would affect the
NYS&LPFRS, we anticipate that the employers of affected members would
see an increase in their annual contributions for the fiscal year ending
March 31, 2016 of approximately 0.3%, 0.7%, and 2.3% of the annual sala-
ries of members covered under Sections 384-d, 384-e, and 381-b, respec-
tively. In future years, this cost will vary as the billing rates of the
affected members change.
There would not be a past service 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, 2014 actuarial valu-
ation. Distributions and other statistics can be found in the 2014
Report of the Actuary and the 2014 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2010,
2011, 2012, 2013 and 2014 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, 2014
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 May 22, 2015, and intended for use only during
the 2015 Legislative Session, is Fiscal Note No. 2015-122, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.