NY State Assembly Bill 2017-A8109B

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 05, 2018	reported referred to ways and means
Jan 31, 2018	print number 8109b
Jan 31, 2018	amend and recommit to governmental employees
Jan 22, 2018	print number 8109a
Jan 22, 2018	amend and recommit to governmental employees
Jan 03, 2018	referred to governmental employees
May 30, 2017	referred to governmental employees

Bill Amendments

Original

B (Active)

2017-A8109 - Details

See Senate Version of this Bill:: S6571
Current Committee:: Assembly Ways And Means
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §1100, R & SS L

2017-A8109 - Summary

Relates to increasing lump sum payments; inceases lump sum payments for eligible members of the New York state and local police and fire retirement system, and sheriffs, undersheriffs, deputy sheriffs and correction officers, who are employed in certain counties from twenty-five to thirty-five percent of the actuarial equivalent of his or her retirement allowance at the time of retirement if he or she retires five years after being eligible to retire.

2017-A8109 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8109
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 30, 2017
                                ___________
 
 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
   increasing lump sum payments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph e of subdivision 2 of section 1100 of the retire-
 ment  and  social  security  law, as added by chapter 523 of the laws of
 2013, is amended to read as follows:
   e. Any member who files for retirement after being eligible to  retire
 for  five years may elect to receive a [twenty-five] THIRTY-FIVE percent
 lump sum payment of the actuarial equivalent of his  or  her  retirement
 allowance at the time of retirement.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, section 50:
   This  bill  would  allow larger lump sum payments to be made under the
 Partial Lump Sum (PLS) program for certain members of the New York State
 and Local Police and Fire Retirement System and the New York  State  and
 Local Employees' Retirement System.  CURRENTLY, members who are eligible
 for  the  PLS  program  and  who file for service retirement after being
 eligible to retire for 5 or more years may elect to  receive  a  partial
 lump  sum payment of up to 25% of the present value of their actuarially
 determined retirement allowance (their "reserve") at retirement,  and  a
 smaller  annual  retirement  allowance thereafter.   THIS PROPOSAL would
 allow a member who files for service retirement after being eligible  to
 retire  for 5 or more years to be eligible to receive a partial lump sum
 of up to 35% of their reserve in exchange for a reduction in their annu-
 al retirement allowance of up to 35%  thereafter.  For  example,  a  new
 retiree  with an initial annual pension of $100,000 could have a reserve
 of approximately $1.2 million,  and  could  receive  a  PLS  payment  of
 $420,000 and a reduced annual pension of $65,000.

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

                                                            LBD11770-02-7

 A. 8109                             2
 
   If  this  bill is enacted, there would be administrative costs associ-
 ated with redesigned estimate and option forms. There would not be costs
 associated with the lump sum payment options  since  payments  would  be
 determined on an actuarially equivalent basis.
   However,  the  ratcheting  upward  of  the maximum lump sum benefit is
 eroding the original intent of the pension plan, first presented in  the
 March  30,  1920  Report  of the Commission on Pensions, namely, that "a
 satisfactory pension plan must provide as a  minimum,  a  superannuation
 benefit", which is defined as a LIFETIME MONTHLY PAYMENT made to someone
 who is retired from work.
   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, 2016  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2016
 Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2015
 and 2016 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, 2016
 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 24, 2017, and intended for use only during
 the 2017 Legislative Session, is Fiscal Note No. 2017-101,  prepared  by
 the Actuary for the New York State and Local Retirement System.

2017-A8109A - Details

See Senate Version of this Bill:: S6571
Current Committee:: Assembly Ways And Means
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §1100, R & SS L

2017-A8109A - Summary

2017-A8109A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8109--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 30, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on  Governmental  Employees -- recommitted to the Committee on Govern-
   mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted to said committee

 AN  ACT  to amend the retirement and social security law, in relation to
   increasing lump sum payments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph e of subdivision 2 of section 1100 of the retire-
 ment  and  social  security  law, as added by chapter 523 of the laws of
 2013, is amended to read as follows:
   e. Any member who files for retirement after being eligible to  retire
 for  five years may elect to receive a [twenty-five] THIRTY-FIVE percent
 lump sum payment of the actuarial equivalent of his  or  her  retirement
 allowance at the time of retirement.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, section 50:
   This  bill  would  allow larger lump sum payments to be made under the
 Partial Lump Sum (PLS) program for certain members of the New York State
 and Local Police and Fire Retirement System and the New York  State  and
 Local Employees' Retirement System.  CURRENTLY, members who are eligible
 for  the  PLS  program  and  who file for service retirement after being
 eligible to retire for 5 or more years may elect to  receive  a  partial
 lump  sum payment of up to 25% of the present value of their actuarially
 determined retirement allowance (their "reserve") at retirement,  and  a
 smaller  annual  retirement  allowance thereafter.   THIS PROPOSAL would
 allow a member who files for service retirement after being eligible  to
 retire  for 5 or more years to be eligible to receive a partial lump sum
 of up to 35% of their reserve in exchange for a reduction in their annu-
 al retirement allowance of up to 35%  thereafter.  For  example,  a  new
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11770-04-8

 A. 8109--A                          2
 
 retiree  with an initial annual pension of $100,000 could have a reserve
 of approximately $1.2 million,  and  could  receive  a  PLS  payment  of
 $420,000 and a reduced annual pension of $65,000.
   If  this  bill is enacted, there would be administrative costs associ-
 ated with redesigned estimate and option forms. There would not be costs
 associated with the lump sum payment options  since  payments  would  be
 determined on an actuarially equivalent basis.
   However,  the  ratcheting  upward  of  the maximum lump sum benefit is
 eroding the original intent of the pension plan, first presented in  the
 March  30,  1920  Report  of the Commission on Pensions, namely, that "a
 satisfactory pension plan must provide as a  minimum,  a  superannuation
 benefit", which is defined as a LIFETIME MONTHLY PAYMENT made to someone
 who is retired from work.
   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, 2017  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2017
 Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  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, 2017
 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 January 4, 2018, and intended for use only during
 the  2018  Legislative  Session, is Fiscal Note No. 2018-27, prepared by
 the Actuary for the New York State and Local Retirement System.

2017-A8109B (ACTIVE) - Details

See Senate Version of this Bill:: S6571
Current Committee:: Assembly Ways And Means
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §1100, R & SS L

2017-A8109B (ACTIVE) - Summary

2017-A8109B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8109--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 30, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on  Governmental  Employees -- recommitted to the Committee on Govern-
   mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted  to  said  committee -- again reported from said committee with
   amendments, ordered reprinted  as  amended  and  recommitted  to  said
   committee
 
 AN  ACT  to amend the retirement and social security law, in relation to
   increasing lump sum payments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph e of subdivision 2 of section 1100 of the retire-
 ment  and  social  security  law, as added by chapter 523 of the laws of
 2013, is amended to read as follows:
   e. Any member who files for retirement after being eligible to  retire
 for  five years may elect to receive a [twenty-five] THIRTY-FIVE percent
 lump sum payment of the actuarial equivalent of his  or  her  retirement
 allowance at the time of retirement.
   §  2. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, section 50:
   This  bill  would  allow larger lump sum payments to be made under the
 Partial Lump Sum (PLS) program for certain members of the New York State
 and Local Police and Fire Retirement System and the New York  State  and
 Local Employees' Retirement System.  CURRENTLY, members who are eligible
 for  the  PLS  program  and  who file for service retirement after being
 eligible to retire for 5 or more years may elect to  receive  a  partial
 lump  sum payment of up to 25% of the present value of their actuarially
 determined retirement allowance (their "reserve") at retirement,  and  a

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

                                                            LBD11770-07-8

 A. 8109--B                          2
 
 smaller  annual  retirement  allowance thereafter.   THIS PROPOSAL would
 allow a member who files for service retirement after being eligible  to
 retire  for 5 or more years to be eligible to receive a partial lump sum
 of up to 35% of their reserve in exchange for a reduction in their annu-
 al  retirement  allowance  of  up  to 35% thereafter. For example, a new
 retiree with an initial annual pension of $100,000 could have a  reserve
 of  approximately  $1.2  million,  and  could  receive  a PLS payment of
 $420,000 and a reduced annual pension of $65,000.
   If this bill is enacted, there would be administrative  costs  associ-
 ated with redesigned estimate and option forms. There would not be costs
 associated  with  the  lump  sum payment options since payments would be
 determined on an actuarially equivalent basis.
   However, the ratcheting upward of the  maximum  lump  sum  benefit  is
 eroding  the original intent of the pension plan, first presented in the
 March 30, 1920 Report of the Commission on  Pensions,  namely,  that  "a
 satisfactory  pension  plan  must provide as a minimum, a superannuation
 benefit", which is defined as a LIFETIME MONTHLY PAYMENT made to someone
 who is retired from work.
   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, 2017 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2017
 Report  of  the  Actuary  and  the  2017  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016,  and  2017  Annual  Report to the Comptroller on Actuarial Assump-
 tions, 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, 2017
 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 January 4, 2018, and intended for use only during
 the 2018 Legislative Session, is Fiscal Note No.  2018-27,  prepared  by
 the Actuary for the New York State and Local Retirement System.

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Assembly Bill A8109B

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Archive: Last Bill Status - In Assembly Committee

Actions

Bill Amendments

2017-A8109 - Details

2017-A8109 - Summary

2017-A8109 - Bill Text download pdf

2017-A8109A - Details

2017-A8109A - Summary

2017-A8109A - Bill Text download pdf

2017-A8109B (ACTIVE) - Details

2017-A8109B (ACTIVE) - Summary

2017-A8109B (ACTIVE) - Bill Text download pdf

Comments

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ABBATE

Archive: Last Bill Status - In Assembly Committee

Actions

Bill Amendments

2017-A8109 - Details

2017-A8109 - Summary

2017-A8109 - Bill Text download pdf

2017-A8109A - Details

2017-A8109A - Summary

2017-A8109A - Bill Text download pdf

2017-A8109B (ACTIVE) - Details

2017-A8109B (ACTIVE) - Summary

2017-A8109B (ACTIVE) - Bill Text download pdf

Comments