S T A T E O F N E W Y O R K
________________________________________________________________________
2945
2017-2018 Regular Sessions
I N S E N A T E
January 18, 2017
___________
Introduced by Sen. BOYLE -- 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
employment of retired persons without diminution of retirement allow-
ance and period of employment requested by the prospective employer
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The closing paragraph of paragraph (b) of subdivision 2 of
section 211 of the retirement and social security law, as amended by
chapter 640 of the laws of 2008, is amended to read as follows:
Such approvals SHALL, FOR RETIRED PERSONS RECEIVING A RETIREMENT
ALLOWANCE FROM THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT
SYSTEM, BE GRANTED FOR THE PERIOD OF TIME REQUESTED BY THE PROSPECTIVE
EMPLOYER AND may be granted for periods not exceeding two years each,
provided that such person may not return to work in the same or similar
position for a period of one year following retirement. The authority or
officer specified in paragraph (a) of this subdivision, upon approving
employment of a retired person under this section, shall certify such
approval to the retirement system or pension plan from which such person
is receiving a retirement allowance.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill amends Section 211 of the Retirement and Social Security Law
to require that when a prospective employer has submitted a written
request for a Section 211 waiver on behalf of a retired person, approval
of such request shall be granted for the period of time requested by
such prospective employer.
If this bill is enacted, there will be no additional costs to the New
York State and Local Employees' Retirement and the New York State and
Local Police and Fire Retirement System.
Summary of relevant resources:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03844-02-7
S. 2945 2
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 January 12, 2017 and intended for use only during
the 2017 Legislative Session, is Fiscal Note No. 2017-7, prepared by the
Actuary for the New York State and Local Retirement System.