S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7132
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 10, 2019
                                ___________
 
 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
   allowing retired public employees  who  participated  in  World  Trade
   Center  rescue,  recovery  or  cleanup  operations  to seek subsequent
   employment with the state or a municipal corporation  without  diminu-
   tion of retirement benefits
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 212 of the retirement and social  security  law  is
 amended by adding a new subdivision 4 to read as follows:
   4.  NOTWITHSTANDING THE PROVISIONS OF SUBDIVISIONS ONE AND TWO OF THIS
 SECTION, THE EARNING LIMITATIONS ESTABLISHED BY THIS SECTION  SHALL  NOT
 APPLY  TO  ANY  PERSON WHO, PRIOR TO THE EFFECTIVE DATE OF THIS SUBDIVI-
 SION, HAS FILED AND RECEIVED APPROVAL FOR SUCH FILED NOTICE  OF  PARTIC-
 IPATION IN WORLD TRADE CENTER RESCUE, RECOVERY OR CLEANUP OPERATIONS, AS
 DEFINED  IN SECTION TWO OF THIS CHAPTER, HAS RETIRED FROM PUBLIC EMPLOY-
 MENT, RECEIVES A SERVICE RETIREMENT ALLOWANCE FROM SUCH  PUBLIC  RETIRE-
 MENT  SYSTEM AND SEEKS SUBSEQUENT EMPLOYMENT WITH THE STATE OR A MUNICI-
 PAL CORPORATION; PROVIDED, HOWEVER, THE PROVISIONS OF  THIS  SUBDIVISION
 SHALL  NOT  APPLY  TO  A PERSON WHO RETIRED WITH A DISABILITY RETIREMENT
 BENEFIT.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill  will  allow  service  retirees  who  previously  filed  and
 received  approval  for  notice  of  participation in World Trade Center
 rescue, recovery or cleanup operations and become subsequently  employed
 with the state or a municipal corporation to be exempt from the earnings
 limitations  set  forth  in section two hundred twelve. These provisions
 shall not apply to disability retirees.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07545-08-9
              

 A. 7132                             2
 
   If this bill is enacted, we expect few retirees to be affected.  There
 would  be  negligible additional annual costs. However, if large numbers
 of retirees are hired into such positions,  there  would  be  additional
 annual  costs  which would be shared by the state of New York and all of
 the participating employers in the System.
   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, 2018  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2018
 Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017 and 2018  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, 2018
 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  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated March 5, 2019, and intended for use only during
 the 2019 Legislative Session, is Fiscal Note No.  2019-49,  prepared  by
 the Actuary for the New York State and Local Retirement System.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This bill would add subdivision 4 to Section 212 of the Retirement and
 Social Security Law to waive the earnings limitation for retired members
 who  filed  a  notice of participation in the World Trade Center rescue,
 recovery or cleanup operations, who received approval  for  such  notice
 prior  to the effective date of this subdivision and who seek subsequent
 employment with the state or a municipal corporation. The provisions  of
 this subdivision would not apply to members retired for disability. This
 act shall take effect immediately.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System is estimated to be negligible if  this  bill
 is enacted.
   Member  data  is  from  the  System's  most recent actuarial valuation
 files, consisting of data provided by the employers  to  the  Retirement
 System.  Data  distributions and statistics can be found in the System's
 Comprehensive Annual Financial Report (CAFR).    System  assets  are  as
 reported  in the System's financial statements, and can also be found in
 the CAFR. Actuarial assumptions and methods are provided in the System's
 Actuarial Valuation Report.
   The source of this estimate is Fiscal Note  2019-20  dated  March  27,
 2019  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2019 Legislative Session.
 I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
 Retirement  System.  I  am a member of the American Academy of Actuaries
 and I meet the Qualification Standards of the American Academy of  Actu-
 aries to render the actuarial opinion contained herein.

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7132--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 10, 2019
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on  Governmental  Employees  --  committee  discharged,  bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the retirement and social security law, in  relation  to
   allowing  retired  public  employees  who  participated in World Trade
   Center rescue, recovery  or  cleanup  operations  to  seek  subsequent
   employment  with  the state or a municipal corporation without diminu-
   tion of retirement benefits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  211 of the retirement and social security law is
 amended by adding a new subdivision 9 to read as follows:
   9. NOTWITHSTANDING ANY OTHER LAW, RULE OR REGULATION TO THE  CONTRARY,
 ANY PERSON WHO, PRIOR TO THE EFFECTIVE DATE OF THIS SUBDIVISION, FILED A
 NOTICE OF PARTICIPATION IN WORLD TRADE CENTER RESCUE, RECOVERY OR CLEAN-
 UP  OPERATIONS,  AS  DEFINED  IN  SECTION  TWO  OF THIS CHAPTER, WHO HAS
 RETIRED FROM PUBLIC EMPLOYMENT, IS  ENTITLED  TO  RECEIVE  A  RETIREMENT
 ALLOWANCE  FROM  A PUBLIC RETIREMENT SYSTEM AND SEEKS SUBSEQUENT EMPLOY-
 MENT WITH THE STATE OR A MUNICIPAL CORPORATION  SHALL  AUTOMATICALLY  BE
 DEEMED  TO HAVE BEEN GRANTED A WAIVER OF THE RETIREMENT EARNINGS LIMITA-
 TION ESTABLISHED BY THIS SECTION AND MAY BE EMPLOYED BY THE STATE  OR  A
 MUNICIPAL  CORPORATION  WITHOUT LOSS, SUSPENSION OR DIMINUTION OF HIS OR
 HER RETIREMENT ALLOWANCE; PROVIDED,  HOWEVER,  THE  PROVISIONS  OF  THIS
 SUBDIVISION  SHALL NOT APPLY TO A PERSON WHO RETIRED AS AN ACCIDENTAL OR
 ORDINARY DISABILITY RETIREMENT.
   § 2. Section 212 of the retirement and social security law is  amended
 by adding a new subdivision 4 to read as follows:
   4.  NOTWITHSTANDING THE PROVISIONS OF SUBDIVISIONS ONE AND TWO OF THIS
 SECTION, THE EARNING LIMITATIONS ESTABLISHED BY THIS SECTION  SHALL  NOT
 APPLY  TO  ANY  PERSON WHO, PRIOR TO THE EFFECTIVE DATE OF THIS SUBDIVI-
 SION, FILED A NOTICE OF PARTICIPATION  IN  WORLD  TRADE  CENTER  RESCUE,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07545-09-9

 A. 7132--A                          2
 
 RECOVERY  OR CLEANUP OPERATIONS, AS DEFINED IN SECTION TWO OF THIS CHAP-
 TER, HAS RETIRED FROM PUBLIC EMPLOYMENT, RECEIVES A RETIREMENT ALLOWANCE
 FROM SUCH PUBLIC RETIREMENT SYSTEM AND SEEKS SUBSEQUENT EMPLOYMENT  WITH
 THE  STATE OR A MUNICIPAL CORPORATION; PROVIDED, HOWEVER, THE PROVISIONS
 OF THIS SUBDIVISION SHALL NOT APPLY TO A PERSON WHO RETIRED AS AN  ACCI-
 DENTAL OR ORDINARY DISABILITY RETIREMENT.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would add Subdivision 9 of Section 211 and Subdivision 4 of
 Section 212 of the Retirement and Social Security Law to waive the earn-
 ings limitation for retired members who filed notice of  having  partic-
 ipated  in  the World Trade Center rescue, recover or cleanup operations
 prior to the effective date of these subdivisions. Such members  achiev-
 ing  subsequent  employment  with  the  state or a municipal corporation
 would be able to retire without diminution of their  benefits.  However,
 provisions  of these subdivisions would not apply to members retired for
 accidental or ordinary disability. This act shall take effect immediate-
 ly.
   The annual cost to the employers of members  of  the  New  York  State
 Teachers'  Retirement  System is estimated to be negligible if this bill
 is enacted.
   Member data is from  the  System's  most  recent  actuarial  valuation
 files,  consisting  of  data provided by the employers to the Retirement
 System.  Data distributions and statistics can be found in the  System's
 Comprehensive  Annual  Financial  Report  (CAFR).  System  assets are as
 reported in the System's financial statements, and can also be found  in
 the CAFR. Actuarial assumptions and methods are provided in the System's
 Actuarial Valuation Report.
   The  source  of this estimate is Fiscal Note 2019-14 dated February 4,
 2019 prepared by the Actuary of the New York State Teachers'  Retirement
 System and is intended for use only during the 2019 Legislative Session.
 I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
 Retirement System. I am a member of the American  Academy  of  Actuaries
 and  I meet the Qualification Standards of the American Academy of Actu-
 aries to render the actuarial opinion contained herein.

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7132--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 10, 2019
                                ___________
 
 Introduced  by  M.  of  A.  ABBATE,  PALUMBO, DenDEKKER -- read once and
   referred to the  Committee  on  Governmental  Employees  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  -- reported and referred to the Committee on Ways
   and Means -- committee discharged, bill amended, ordered reprinted  as
   amended and recommitted to said committee
 
 AN  ACT  to amend the retirement and social security law, in relation to
   allowing retired public employees  who  participated  in  World  Trade
   Center  rescue,  recovery  or  cleanup  operations  to seek subsequent
   employment with the state or a municipal corporation  without  diminu-
   tion of retirement benefits
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 211 of the retirement and social  security  law  is
 amended by adding a new subdivision 9 to read as follows:
   9.  NOTWITHSTANDING ANY OTHER LAW, RULE OR REGULATION TO THE CONTRARY,
 ANY PERSON WHO, PRIOR TO THE EFFECTIVE DATE OF THIS SUBDIVISION, FILED A
 NOTICE OF PARTICIPATION IN WORLD TRADE CENTER RESCUE, RECOVERY OR CLEAN-
 UP OPERATIONS, AS DEFINED IN  SECTION  TWO  OF  THIS  CHAPTER,  WHO  HAS
 RETIRED  FROM  PUBLIC  EMPLOYMENT,  IS  ENTITLED TO RECEIVE A RETIREMENT
 ALLOWANCE FROM A PUBLIC RETIREMENT SYSTEM AND SEEKS  SUBSEQUENT  EMPLOY-
 MENT  WITH  THE  STATE OR A MUNICIPAL CORPORATION SHALL AUTOMATICALLY BE
 DEEMED TO HAVE BEEN GRANTED A WAIVER OF THE RETIREMENT EARNINGS  LIMITA-
 TION  ESTABLISHED  BY THIS SECTION AND MAY BE EMPLOYED BY THE STATE OR A
 MUNICIPAL CORPORATION WITHOUT LOSS, SUSPENSION OR DIMINUTION OF  HIS  OR
 HER  RETIREMENT  ALLOWANCE;  PROVIDED,  HOWEVER,  THE PROVISIONS OF THIS
 SUBDIVISION SHALL NOT APPLY TO A PERSON WHO RETIRED AS AN ACCIDENTAL  OR
 ORDINARY DISABILITY RETIREMENT.
   §  2. Section 212 of the retirement and social security law is amended
 by adding a new subdivision 4 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07545-12-9
              

 A. 7132--B                          2
 
   4. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISIONS ONE AND TWO OF  THIS
 SECTION,  THE  EARNING LIMITATIONS ESTABLISHED BY THIS SECTION SHALL NOT
 APPLY TO ANY PERSON WHO, PRIOR TO THE EFFECTIVE DATE  OF  THIS  SUBDIVI-
 SION,  FILED  A  NOTICE  OF  PARTICIPATION IN WORLD TRADE CENTER RESCUE,
 RECOVERY  OR CLEANUP OPERATIONS, AS DEFINED IN SECTION TWO OF THIS CHAP-
 TER, HAS RETIRED FROM PUBLIC EMPLOYMENT, RECEIVES A RETIREMENT ALLOWANCE
 FROM SUCH PUBLIC RETIREMENT SYSTEM AND SEEKS SUBSEQUENT EMPLOYMENT  WITH
 THE  STATE OR A MUNICIPAL CORPORATION; PROVIDED, HOWEVER, THE PROVISIONS
 OF THIS SUBDIVISION SHALL NOT APPLY TO A PERSON WHO RETIRED AS AN  ACCI-
 DENTAL OR ORDINARY DISABILITY RETIREMENT.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would add Subdivision 9 of Section 211 and Subdivision 4 of
 Section 212 of the Retirement and Social Security Law to waive the earn-
 ings limitation for retired members who filed notice of  having  partic-
 ipated  in  the World Trade Center rescue, recover or cleanup operations
 prior to the effective date of these subdivisions. Such members  achiev-
 ing  subsequent  employment  with  the  state or a municipal corporation
 would be able to retire without diminution of their  benefits.  However,
 provisions  of these subdivisions would not apply to members retired for
 accidental or ordinary disability. This act shall take effect immediate-
 ly.
   The annual cost to the employers of members  of  the  New  York  State
 Teachers'  Retirement  System is estimated to be negligible if this bill
 is enacted.
   Member data is from  the  System's  most  recent  actuarial  valuation
 files,  consisting  of  data provided by the employers to the Retirement
 System.  Data distributions and statistics can be found in the  System's
 Comprehensive  Annual  Financial  Report  (CAFR).  System  assets are as
 reported in the System's financial statements, and can also be found  in
 the CAFR. Actuarial assumptions and methods are provided in the System's
 Actuarial Valuation Report.
   The  source  of this estimate is Fiscal Note 2019-14 dated February 4,
 2019 prepared by the Actuary of the New York State Teachers'  Retirement
 System and is intended for use only during the 2019 Legislative Session.
 I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
 Retirement System. I am a member of the American  Academy  of  Actuaries
 and  I meet the Qualification Standards of the American Academy of Actu-
 aries to render the actuarial opinion contained herein.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY OF BILL: This proposed legislation would amend Retirement  and
 Social  Security Law (RSSL) Sections 211 and 212 to permit service reti-
 rees of any public retirement system in New York State who filed a World
 Trade Center (WTC) Notice of Participation (NOP) prior to the  effective
 date  of  the bill to become reemployed with a public employer without a
 post-retirement reduction or suspension of pension benefits by way of an
 automatic post-retirement earnings waiver.
   EFFECTIVE DATE: UPON ENACTMENT.
   IMPACT ON PENSION PAYMENTS:  Currently,  retirees  of  public  pension
 funds  and  retirement  systems  who return to public service within New
 York, and do not rejoin the applicable public fund or system, are gener-
 ally subject to various post-retirement earnings restrictions. New  York
 City  Retirement  Systems  (NYCRS)  retirees are subject to, among other
 things, post-retirement earnings restrictions as provided  in  New  York
 City Charter Section 1117 and RSSL Sections 211 and 212.

 A. 7132--B                          3
 
   Those who elect to be covered under the provisions of RSSL Section 212
 are permitted to earn post-retirement earnings from a public employer in
 an  amount  not  exceeding a specific dollar limit in each calendar year
 without loss, suspension, or diminution of their retirement  allowances.
 Once this dollar limit is reached, the retiree's retirement allowance is
 suspended for the remainder of that calendar year.  Generally, there are
 no earnings limitations in, or following, the calendar year in which the
 retiree  attains age 65. Currently, the RSSL Section 212 post-retirement
 earnings limitation in effect for calendar year 2007 and each year ther-
 eafter is $30,000.
   When certain exigent criteria are met and approval  is  given  to  the
 employer  by  a  specially  designated entity, a waiver pursuant to RSSL
 Section 211 may be granted, for a two-year period.  Under  RSSL  Section
 211, there is no salary restriction for reemployment with a public enti-
 ty that is not the former employer.
   Under  the proposed legislation, if enacted, the RSSL Sections 211 and
 212 post-retirement public service earnings waivers  would  be  automat-
 ically  granted  and  NYCRS  retirees  who  filed a WTC NOP prior to the
 effective date of the bill would not be subject to  any  post-retirement
 earnings limitation.
   For illustrative purposes only, the table below presents the estimated
 additional  retirement  allowances  paid if RSSL Section 211 waivers are
 granted in lieu of applying RSSL Section  212  post-retirement  earnings
 limitation  for  various  sample  combinations of post-retirement annual
 earnings and annual retirement allowance amounts.
 
   Annual Retirement    Annual Post-Retirement Earnings in Calendar Year
      Allowance             $40,000          $50,000         $60,000
       $30,000               $7,500          $12,000         $15,000
       $40,000              $10,000          $16,000         $20,000
       $50,000              $12,500          $20,000         $25,000
       $60,000              $15,000          $24,000         $30,000
       $70,000              $17,500          $28,000         $35,000
 
   FINANCIAL IMPACT - ANNUAL EMPLOYER CONTRIBUTIONS: In  accordance  with
 Administrative   Code   of   the   City  of  New  York  (ACCNY)  Section
 13-638.2(k-2), new UAL attributable to benefit changes are to  be  amor-
 tized  as  determined  by  the  Actuary but generally over the remaining
 working lifetime of those impacted  by  the  benefit  changes.  However,
 since  changes  in  the  applicable  retirement allowances paid to NYCRS
 retirees under this proposed legislation are not known in  advance,  the
 increase in pension payments due to this legislation would be treated as
 an  actuarial  loss.  These  actuarial  losses would be amortized over a
 15-year period (14 payments under the One-Year Lag  Methodology  (OLYM))
 using level dollar payments.
   The number of NYCRS retirees who could potentially be impacted by this
 proposed  legislation cannot be readily determined. However, the Actuary
 believes the increase in pension payments, if the  proposed  legislation
 is enacted, would be approximately $1.5 million to $2.0 million per year
 for each 100 NYCRS service retirees. This would result in an increase in
 annual  employer  contributions  of $180,000 to $240,000 compounded each
 year (e.g. $240,000 in the first year,  $480,000  in  the  second  year,
 $720,000  in  the  third  year,  etc.) for 14 years and then will remain
 level thereafter, assuming 100 such retirees  are  employed  each  year.
 Future years' costs would depend on factors such as, but not limited to,

 A. 7132--B                          4
 
 the number of retirees that benefit under the legislation and the amount
 of their earnings and retirement allowances.
   OTHER COSTS: Not measures in this Fiscal Note are the following:
   *  The initial, additional administrative costs of NYCRS and other New
 York City agencies to implement the proposed legislation.
   * The impact of this  proposed  legislation  on  Other  Postemployment
 Benefit (OPEB) costs.
   CONTRIBUTION  TIMING:  For  the  purposes  of  this Fiscal Note, it is
 assumed that the changes in the annual employer contributions  would  be
 reflected  for  the first time in the June 30, 2020 actuarial valuations
 of the NYCRS. In accordance with the OYLM  used  to  determine  employer
 contributions,  the  increase  in  employer contributions would first be
 reflected in Fiscal Year 2022.
   CENSUS DATA: For purposes of analyzing  the  impact  of  the  proposed
 legislation,  illustrative  examples  with various salary and retirement
 allowance amounts have been provided above.
   ACTUARIAL ASSUMPTIONS AND METHODS: The changes in the annual  employer
 contributions presented herein have been calculated based on the actuar-
 ial  assumptions and methods in effect for the June 30, 2018 (Lag) actu-
 arial valuations used to determine  the  Preliminary  Fiscal  Year  2020
 employer contributions of the NYCRS.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the actuarial assumptions and methods used and are subject  to
 change  based  on  the realization of potential investment, demographic,
 contribution, and other risks. If actual experience deviates from  actu-
 arial  assumptions,  the  actual costs could differ from those presented
 herein. Costs are also dependent on  the  actuarial  methods  used,  and
 therefore  different  actuarial methods could produce different results.
 Quantifying these risks is beyond the scope of this Fiscal Note.
   STATEMENT OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief  Actu-
 ary  for,  and  independent of, the New York City Retirement Systems and
 Pension Funds. I am a Fellow of the Society of  Actuaries,  an  Enrolled
 Actuary under the Employee Retirement Income and Security Act of 1974, a
 Member of the American Academy of Actuaries, and a Fellow of the Confer-
 ence  of Consulting Actuaries. I meet the Qualification Standards of the
 American Academy of Actuaries to render the actuarial opinion  contained
 herein.  To  the best of my knowledge, the results contained herein have
 been prepared in accordance with generally accepted actuarial principles
 and procedures and with the Actuarial Standards of  Practice  issued  by
 the Actuarial Standards Board.
   FISCAL  NOTE  IDENTIFICATION:  This  Fiscal Note 2019-27 dated May 30,
 2019 was prepared by the Chief Actuary for the New York City  Retirement
 Systems and Pension Funds, Sherry S. Chan. This estimate is intended for
 use only during the 2019 Legislative Session.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  will  allow  service  retirees  who  previously  filed and
 received approval for notice of  participation  in  World  Trade  Center
 rescue,  recovery or cleanup operations and become subsequently employed
 with the state or a municipal corporation to be exempt from the earnings
 limitations set forth in section two hundred  twelve.  These  provisions
 shall not apply to disability retirees.
   If  this bill is enacted, we expect few retirees to be affected. There
 would be negligible additional annual costs. However, if  large  numbers
 of  retirees  are  hired  into such positions, there would be additional
 annual costs which would be shared by the state of New York and  all  of
 the participating employers in the System.

 A. 7132--B                          5
 
   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, 2018  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2018
 Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017 and 2018  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, 2018
 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  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated March 5, 2019, and intended for use only during
 the 2019 Legislative Session, is Fiscal Note No.  2019-49,  prepared  by
 the Actuary for the New York State and Local Retirement System.