Assembly Bill A7265A

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7265--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 18, 2019
                                ___________
 
 Introduced  by M. of A. GRIFFIN -- read once and referred to the Commit-
   tee on Governmental Employees  --  recommitted  to  the  Committee  on
   Governmental  Employees  in accordance with Assembly Rule 3, sec. 2 --
   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
   authorizing certain persons in an optional twenty year retirement plan
   for state university police officer service and  regional  state  park
   police
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 384-e of the retirement and social security law  is
 amended by adding two new subdivisions d and e to read as follows:
   D.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW TO THE CONTRARY, UPON
 COMPLETION OF TWENTY YEARS OF SERVICE, AND UPON  RETIREMENT,  EACH  SUCH
 MEMBER  WHO  WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE NEW YORK
 STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK  STATE  AND
 LOCAL  POLICE  AND FIRE RETIREMENT SYSTEM AS AN OFFICER APPOINTED BY THE
 STATE UNIVERSITY PURSUANT TO PARAGRAPH L OF SUBDIVISION TWO  OF  SECTION
 THREE  HUNDRED  FIFTY-FIVE OF THE EDUCATION LAW AND WHO HAS SUCCESSFULLY
 COMPLETED A COURSE OF LAW  ENFORCEMENT  TRAINING  AS  PROVIDED  IN  SUCH
 SECTION  OF THE EDUCATION LAW SHALL RECEIVE FOR EACH SUCH YEAR OF PREVI-
 OUS SERVICE, UP TO A TOTAL OF NO GREATER THAN  FIVE  YEARS  OF  PREVIOUS
 SERVICE,  ADDITIONAL  PENSION  EQUAL TO ONE-SIXTIETH OF HIS OR HER FINAL
 AVERAGE SALARY.
   E. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO  THE  CONTRARY,  UPON
 COMPLETION  OF  TWENTY  YEARS OF SERVICE, AND UPON RETIREMENT, EACH SUCH
 MEMBER WHO WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE  NEW  YORK
 STATE  AND  LOCAL EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK STATE AND
 LOCAL POLICE AND FIRE RETIREMENT SYSTEM AS AN OFFICER OR MEMBER  OF  THE
 REGIONAL  STATE  PARK POLICE DEPARTMENT SHALL RECEIVE FOR EACH SUCH YEAR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10294-04-0

 A. 7265--A                          2
 
 OF PREVIOUS SERVICE, UP TO A TOTAL OF NO  GREATER  THAN  FIVE  YEARS  OF
 PREVIOUS SERVICE, ADDITIONAL PENSION EQUAL TO ONE-SIXTIETH OF HIS OR HER
 FINAL AVERAGE SALARY.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow  up  to  5  years  of previous service credit
 rendered as a SUNY Police officer or Regional State Park Police  officer
 to  become  creditable service under Section 384-e of the Retirement and
 Social Security Law. Upon completion of 20 years of service  credit  and
 upon  retirement, an affected member would receive an additional pension
 of one sixtieth of final average salary for each  such  additional  year
 credited.
   If  this  bill  is  enacted,  we  estimate  that there would be a past
 service cost that would average 15% of  affected  members'  compensation
 for  each  year  of  additional service credit granted by this bill. All
 costs would be shared by the State of New  York  and  the  participating
 employers  in  the  New  York State and Local Police and Fire Retirement
 System.
   The exact number of current members as  well  as  future  members  who
 could be affected by this bill cannot be readily determined.
   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, 2019  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018, and 2019 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, 2019
 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 January 28,  2020,  and  intended  for  use  only
 during  the  2020  Legislative  Session,  is  Fiscal  Note  No. 2020-28,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.