Assembly Bill A7632

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7632
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 14, 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
   accidental disability benefits 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 24 of section 501 of the retirement and social
 security law is amended by  adding  a  new  paragraph  (g)  to  read  as
 follows:
   (G)  NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS CHAPTER OR ANY
 OTHER LAW, FOR ANY POLICE/FIRE MEMBER RETIRING WITH AN ACCIDENTAL  DISA-
 BILITY  BENEFIT PROVIDED FOR IN SECTION FIVE HUNDRED SEVEN OF THIS ARTI-
 CLE, WAGES SHALL BE DETERMINED BASED ON A SALARY BASE EQUAL TO THE HIGH-
 EST SALARY RATE AVAILABLE TO THE  RANK  OR  TITLE  OF  SUCH  POLICE/FIRE
 MEMBER AT THE TIME OF RETIREMENT.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would redefine wages for any police or fire member retiring
 with an accidental disability benefit provided for  in  section  507  of
 Retirement and Social Security Law. Wages shall be determined based on a
 salary  base  equal  to the highest salary rate available to the rank or
 title at the time of retirement.
   If this bill is enacted during the 2019  legislative  session,  it  is
 estimated that there would be an additional annual cost of approximately
 $32,000  which  would be shared by the State of New York and the partic-
 ipating employers in the PFRS.
   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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09716-02-9
              

 A. 7632                             2
 
 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  February  22,  2019, and intended for use only
 during the  2019  Legislative  Session,  is  Fiscal  Note  No.  2019-73,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.