S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7911--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 28, 2021
                                ___________
 
 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 the transfer of memberships for certain members of the New
   York state and local police and fire retirement system to the New York
   state and local employees' retirement system
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 384-d of the retirement and social security law is
 amended by adding a new subdivision z to read as follows:
   Z. ANY MEMBER CURRENTLY ENROLLED PURSUANT  TO  THIS  SECTION  AND  WHO
 PREVIOUSLY HAD A MEMBERSHIP WITH THE NEW YORK STATE AND LOCAL EMPLOYEES'
 RETIREMENT  SYSTEM MAY ELECT TO RETROACTIVELY TRANSFER HIS MEMBERSHIP IN
 THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT  SYSTEM  TO  THE
 NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow  any  active member of the New York State and
 Local Police and Fire Retirement System (PFRS) covered by the provisions
 of section 384-d of the New York State Retirement  and  Social  Security
 Law  (RSSL)  who was previously a member of the New York State and Local
 Employees' Retirement System (ERS) to retroactively  transfer  all  PFRS
 service  credit  to  ERS.  The member would not be required to work in a
 position granting ERS membership to transfer. Plan coverage and cost  of
 mandatory  member contributions would be based upon the member's date of
 membership and last reported employment instance.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11692-03-2
 A. 7911--A                          2
 
              

   Insofar as this bill would affect the New York State and Local Retire-
 ment System (NYSLRS), the cost will depend  upon  the  applicant's  age,
 service, salary, plan, and any benefit type otherwise payable.
   The  number of members who could benefit by this legislation cannot be
 readily determined, but all 25,251 active PFRS members  covered  by  the
 provisions  of RSSL section 384-d would be eligible. Pursuant to Section
 25 of the RSSL, those costs arising in ERS would be borne solely by  the
 State of New York.
   In  addition to the per-person costs discussed above, implementing the
 provisions of this legislation would generate administrative costs.
   Summary of relevant resources:
   Membership data as of March 31, 2021 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2021 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2021 Report of the Actuary and the 2021 Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 and 2021 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, 2021
 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 25, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No. 2022-108,  prepared  by
 the Actuary for the New York State and Local Retirement System.