Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 05, 2022 |
referred to civil service and pensions returned to senate died in assembly |
Jun 09, 2021 |
referred to governmental employees delivered to assembly passed senate |
Jun 08, 2021 |
ordered to third reading cal.1655 committee discharged and committed to rules |
May 18, 2021 |
reported and committed to finance |
May 05, 2021 |
referred to civil service and pensions |
Senate Bill S6537
2021-2022 Legislative Session
Relates to the transfer of pension reserves between public retirement systems of the state for certain members
download bill text pdfSponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee
- Introduced
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- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
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Floor Vote: Jun 9, 2021
aye (63)- Addabbo Jr.
- Akshar
- Bailey
- Benjamin
- Biaggi
- Borrello
- Boyle
- Breslin
- Brisport
- Brooks
- Brouk
- Comrie
- Cooney
- Felder
- Gallivan
- Gaughran
- Gianaris
- Gounardes
- Griffo
- Harckham
- Helming
- Hinchey
- Hoylman-Sigal
- Jackson
- Jordan
- Kaminsky
- Kaplan
- Kavanagh
- Kennedy
- Krueger
- Lanza
- Liu
- Mannion
- Martucci
- Mattera
- May
- Mayer
- Myrie
- O'Mara
- Oberacker
- Ortt
- Palumbo
- Parker
- Persaud
- Ramos
- Rath III
- Reichlin-Melnick
- Ritchie
- Rivera
- Ryan
- Salazar
- Sanders Jr.
- Savino
- Sepúlveda
- Serino
- Serrano
- Skoufis
- Stavisky
- Stec
- Stewart-Cousins
- Tedisco
- Thomas
- Weik
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Jun 8, 2021 - Rules Committee Vote
S653718Aye0Nay3Aye with Reservations0Absent0Excused0AbstainedJun 1, 2021 - Rules Committee Vote
S653719Aye0Nay2Aye with Reservations0Absent0Excused0Abstained -
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2021-S6537 (ACTIVE) - Details
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Education Law
- Laws Affected:
- Amd §522, Ed L; amd §§43 & 343, R & SS L; amd §§13-143 & 13-144, NYC Ad Cd; amd §3, Chap 666 of 1990
2021-S6537 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6537 SPONSOR: REICHLIN-MELNICK TITLE OF BILL: An act to amend the education law, the retirement and social security law, the administrative code of the city of New York, and chapter 666 of the laws of 1990, amending the administrative code of the city of New York and the education law relating to the availability of additional pension benefits, in relation to the transfer of reserves between public retirement systems of the state for certain members PURPOSE OF THE BILL: The bill amends Education Law Section 522, Retirement and Social Securi- ty Law Sections 43 and 343, Administrative Code of the City of New York Sections 13-143 and 13-144 and Chapter 666 of the laws of 1990, to rein- state the transfer of reserves as a required step in completing the transfer of a membership between public retirement systems within New York state for members transferring with ten or more years of service credit.
SUMMARY AND JUSTIFICATION: Pursuant to Chapter 647 of the laws of 2004, the transfer provisions allow for reciprocal transfers of service and salary between New York state public retirement systems without the transfer of reserves. In essence, the transfer provisions allow for public employees to move between credited service and salary from the transferring system and any other documentation necessary to effectuate the transfer of the member's annuity if any, and any accumulated member contributions. The Retirement System respectfully requests the transfer of reserves for members transferring with 10 or more years of credited service be rein- stated. The pension systems have streamlined the ability to capture reserves since 2004 and necessitating the requirement for reserves for long standing public employees will provide equity to the pension systems funding the benefit at retirement. EFFECTIVE DATE OF THE BILL: This act shall take effect immediately and shall apply to any covered membership transfer initiated on or after the effective date of this act; provided, however, that no provision of this act shall affect the transfer of reserves required with respect to transfers between any two of the New York state and local police and fire department system, the New York city police department subchapter two pension fund and the New York city fire department subchapter two pension fund and with respect to transfers from the New York state and local police and fire retire- ment system to the metropolitan transportation authority police pension fund. OTHER AGENCIES TO WHOM THE BILL MAY BE OF INTEREST: Division of the Budget, Department of Financial Services. BUDGETARY IMPLICATIONS OF THE BILL: It is estimated there will be no annual cost to the employers of members of the New York State Teachers' Retirement System if this bill is enacted.
2021-S6537 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6537 2021-2022 Regular Sessions I N S E N A T E May 5, 2021 ___________ Introduced by Sen. REICHLIN-MELNICK -- (at request of the New York State Teachers' Retirement System) -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the education law, the retirement and social security law, the administrative code of the city of New York, and chapter 666 of the laws of 1990, amending the administrative code of the city of New York and the education law relating to the availability of addi- tional pension benefits, in relation to the transfer of reserves between public retirement systems of the state for certain members THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 5 of section 522 of the education law, as amended by chapter 41 of the laws of 2009, is amended to read as follows: 5. Notwithstanding any other provision of law to the contrary, except for the purposes of providing the benefits, if any, of subdivision four of this section, with respect to transfers pursuant to this section which occur on or after the effective date of THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED this subdivision, no transfer of a pension reserve pursuant to subdivision one or two of this section shall be required when the member is transferring from a public [employee] retirement system of [this] THE state [to any other public employee retirement system of this state] WITH LESS THAN TEN YEARS OF CREDITED SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER IS INITIATED. WITH RESPECT TO TRANSFERS PURSUANT TO SUBDIVISION ONE OR TWO OF THIS SECTION WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDI- VISION, THE TRANSFER OF A PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE YEARS OF CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THIS STATE TO ANY OTHER PUBLIC RETIREMENT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
LBD11221-01-1 S. 6537 2 SYSTEM OF THIS STATE. For the purpose of giving the transferring member such status and crediting such service in the retirement system to which the member is transferring as such member was allowed in the retirement system from which the member has transferred, the transfer shall be deemed complete upon receipt by the transferee retirement system of (a) a statement from the transferor retirement system of the transferring member's date of membership in the transferor retirement system, tier status, service credited to the transferred membership, and such other information as the transferee retirement system may require to effectu- ate the transfer, [and] (b) such member's accumulated contributions from the transferor retirement system, if same had not been previously with- drawn, or notice from the transferor retirement system that such member had no accumulated contributions, or notice from the transferor retire- ment system that such member's accumulated contributions had been with- drawn and the amount thereof and, as applicable, receipt from such member of such member's accumulated contributions and interest, AND (C) THE PENSION RESERVE IN THE CASE OF A MEMBER WHO TRANSFERS IN TEN OR MORE YEARS OF CREDITED SERVICE. § 2. Subdivision k of section 43 of the retirement and social security law, as amended by chapter 41 of the laws of 2009, is amended to read as follows: k. Notwithstanding any other provision of this section, any member of the New York state and local employees' retirement system or the New York city teachers' retirement system who retired from service from either the New York city employees' retirement system or the New York city board of education retirement system as a member of the career pension plan maintained by such system and who, but for the fact that he or she retired, would be eligible for transfer and who has not, in fact, received a pension payment from such system shall be permitted to trans- fer his or her retirement system membership pursuant to the provisions of this section. In such event, the application for retirement shall be deemed to have been rescinded and the retirement system from which the service shall be transferred shall transfer the appropriate reserves as provided by this section, provided, however, that with respect to trans- fers pursuant to this subdivision which occur on or after [the twenty- sixth day of October, two thousand four] THE EFFECTIVE DATE OF THE CHAP- TER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION, except for the purposes of providing the benefits, if any, of subdivision four of section five hundred twenty-two of the education law, no determination of a reserve pursuant to subdivision c of this section or transfer thereof pursuant to the first sentence of subdivi- sion d of this section shall be required in the case of any transfer pursuant to this subdivision WITH LESS THAN TEN YEARS OF CREDITED SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER IS INITIATED. WITH RESPECT TO TRANSFERS PURSUANT TO THIS SECTION WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION, THE TRANSFER OF A PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE YEARS OF CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM OF THE STATE. Notwithstand- ing the provision of this subdivision or any other provision of law, an individual who transfers pursuant to this subdivision shall not be required to render any minimum period of service following transfer in order to be eligible to receive the full benefit provided hereunder. Notwithstanding the foregoing, a retiree covered by either the career pension plan or the fifty-five-year-increased-service-fraction plan who S. 6537 3 has received a pension payment or payments from such system shall be eligible for the provisions of this subdivision upon payment, to the retirement system from which the pension payment or payments were made, of an amount equal to such pension payment or payments. After such payments AND THE PENSION RESERVE, IN THE CASE OF A MEMBER WHO TRANSFERS IN TEN OR MORE YEARS OF CREDITED SERVICE, are received, such person shall be permitted to transfer his or her retirement system membership pursuant to the provisions of this section. § 3. Subdivision 1 of section 43 of the retirement and social security law, as amended by chapter 41 of the laws of 2009, is amended to read as follows: l. Notwithstanding any other provision of law to the contrary, with respect to transfers pursuant to this section which occur on or after [the twenty-sixth day of October, two thousand four] THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION, except for the purposes of providing the benefits, if any, of subdivision four of section five hundred twenty-two of the education law, no determination of a reserve pursuant to subdivision c of this section or transfer thereof pursuant to the first sentence of subdivi- sion d of this section shall be required in the case of any transfer pursuant to this section WITH LESS THAN TEN YEARS OF CREDITED SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER IS INITIATED. WITH RESPECT TO TRANSFERS PURSUANT TO THIS SECTION WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION, THE TRANSFER OF A PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OF MORE YEARS OF CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM OF THE STATE. For the purpose of giving the transferring member such status and crediting such service in the second retirement system as such member was allowed in the first retirement system in those cases to which this subdivision shall apply, the transfer shall be deemed complete upon receipt by the second retirement system of: 1. a statement from the first retirement system of the transferring member's date of membership in the first retirement system, tier status, service credited to such membership being transferred, and such other information as the second retirement system may require to effectuate the transfer; [and] 2. such member's accumulated contributions from the first retirement system, if same had not been previously withdrawn, or notice from the first retirement system that such member had no accumulated contrib- utions, or notice from the first retirement system that such member's accumulated contributions had been withdrawn and the amount thereof and, as applicable, receipt from such member of such member's accumulated contributions and interest; AND 3. THE PENSION RESERVE IN THE CASE OF A MEMBER WHO TRANSFERS IN TEN OR MORE YEARS OF CREDITED SERVICE. § 4. Subdivision h of section 343 of the retirement and social securi- ty law, as amended by chapter 533 of the laws of 2015, is amended to read as follows: h. Notwithstanding any other provision of law to the contrary, with respect to transfers pursuant to this section which occur on or after the effective date of THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED this subdivision, no determination of a reserve pursuant to subdivision c of this section or transfer thereof pursuant to the first sentence of subdivision d of this section shall be required in the case S. 6537 4 of any transfer pursuant to this section (other than a transfer from the New York state and local police and fire retirement system to either (1) the New York city police department subchapter two pension fund, (2) the New York city fire department subchapter two pension fund or (3) the MTA police retirement program or a transfer from either (i) the New York city police department subchapter two pension fund or (ii) the New York city fire department subchapter two pension fund to either (A) the New York state and local police and fire retirement system or (B) the MTA police retirement program or a transfer from the MTA police retirement program to the New York state and local police and fire retirement system) IN THE CASE OF A MEMBER WITH LESS THAN TEN YEARS OF CREDITED SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER IS INITIATED. WITH RESPECT TO TRANSFERS PURSUANT TO SUCH SUBDIVISIONS WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION, THE TRANSFER OF A PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE YEARS OF CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM OF THE STATE. For the purpose of giving the transferring member such status and crediting such service in the second retirement system as such member was allowed in the first retirement system in those cases to which this subdivision shall apply, the transfer shall be deemed complete upon receipt by the second retirement system of: 1. a statement from the first retirement system of the transferring member's date of membership in the first retirement system, tier status, service credited to such membership being transferred, and such other information as the second retirement system may require to effectuate the transfer; [and] 2. such member's accumulated contributions from the first retirement system, if same had not been previously withdrawn, or notice from the first retirement system that such member had no accumulated contrib- utions, or notice from the first retirement system that such member's accumulated contributions had been withdrawn and the amount thereof and, as applicable, receipt from such member of such member's accumulated contributions and interest; AND 3. THE PENSION RESERVE IN THE CASE OF A MEMBER WHO TRANSFERS IN TEN OR MORE YEARS OF CREDITED SERVICE. § 5. Paragraph 4 of subdivision a of section 13-143 of the administra- tive code of the city of New York, as added by chapter 647 of the laws of 2004, is amended to read as follows: (4) Notwithstanding the provisions of paragraph two of this subdivi- sion, with respect to transfers pursuant to this section which occur on or after the effective date of THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED this paragraph, the actuary of the New York city employees' retirement system shall not be required to determine the reserve on the benefits allowable to the transferring member as the result of employer contributions, including the reserve-for-increased- take-home-pay, and the transfer of such reserve, including the reserve- for-increased-take-home-pay, from the New York city employees' retire- ment system to said police pension fund [shall not be required] WHEN A MEMBER IS TRANSFERRING WITH LESS THAN TEN YEARS OF CREDITED SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER IS INITI- ATED. WITH RESPECT TO TRANSFERS PURSUANT TO THIS SUBDIVISION WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOU- SAND TWENTY-ONE THAT AMENDED THIS PARAGRAPH, THE TRANSFER OF A PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE S. 6537 5 YEARS OF CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM OF THE STATE. The New York city employees' retirement system, within one year from the date of the request for the transfer of credit, shall comply with all requirements for completing the transfer imposed on it by the provisions of this section, INCLUDING THE PENSION RESERVE IN THE CASE OF A MEMBER WHO TRANSFERS TEN OR MORE YEARS OF CREDITED SERVICE. Nothing set forth in this paragraph shall be deemed to modify the requirement set forth in paragraph two of this subdivision that the New York city employees' retirement system transfer to said police pension fund the accumulated deductions of such member. § 6. Paragraph 4 of subdivision a of section 13-144 of the administra- tive code of the city of New York, as added by chapter 647 of the laws of 2004, is amended to read as follows: (4) Notwithstanding the provisions of paragraph two of this subdivi- sion, with respect to transfers pursuant to this section which occur on or after the effective date of THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED this paragraph, the actuary of the New York city employees' retirement system shall not be required to determine the reserve on the benefits allowable to the transferring member as the result of employer contributions, including [the reserve-for-increased- take-home-pay, and] the transfer of such reserve[, including] AND the reserve-for-increased-take-home-pay[,] from the New York city employees' retirement system to said fire department pension fund [shall not be required], WITH LESS THAN TEN YEARS OF CREDITED SERVICE FROM THE TRANS- FERRING RETIREMENT SYSTEM AT THE TIME OF THE TRANSFER IS INITIATED. WITH RESPECT TO TRANSFERS PURSUANT TO THIS SECTION WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS PARAGRAPH, THE TRANSFER OF A PENSION RESERVE PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE YEARS OF CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE STATE TO ANY OTHER PUBLIC RETIRE- MENT SYSTEM OF THE STATE. The New York city employees' retirement system, within one year from the date of the request for the transfer of credit, shall comply with all requirements for completing the transfer imposed on it by the provisions of this section, INCLUDING THE PENSION REVERSE IN THE CASE OF A MEMBER WHO TRANSFERS TEN OR MORE YEARS OF MEMBER SERVICE CREDIT. Nothing set forth in this paragraph shall be deemed to modify the requirement set forth in paragraph two of this subdivision that the New York city employees' retirement system transfer to said fire department pension fund the accumulated deductions of such member. § 7. Subdivision d of section 3 of chapter 666 of the laws of 1990, amending the administrative code of the city of New York and the educa- tion law relating to the availability of additional pension benefits for an extended second public employment to certain retirees, as added by chapter 647 of the laws of 2004, is amended to read as follows: d. Notwithstanding the provisions of subdivision b of this section or any other provision of law to the contrary, with respect to transfers pursuant to this section which occur on or after the effective date of THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED this subdivision, no determination or transfer of the reserve on the benefits allowable to the transferring member as the result of employer contrib- utions, including the reserve-for-increased-take-home-pay, shall be required FOR A MEMBER WITH LESS THAN TEN YEARS OF CREDITED SERVICE FROM THE TRANSFERRING SYSTEM AT THE TIME THE TRANSFER IS INITIATED. WITH S. 6537 6 RESPECT TO TRANSFERS PURSUANT TO THIS SECTION WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION, THE TRANSFER OF A PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE YEARS OF CREDIT- ED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THIS STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM OF THE STATE. § 8. This act shall take effect immediately and shall apply to any covered membership transfer initiated on or after the effective date of this act; provided, however, that no provision of this act shall affect the transfer of reserves required with respect to transfers between any two of the New York state and local police and fire department system, the New York city police department subchapter two pension fund and the New York city fire department subchapter two pension fund and with respect to transfers from the New York state and local police and fire retirement system to the metropolitan transportation authority police pension fund. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend Section 522 of the Education Law and various sections of the Retirement and Social Security Law and the Administra- tive Code of the City of New York to reinstate the transfer of pension reserves in cases in which a member of the New York State Teachers' Retirement System (NYSTRS) or any Retirement System of the State or City of New York transfers a membership with ten or more years of credited service at the time the transfer is initiated. This act shall take effect immediately and shall apply to any membership transfer initiated on or after the effective date of this act. It is estimated that there will be no additional annual cost to the employers of members of the NYSTRS if this bill is enacted. In fact, this bill will greatly increase equity between the retirement systems of the state by ensuring that a member who transfers with a significant liability will bring with him or her the pension reserve accumulated by the prior retirement system in order to offset the liability assumed by the new retirement system. 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 2021-4 dated October 19, 2020 prepared by the Actuary of the New York State Teachers' Retirement System and is intended for use only during the 2021 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.
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