Senate Bill S5110B

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5110
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 23, 2021
                                ___________
 
 Introduced  by  Sen.  BROOKS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the retirement and social security  law,  the  education
   law  and  the administrative code of the city of New York, in relation
   to supplemental military retirement allowances for members  of  public
   retirement systems of the state
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1000 of the retirement and social security  law  is
 amended by adding a new subdivision 8-a to read as follows:
   8-A.  A  PERSON  WHO  RETIRED  PRIOR TO MAY THIRTY-FIRST, TWO THOUSAND
 SEVENTEEN AND WHO WOULD HAVE BEEN ENTITLED TO  THE  PROVISIONS  OF  THIS
 SECTION,  MAY  MAKE  APPLICATION TO SUCH RETIREMENT SYSTEM NO LATER THAN
 DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-TWO FOR A SUPPLEMENTAL  MILI-
 TARY  RETIREMENT  ALLOWANCE  PURSUANT TO THIS SUBDIVISION.   THE SUPPLE-
 MENTAL RETIREMENT ALLOWANCE PROVIDED BY THIS  SUBDIVISION  SHALL  BE  IN
 LIEU  OF ANY BENEFIT OTHERWISE PROVIDED PURSUANT TO THIS SECTION AND ANY
 CREDIT GRANTED FOR MILITARY SERVICE WITH ANY RETIREMENT SYSTEM  OF  THIS
 STATE PURSUANT TO ANY OTHER SECTION OF LAW.  UPON RECEIPT OF AN APPLICA-
 TION, THE RETIREMENT SYSTEM SHALL DETERMINE THE AMOUNT OF SERVICE CREDIT
 SUCH PERSON WOULD HAVE BEEN ENTITLED TO RECEIVE PURSUANT TO SUBDIVISIONS
 ONE  AND  TWO  OF  THIS SECTION, SUBJECT TO THE LIMITATIONS CONTAINED IN
 THIS SECTION. THE SUPPLEMENTAL MILITARY RETIREMENT ALLOWANCE SHALL EQUAL
 THE RETIREMENT ALLOWANCE  OF  SUCH  PERSON,  COMPUTED  WITHOUT  OPTIONAL
 MODIFICATION  AND  NOT TO EXCEED FIFTEEN THOUSAND DOLLARS, MULTIPLIED BY
 TWENTY-FIVE ONE-HUNDREDTHS OF ONE PERCENT PER MONTH OF THE SERVICE CRED-
 IT AS DETERMINED PURSUANT TO  THIS  SUBDIVISION.    ONE-TWELFTH  OF  THE
 SUPPLEMENTAL MILITARY RETIREMENT ALLOWANCE SHALL BE ADDED TO THE RETIRE-
 MENT  ALLOWANCE  OF SUCH PERSON EACH MONTH. THE BENEFIT PAYABLE PURSUANT
 TO THIS SECTION SHALL COMMENCE ON THE NEXT RETIREMENT ALLOWANCE  PAYABLE
 AT  LEAST  THIRTY  DAYS  AFTER  THE  RECEIPT OF AN APPLICATION FROM SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09719-02-1

 S. 5110                             2
 
 PERSON. FOR THE PURPOSES OF THIS SUBDIVISION, RETIREMENT ALLOWANCE SHALL
 EXCLUDE ANY ANNUITY DERIVED FROM VOLUNTARY  CONTRIBUTIONS  MADE  BY  THE
 INDIVIDUAL,  EXCEPT  THOSE  MADE PURSUANT TO ELECTIONS UNDER SUBDIVISION
 ONE OF SECTION FIVE HUNDRED ELEVEN-A OR PARAGRAPH C OF SUBDIVISION THREE
 OF  SECTION FIVE HUNDRED SIXTEEN OF THE EDUCATION LAW, BUT SHALL INCLUDE
 ANY COST OF LIVING ADJUSTMENT DERIVED FROM SECTIONS SEVENTY-EIGHT-A  AND
 THREE  HUNDRED  SEVENTY-EIGHT-A  OF THIS CHAPTER OR SECTION FIVE HUNDRED
 THIRTY-TWO-A OF THE EDUCATION LAW, AS APPLICABLE.   THE BENEFIT  PAYABLE
 PURSUANT  TO  THIS  SUBDIVISION  SHALL  BE  PAYABLE  FOR THE LIFE OF THE
 RETIRED MEMBER ONLY, EXCEPT THAT THE  SURVIVING  SPOUSE  OF  A  DECEASED
 MEMBER  WHO  RETIRED UNDER AN OPTION PROVIDING A BENEFIT TO BE CONTINUED
 FOR LIFE TO THE SURVIVING SPOUSE AFTER THE DEATH OF THE MEMBER SHALL  BE
 ENTITLED  TO  RECEIVE  FIFTY  PERCENT  OF  THE  MONTHLY BENEFIT THAT THE
 RETIRED MEMBER WOULD BE  RECEIVING  PURSUANT  TO  THIS  SUBDIVISION,  IF
 LIVING,  COMMENCING  WITH THE NEXT RETIREMENT ALLOWANCE PAYABLE AT LEAST
 THIRTY DAYS AFTER RECEIPT OF AN APPLICATION FROM THE RETIRED MEMBER  FOR
 THE BENEFIT OR PAYABLE AFTER THE DEATH OF THE RETIRED MEMBER.
   §  2. Subdivision b of section 78-a of the retirement and social secu-
 rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
 read as follows:
   b.  Said cost-of-living adjustment shall be a percentage of the annual
 retirement  allowance  otherwise  payable,  computed  without   optional
 modification,  but  including  any benefit derived from subdivision f of
 this section [and], any prior year's cost-of-living  adjustment  derived
 from this section AND THE AMOUNT OF ANY SUPPLEMENTAL MILITARY RETIREMENT
 ALLOWANCE  DERIVED  FROM  SUBDIVISION EIGHT-A OF SECTION ONE THOUSAND OF
 THIS CHAPTER. Said percentage is set forth  in  subdivision  d  of  this
 section.
   § 3. Subdivision b of section 378-a of the retirement and social secu-
 rity  law,  as  added  by chapter 125 of the laws of 2000, is amended to
 read as follows:
   b. Said cost-of-living adjustment shall be a percentage of the  annual
 retirement   allowance  otherwise  payable,  computed  without  optional
 modification, but including any benefit derived from  subdivision  f  of
 this  section  [and], any prior year's cost-of-living adjustment derived
 from this section AND THE AMOUNT OF ANY SUPPLEMENTAL MILITARY RETIREMENT
 ALLOWANCE DERIVED FROM SUBDIVISION EIGHT-A OF SECTION  ONE  THOUSAND  OF
 THIS  CHAPTER.    Said  percentage is set forth in subdivision d of this
 section.
   § 4. Subdivision b of section 532-a of the education law, as added  by
 chapter 125 of the laws of 2000, is amended to read as follows:
   b.  Said cost-of-living adjustment shall be a percentage of the annual
 retirement  allowance  otherwise  payable,  computed  without   optional
 modification, excluding any annuity derived from voluntary contributions
 made  by members, except those made pursuant to elections under subdivi-
 sion one of section five hundred eleven-a or paragraph c of  subdivision
 three of section five hundred sixteen of this article, but including any
 benefit  derived  from  subdivision  f  of this section [and], any prior
 year's cost-of-living adjustment  derived  from  this  section  AND  THE
 AMOUNT  OF  ANY  SUPPLEMENTAL MILITARY RETIREMENT ALLOWANCE DERIVED FROM
 SUBDIVISION EIGHT-A OF SECTION ONE THOUSAND OF THE RETIREMENT AND SOCIAL
 SECURITY LAW. Said percentage is set forth  in  subdivision  d  of  this
 section.
   § 5. Subdivision b of section 13-696 of the administrative code of the
 city  of  New  York,  as  added  by  chapter 125 of the laws of 2000, is
 amended to read as follows:

 S. 5110                             3
 
   b. Said cost-of-living adjustment shall be a percentage of the  annual
 fixed  retirement allowance otherwise payable, computed without optional
 modification, but including any benefit derived from  subdivision  f  of
 this  section  [and], any prior year's cost-of-living adjustment derived
 from  this section AND THE AMOUNT OF ANY SUPPLEMENTAL MILITARY ALLOWANCE
 DERIVED FROM SUBDIVISION EIGHT-A OF SECTION ONE THOUSAND OF THE  RETIRE-
 MENT  AND SOCIAL SECURITY LAW.  Said percentage is set forth in subdivi-
 sion d of this section.
   § 6. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would amend Section 1000 of the Retirement and Social  Secu-
 rity  Law  to give veterans who retired prior to May 31, 2017, a supple-
 mental pension equal to their first $15,000  of  single  life  allowance
 together  with  any cost of living adjustment, multiplied by 3% per year
 for up to three (3) years of such service credit  for  military  service
 that  would  have  been  eligible if the member retired on or after such
 date. The surviving spouse of such a retired veteran who chose a contin-
 ued life benefit to the spouse shall receive half of what  the  deceased
 member  would  have received. There would not be any payment required by
 an affected retiree or surviving spouse for this  supplemental  pension.
 Such  retiree may make application for the supplemental pension no later
 than December 31, 2022 and the payment of the benefit  will  begin  with
 the  next monthly pension payment payable at least 30 days after receipt
 of the application.
   The exact number of retirees that could be  affected  by  this  legis-
 lation cannot be readily determined.
   ERS Costs: Pursuant to Section 25 of the Retirement and Social Securi-
 ty  Law,  the  increased cost to the New York State and Local Employees'
 Retirement System would be borne entirely by the State of New  York  and
 would  require  an  itemized appropriation sufficient to pay the cost of
 the provision. Once a retiree applies for this benefit a  cost  will  be
 generated, which will be billed to the State.
   PFRS  Costs:  These costs would be shared by the State of New York and
 the participating employers in the PFRS.
   Summary of relevant resources:
   Membership data as of March 31, 2020 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al  valuation.    Distributions and other statistics can be found in the
 2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 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, 2020
 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  19,  2021, and intended for use only
 during the  2021  Legislative  Session,  is  Fiscal  Note  No.  2021-92,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5110--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 23, 2021
                                ___________
 
 Introduced  by Sens. BROOKS, GALLIVAN -- read twice and ordered printed,
   and when printed to be committed to the Committee on Civil Service and
   Pensions -- reported favorably from said committee  and  committed  to
   the  Committee  on  Finance  --  committee  discharged,  bill amended,
   ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the retirement and social security  law,  the  education
   law  and  the administrative code of the city of New York, in relation
   to supplemental military retirement allowances for members  of  public
   retirement systems of the state
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1000 of the retirement and social security  law  is
 amended by adding a new subdivision 8-a to read as follows:
   8-A.  A  PERSON  WHO  RETIRED  PRIOR TO MAY THIRTY-FIRST, TWO THOUSAND
 SEVENTEEN AND WHO WOULD HAVE BEEN ENTITLED TO  THE  PROVISIONS  OF  THIS
 SECTION,  MAY  MAKE  APPLICATION TO SUCH RETIREMENT SYSTEM NO LATER THAN
 DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-TWO FOR A SUPPLEMENTAL  MILI-
 TARY  RETIREMENT  ALLOWANCE  PURSUANT TO THIS SUBDIVISION.   THE SUPPLE-
 MENTAL RETIREMENT ALLOWANCE PROVIDED BY THIS  SUBDIVISION  SHALL  BE  IN
 LIEU  OF ANY BENEFIT OTHERWISE PROVIDED PURSUANT TO THIS SECTION AND ANY
 CREDIT GRANTED FOR MILITARY SERVICE WITH ANY RETIREMENT SYSTEM  OF  THIS
 STATE PURSUANT TO ANY OTHER SECTION OF LAW.  UPON RECEIPT OF AN APPLICA-
 TION, THE RETIREMENT SYSTEM SHALL DETERMINE THE AMOUNT OF SERVICE CREDIT
 SUCH PERSON WOULD HAVE BEEN ENTITLED TO RECEIVE PURSUANT TO SUBDIVISIONS
 ONE  AND  TWO  OF  THIS SECTION, SUBJECT TO THE LIMITATIONS CONTAINED IN
 THIS SECTION. THE SUPPLEMENTAL MILITARY RETIREMENT ALLOWANCE SHALL EQUAL
 THE RETIREMENT ALLOWANCE  OF  SUCH  PERSON,  COMPUTED  WITHOUT  OPTIONAL
 MODIFICATION  AND  NOT TO EXCEED FIFTEEN THOUSAND DOLLARS, MULTIPLIED BY
 TWENTY-FIVE ONE-HUNDREDTHS OF ONE PERCENT PER MONTH OF THE SERVICE CRED-
 IT AS DETERMINED PURSUANT TO  THIS  SUBDIVISION.    ONE-TWELFTH  OF  THE
 SUPPLEMENTAL MILITARY RETIREMENT ALLOWANCE SHALL BE ADDED TO THE RETIRE-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09719-03-1

 S. 5110--A                          2
 
 MENT  ALLOWANCE  OF SUCH PERSON EACH MONTH. THE BENEFIT PAYABLE PURSUANT
 TO THIS SECTION SHALL COMMENCE ON THE NEXT RETIREMENT ALLOWANCE  PAYABLE
 AT  LEAST  THIRTY  DAYS  AFTER  THE  RECEIPT OF AN APPLICATION FROM SUCH
 PERSON. FOR THE PURPOSES OF THIS SUBDIVISION, RETIREMENT ALLOWANCE SHALL
 EXCLUDE  ANY  ANNUITY  DERIVED  FROM VOLUNTARY CONTRIBUTIONS MADE BY THE
 INDIVIDUAL, EXCEPT THOSE MADE PURSUANT TO  ELECTIONS  UNDER  SUBDIVISION
 ONE OF SECTION FIVE HUNDRED ELEVEN-A OR PARAGRAPH C OF SUBDIVISION THREE
 OF  SECTION FIVE HUNDRED SIXTEEN OF THE EDUCATION LAW, BUT SHALL INCLUDE
 ANY COST OF LIVING ADJUSTMENT DERIVED FROM SECTIONS SEVENTY-EIGHT-A  AND
 THREE  HUNDRED  SEVENTY-EIGHT-A  OF THIS CHAPTER OR SECTION FIVE HUNDRED
 THIRTY-TWO-A OF THE EDUCATION LAW, AS APPLICABLE.   THE BENEFIT  PAYABLE
 PURSUANT  TO  THIS  SUBDIVISION  SHALL  BE  PAYABLE  FOR THE LIFE OF THE
 RETIRED MEMBER ONLY, EXCEPT THAT THE  SURVIVING  SPOUSE  OF  A  DECEASED
 MEMBER  WHO  RETIRED UNDER AN OPTION PROVIDING A BENEFIT TO BE CONTINUED
 FOR LIFE TO THE SURVIVING SPOUSE AFTER THE DEATH OF THE MEMBER SHALL  BE
 ENTITLED  TO  RECEIVE  FIFTY  PERCENT  OF  THE  MONTHLY BENEFIT THAT THE
 RETIRED MEMBER WOULD BE  RECEIVING  PURSUANT  TO  THIS  SUBDIVISION,  IF
 LIVING,  COMMENCING  WITH THE NEXT RETIREMENT ALLOWANCE PAYABLE AT LEAST
 THIRTY DAYS AFTER RECEIPT OF AN APPLICATION FROM THE RETIRED MEMBER  FOR
 THE BENEFIT OR PAYABLE AFTER THE DEATH OF THE RETIRED MEMBER.
   §  2. Subdivision b of section 78-a of the retirement and social secu-
 rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
 read as follows:
   b.  Said cost-of-living adjustment shall be a percentage of the annual
 retirement  allowance  otherwise  payable,  computed  without   optional
 modification,  but  including  any benefit derived from subdivision f of
 this section [and], any prior year's cost-of-living  adjustment  derived
 from this section AND THE AMOUNT OF ANY SUPPLEMENTAL MILITARY RETIREMENT
 ALLOWANCE  DERIVED  FROM  SUBDIVISION EIGHT-A OF SECTION ONE THOUSAND OF
 THIS CHAPTER. Said percentage is set forth  in  subdivision  d  of  this
 section.
   § 3. Subdivision b of section 378-a of the retirement and social secu-
 rity  law,  as  added  by chapter 125 of the laws of 2000, is amended to
 read as follows:
   b. Said cost-of-living adjustment shall be a percentage of the  annual
 retirement   allowance  otherwise  payable,  computed  without  optional
 modification, but including any benefit derived from  subdivision  f  of
 this  section  [and], any prior year's cost-of-living adjustment derived
 from this section AND THE AMOUNT OF ANY SUPPLEMENTAL MILITARY RETIREMENT
 ALLOWANCE DERIVED FROM SUBDIVISION EIGHT-A OF SECTION  ONE  THOUSAND  OF
 THIS  CHAPTER.    Said  percentage is set forth in subdivision d of this
 section.
   § 4. Subdivision b of section 532-a of the education law, as added  by
 chapter 125 of the laws of 2000, is amended to read as follows:
   b.  Said cost-of-living adjustment shall be a percentage of the annual
 retirement  allowance  otherwise  payable,  computed  without   optional
 modification, excluding any annuity derived from voluntary contributions
 made  by members, except those made pursuant to elections under subdivi-
 sion one of section five hundred eleven-a or paragraph c of  subdivision
 three of section five hundred sixteen of this article, but including any
 benefit  derived  from  subdivision  f  of this section [and], any prior
 year's cost-of-living adjustment  derived  from  this  section  AND  THE
 AMOUNT  OF  ANY  SUPPLEMENTAL MILITARY RETIREMENT ALLOWANCE DERIVED FROM
 SUBDIVISION EIGHT-A OF SECTION ONE THOUSAND OF THE RETIREMENT AND SOCIAL
 SECURITY LAW. Said percentage is set forth  in  subdivision  d  of  this
 section.

 S. 5110--A                          3
 
   § 5. Subdivision b of section 13-696 of the administrative code of the
 city  of  New  York,  as  added  by  chapter 125 of the laws of 2000, is
 amended to read as follows:
   b.  Said cost-of-living adjustment shall be a percentage of the annual
 fixed retirement allowance otherwise payable, computed without  optional
 modification,  but  including  any benefit derived from subdivision f of
 this section [and], any prior year's cost-of-living  adjustment  derived
 from  this section AND THE AMOUNT OF ANY SUPPLEMENTAL MILITARY ALLOWANCE
 DERIVED FROM SUBDIVISION EIGHT-A OF SECTION ONE THOUSAND OF THE  RETIRE-
 MENT  AND SOCIAL SECURITY LAW.  Said percentage is set forth in subdivi-
 sion d of this section.
   § 6. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would amend Section 1000 of the Retirement and Social  Secu-
 rity  Law  to give veterans who retired prior to May 31, 2017, a supple-
 mental pension equal to their first $15,000  of  single  life  allowance
 together  with  any cost of living adjustment, multiplied by 3% per year
 for up to three (3) years of such service credit  for  military  service
 that  would  have  been  eligible if the member retired on or after such
 date. The surviving spouse of such a retired veteran who chose a contin-
 ued life benefit to the spouse shall receive half of what  the  deceased
 member  would  have received. There would not be any payment required by
 an affected retiree or surviving spouse for this  supplemental  pension.
 Such  retiree may make application for the supplemental pension no later
 than December 31, 2022 and the payment of the benefit  will  begin  with
 the  next monthly pension payment payable at least 30 days after receipt
 of the application.
   The exact number of retirees that could be  affected  by  this  legis-
 lation cannot be readily determined.
   ERS Costs: Pursuant to Section 25 of the Retirement and Social Securi-
 ty  Law,  the  increased cost to the New York State and Local Employees'
 Retirement System would be borne entirely by the State of New  York  and
 would  require  an  itemized appropriation sufficient to pay the cost of
 the provision. Once a retiree applies for this benefit a  cost  will  be
 generated, which will be billed to the State.
   PFRS  Costs:  These costs would be shared by the State of New York and
 the participating employers in the PFRS.
   Summary of relevant resources:
   Membership data as of March 31, 2020 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al  valuation.    Distributions and other statistics can be found in the
 2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 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, 2020
 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.

 S. 5110--A                          4
 
   This  estimate,  dated  February  19,  2021, and intended for use only
 during the  2021  Legislative  Session,  is  Fiscal  Note  No.  2021-92,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill (legislative bill draft 09719-02-1) would amend section 1000
 of  the  Retirement  and Social Security Law by adding a new subdivision
 8-a to allow eligible retired members of public  retirement  systems  of
 New  York  State to receive a supplemental military retirement allowance
 based upon the retirement allowance of such member and up to three years
 of military service credit. This supplemental benefit would be  in  lieu
 of any benefit otherwise provided by military service credit.  The annu-
 al  supplemental  military  retirement  allowance  shall be equal to the
 retirement allowance of such person, computed without optional modifica-
 tion and not to exceed fifteen thousand dollars, multiplied  by  twenty-
 five  one-hundredths  of  one  percent  per  month  of  military service
 claimed. The surviving spouse of a deceased member who retired under  an
 option  which  provides them with a continuing lifetime benefit would be
 entitled to receive fifty percent of the supplemental  military  retire-
 ment  allowance  that  the  retired member would have received. A member
 must have retired prior to May 31, 2017 and make  application  no  later
 than  December  31,  2022.  This  benefit  is prospective only and shall
 commence on the next retirement allowance payable at least 30 days after
 the receipt of said application. There is no member cost for this  bene-
 fit.
   It is not possible to determine the total annual cost to the employers
 of  members  of the New York State Teachers' Retirement System since the
 number of retired members who would be  eligible  for  the  supplemental
 military  retirement  allowance  under  this  bill cannot be effectively
 estimated. However, the cost is estimated to be,  on  average,  approxi-
 mately  $12,400  for  each  retired  member  eligible for three years of
 supplemental military retirement allowance provided under this  bill  if
 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
 Annual Report. System assets are as reported in the  System's  financial
 statements and can also be found in the System's Annual Report. Actuari-
 al  assumptions and methods are provided in the System's Actuarial Valu-
 ation Report.
   The source of this estimate is Fiscal Note 2021-51 dated June 2,  2021
 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.