S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5711--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 22, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee 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
   mandatory retirement age
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (f) of paragraph 1 and the  opening  paragraph
 of  subparagraph  (g) of paragraph 2 of subdivision e and subdivisions h
 and k of section 384 of the  retirement  and  social  security  law,  as
 amended  by  chapter  1043  of  the laws of 1968, are amended to read as
 follows:
   (f) Upon  completion  of  twenty-five  years  service,  an  additional
 pension,  if  required, of such amount as shall be necessary to increase
 the total amount of the benefits provided  herein  to  one-half  of  his
 final  average  salary.  The  pension  provided  by this [sub-paragraph]
 SUBPARAGRAPH shall be payable only if a member retires from  service  on
 or  before the last day of the calendar month next succeeding the calen-
 dar month in which he attains age  [sixty-two]  SIXTY-FIVE.    Provided,
 however,  that in the case of any member who attained the age of [sixty-
 two] SIXTY-FIVE on or before July first, nineteen hundred sixty-six,  to
 be  eligible  for  additional  pension credit under this [sub-paragraph]
 SUBPARAGRAPH, his service shall be terminated and he shall retire on  or
 before  December  thirty-first,  nineteen  hundred  sixty-seven. For the
 purpose only of determining the amount of the pension provided  in  this
 paragraph,  the  annuity shall be computed as it would be if it were not
 reduced by the actuarial equivalent of any outstanding loan, and  if  it
 were  not  increased  by  the  actuarial  equivalent  of  any additional
 contributions, and if it were not reduced  by  reason  of  the  member's
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08363-03-4
              

 A. 5711--A                          2
 
 election  to decrease his annuity contributions to the retirement system
 in order to apply the  amount  of  such  reduction  in  payment  of  his
 contributions for old-age and survivors insurance coverage.
   Upon  completion  of twenty-five years service, an additional pension,
 if required, of such amount as shall be necessary to increase the  total
 amount  of the benefits provided herein to one-half of his final average
 salary. The pension provided by this [sub-paragraph] SUBPARAGRAPH  shall
 be  payable  only if a member retires from service on or before the last
 day of the calendar month next succeeding the calendar month in which he
 attains age [sixty-two] SIXTY-FIVE. Provided, however, that in the  case
 of  any  member who attained the age of [sixty-two] SIXTY-FIVE before or
 within one month after his employer first elected to assume all or  part
 of the additional cost of service as provided by paragraph two of subdi-
 vision  d  of this section, to be eligible for additional pension credit
 under this [sub-paragraph] SUBPARAGRAPH, his service shall be terminated
 and he shall retire within three months after his employer so elects  or
 on or before December thirty-first, nineteen hundred sixty-eight, which-
 ever shall last occur.
   h.  Any  officer or member of such organized fire department or organ-
 ized police force or department, may, within one year after  he  becomes
 such officer or member or within one year after his employer assumes the
 additional  cost  therefor, whichever shall last occur, elect to receive
 the additional benefits provided for by subdivision f [hereof]  OF  THIS
 SECTION. Any officer or member who elects to receive such benefits shall
 be  separated  from  service on the first day of the calendar month next
 succeeding  his  attainment  of  age  [sixty-two]  SIXTY-FIVE  and   the
 completion  of  twenty-five years of service, provided, however, that in
 the case of any officer or member who attained the  age  of  [sixty-two]
 SIXTY-FIVE  before his employer assumed the additional cost therefor, or
 who attains the age of [sixty-two] SIXTY-FIVE within one month after his
 employer assumes the additional cost therefor, to be eligible for  addi-
 tional  pension  credit under subdivision f of this section, his service
 shall be terminated and he shall be retired within  three  months  after
 his employer assumes the additional cost therefor or on or before Decem-
 ber  thirty-first,  nineteen  hundred  sixty-eight, whichever shall last
 occur, and provided further that a member who is a chief  or  commanding
 officer of a police department or police force shall retire on the first
 day  of  the calendar month next succeeding his attainment of age sixty-
 five; a member who is a chief or commanding officer of a police  depart-
 ment  or  police  force, who attained age sixty-five before his employer
 elected to provide this added benefit and has rendered twenty-five years
 of total creditable service, shall retire on or before December  thirty-
 first,  nineteen  hundred  sixty-eight,  or  within  one  year after his
 employer assumes the additional  cost  therefor,  whichever  shall  last
 occur.
   k.  Any  officer or member of such organized fire department or organ-
 ized police force or department, may, within one year after  he  becomes
 such officer or member or within one year after his employer assumes the
 additional  cost  therefor, whichever shall last occur, elect to receive
 the additional benefits provided for by subdivision i [hereof]  OF  THIS
 SECTION. Any officer or member who elects to receive such benefits shall
 be  separated  from  service on the first day of the calendar month next
 succeeding  his  attainment  of  age  [sixty-two]  SIXTY-FIVE  and   the
 completion  of  twenty-five years of service, provided, however, that in
 the case of any officer or member who attained the  age  of  [sixty-two]
 SIXTY-FIVE  before his employer assumed the additional cost therefor, or
 A. 5711--A                          3
 
 who attains the age of [sixty-two] SIXTY-FIVE within one month after his
 employer assumes the additional cost therefor, to be eligible for  addi-
 tional  pension  credit under subdivision i of this section, his service
 shall  be  terminated  and he shall be retired within three months after
 his employer assumes the additional  cost  therefor,  or  on  or  before
 December  thirty-first,  nineteen  hundred  sixty-eight, whichever shall
 last occur, and provided further  that  a  member  who  is  a  chief  or
 commanding  officer  of a police department or police force shall retire
 on the first day of the calendar month next succeeding his attainment of
 age sixty-five; a member who is a  chief  or  commanding  officer  of  a
 police  department  or  police force, who attained age sixty-five before
 his employer elected to provide this  added  benefit  and  has  rendered
 twenty-five years of total creditable service, shall retire on or before
 December  thirty-first, nineteen hundred sixty-eight, or within one year
 after his employer assumes the additional cost therefor, whichever shall
 last occur.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would increase the mandatory retirement age from  62  to  65
 for  members  of the New York State and Local Police and Fire Retirement
 System (NYSLPFRS) covered under the provisions of  section  384  of  the
 Retirement and Social Security Law.
   If  this  bill  is  enacted during the 2024 Legislative Session, there
 would be additional benefits for certain  members  who  remain  employed
 beyond  age  62  which  would  be funded by the normal employer contrib-
 utions. If members delay retirement due to the enactment of  this  bill,
 we  do not anticipate any increases in the annual contribution rates for
 any of the participating employers in the NYSLPFRS.
   Summary of relevant resources:
   Membership data as of March 31, 2023 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2023
 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, 2023
 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  10,  2024,  and intended for use only
 during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-34,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.