S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7455--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 23, 2023
                                ___________
 
 Introduced  by  M. of A. GUNTHER, COLTON, STECK, FRIEND -- 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
   authorizing retired firefighters to be employed as instructors of fire
   sciences by a career and technical education center without diminution
   of his or her retirement benefits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The retirement and social security law is amended by adding
 a new section 214-c to read as follows:
   §  214-C.  EMPLOYMENT OF CERTAIN RETIRED PERSONS WHO RETIRED FROM FIRE
 SERVICE.  NOTWITHSTANDING  THE  PROVISIONS  OF  THIS  CHAPTER   OR   THE
 PROVISIONS  OF  ANY  STATE  OR  LOCAL LAW OR CHARTER TO THE CONTRARY, NO
 RETIRED PERSON WHO RETIRED FROM FIRE SERVICE AS A MEMBER OF THE NEW YORK
 STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM OR THE NEW  YORK  FIRE
 DEPARTMENT  PENSION  FUND, AND WHO IS EMPLOYED BY A CAREER AND TECHNICAL
 EDUCATION CENTER AS AN INSTRUCTOR IN A FIRE SCIENCE PROGRAM APPROVED  BY
 THE  EDUCATION DEPARTMENT, SHALL HAVE HIS OR HER RETIREMENT ALLOWANCE OR
 BENEFITS SUSPENDED OR REDUCED BECAUSE OF  COMPENSATION  EARNED  BY  SUCH
 RETIRED PERSON FROM SERVICE AS A FIRE SCIENCE INSTRUCTOR.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   Insofar  as  it  would  affect the New York State and Local Retirement
 System (NYSLRS), this bill would allow retired firefighters employed  as
 fire  science  instructors  in  a program approved by the New York State
 Department of Education to continue to  receive  their  full  retirement
 benefit. Currently, the post-retirement earnings limit is $35,000.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06509-04-4
 A. 7455--A                          2
              

 
   If  this  bill  were  enacted during the 2024 Legislative Session, the
 direct cost incurred would be  the  retiree's  post-retirement  earnings
 more  than  $35,000  each  calendar year, not to exceed the full pension
 benefit paid by the NYSLRS during that period.
   The  number  of  members  and  retirees  who could be affected by this
 legislation cannot be readily determined. For each retiree hired  pursu-
 ant  to  this  proposal, an annual cost of $95,000 is expected. If large
 numbers of retirees are hired into such  positions,  significant  annual
 costs would result.
   All  costs will be shared by the State of New York and all participat-
 ing employers in the NYSLRS and spread over future billing cycles. Since
 this proposal exclusively benefits retirees,  the  increased  costs  are
 primarily  attributable to retirees from Tiers 1 - 4. Approximately half
 of all contributions required to fund this proposal will be collected on
 salary reported for current members of Tier 6.
   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  22,  2024,  and intended for use only
 during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-69,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.