S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7547
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced by M. of A. SILLITTI -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN  ACT  to amend the retirement and social security law, in relation to
   authorizing certain persons in an optional twenty year retirement plan
   for state university  police  officer  service,  regional  state  park
   police and special investigators for the office of the attorney gener-
   al
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 384-e of the retirement and social security law  is
 amended by adding three new subdivisions d, e and f to read as follows:
   D.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW TO THE CONTRARY, UPON
 COMPLETION OF TWENTY YEARS OF SERVICE, AND UPON  RETIREMENT,  EACH  SUCH
 MEMBER  WHO  WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE NEW YORK
 STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK  STATE  AND
 LOCAL  POLICE  AND FIRE RETIREMENT SYSTEM AS AN OFFICER APPOINTED BY THE
 STATE UNIVERSITY PURSUANT TO PARAGRAPH L OF SUBDIVISION TWO  OF  SECTION
 THREE  HUNDRED  FIFTY-FIVE OF THE EDUCATION LAW AND WHO HAS SUCCESSFULLY
 COMPLETED A COURSE OF LAW  ENFORCEMENT  TRAINING  AS  PROVIDED  IN  SUCH
 SECTION  OF THE EDUCATION LAW MAY RECEIVE FOR EACH SUCH YEAR OF PREVIOUS
 SERVICE, UP TO A TOTAL  OF  NO  GREATER  THAN  FIVE  YEARS  OF  PREVIOUS
 SERVICE,  ADDITIONAL  PENSION  EQUAL TO ONE-SIXTIETH OF HIS OR HER FINAL
 AVERAGE SALARY.
   TO OBTAIN SUCH CREDIT A MEMBER SHALL  PAY SUCH RETIREMENT SYSTEM,  FOR
 DEPOSIT  IN  THE  FUND  USED TO ACCUMULATE EMPLOYER CONTRIBUTIONS, A SUM
 EQUAL TO THE PRODUCT OF THE NUMBER OF YEARS  OF  SERVICE  BEING  CLAIMED
 AND THREE PERCENT OF SUCH MEMBER'S COMPENSATION EARNED DURING THE TWELVE
 MONTHS  OF CREDITED   SERVICE  IMMEDIATELY  PRECEDING  THE DATE THAT THE
 MEMBER MADE APPLICATION FOR CREDIT PURSUANT TO THIS SECTION.
   E. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO  THE  CONTRARY,  UPON
 COMPLETION  OF  TWENTY  YEARS OF SERVICE, AND UPON RETIREMENT, EACH SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11184-02-3
              

 A. 7547                             2
 
 MEMBER WHO WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE  NEW  YORK
 STATE  AND  LOCAL EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK STATE AND
 LOCAL POLICE AND FIRE RETIREMENT SYSTEM AS AN OFFICER OR MEMBER  OF  THE
 REGIONAL  STATE PARK POLICE DEPARTMENT MAY RECEIVE FOR EACH SUCH YEAR OF
 PREVIOUS SERVICE, UP TO A TOTAL OF NO GREATER THAN FIVE YEARS OF  PREVI-
 OUS  SERVICE,  ADDITIONAL  PENSION  EQUAL  TO ONE-SIXTIETH OF HIS OR HER
 FINAL AVERAGE SALARY.
   TO OBTAIN SUCH CREDIT A MEMBER SHALL  PAY SUCH RETIREMENT SYSTEM,  FOR
 DEPOSIT  IN  THE  FUND  USED TO ACCUMULATE EMPLOYER CONTRIBUTIONS, A SUM
 EQUAL TO THE PRODUCT OF THE NUMBER OF YEARS  OF  SERVICE  BEING  CLAIMED
 AND THREE PERCENT OF SUCH MEMBER'S COMPENSATION EARNED DURING THE TWELVE
 MONTHS  OF CREDITED   SERVICE  IMMEDIATELY  PRECEDING  THE DATE THAT THE
 MEMBER MADE APPLICATION FOR CREDIT PURSUANT TO THIS SECTION.
   F. NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW TO THE CONTRARY,  UPON
 COMPLETION  OF TWENTY YEARS OF SERVICE, AND UPON  RETIREMENT,  EACH SUCH
 MEMBER  WHO  WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE NEW YORK
 STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM AS A  SPECIAL  INVESTIGATOR
 EMPLOYED  IN  THE  OFFICE OF THE ATTORNEY GENERAL MAY RECEIVE  FOR  EACH
 SUCH  YEAR OF PREVIOUS SERVICE, UP TO A TOTAL OF NO  GREATER  THAN  FIVE
 YEARS OF PREVIOUS SERVICE, ADDITIONAL PENSION EQUAL TO  ONE-SIXTIETH  OF
 HIS  OR HER FINAL AVERAGE SALARY.
   TO  OBTAIN SUCH CREDIT A MEMBER SHALL  PAY SUCH RETIREMENT SYSTEM, FOR
 DEPOSIT IN THE FUND USED TO ACCUMULATE  EMPLOYER  CONTRIBUTIONS,  A  SUM
 EQUAL  TO  THE  PRODUCT  OF THE NUMBER OF YEARS OF SERVICE BEING CLAIMED
 AND THREE PERCENT OF SUCH MEMBER'S COMPENSATION EARNED DURING THE TWELVE
 MONTHS OF CREDITED  SERVICE  IMMEDIATELY  PRECEDING  THE DATE  THAT  THE
 MEMBER MADE APPLICATION FOR CREDIT PURSUANT TO THIS SECTION.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow up to five years of previous service rendered as
 a  police  officer  with  either  the  State  University  of New York or
 Regional State Park Police Department or as a  special  investigator  in
 the  Office  of the New York State Attorney General to become creditable
 under section 384-e of the Retirement  and  Social  Security  Law.  Upon
 completion  of  twenty years of service and upon retirement, an affected
 member would receive an additional  pension  of  one-sixtieth  of  their
 final  average  salary  for each such additional year credited. Affected
 members would be required to contribute an amount equal to three percent
 of their prior twelve months of compensation for each  year  of  service
 credit claimed.
   If this bill is enacted during the 2023 legislative session, we antic-
 ipate  that  there  will  be  a  past service cost averaging 13.7% of an
 affected member's compensation for each year of additional service cred-
 it granted. All costs would be shared by the State of New York  and  the
 local participating employers in the New York State and Local Police and
 Fire Retirement System.
   The  exact  number  of  current  members as well as future members who
 could be affected by this legislation cannot be readily determined.
   Summary of relevant resources:
   Membership data as of March 31, 2022 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2022 Report of the Actuary and the 2022 Annual  Comprehensive  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2020,
 2021, and 2022 Annual Report to the  Comptroller  on  Actuarial  Assump-
 A. 7547                             3
 
 tions,  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, 2022
 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 May 16, 2023, and intended for  use  only  during
 the  2023  Legislative Session, is Fiscal Note No. 2023-157, 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
 ________________________________________________________________________
 
                                  7547--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced by M. of A. SILLITTI -- 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 certain persons in an optional twenty year retirement plan
   for  state  university  police  officer  service,  regional state park
   police and special investigators for the office of the attorney gener-
   al
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 384-e of the retirement and social security law is
 amended by adding three new subdivisions d, e and f to read as follows:
   D. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO  THE  CONTRARY,  UPON
 COMPLETION  OF  TWENTY  YEARS OF SERVICE, AND UPON RETIREMENT, EACH SUCH
 MEMBER WHO WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE  NEW  YORK
 STATE  AND  LOCAL EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK STATE AND
 LOCAL POLICE AND FIRE RETIREMENT SYSTEM AS AN OFFICER APPOINTED  BY  THE
 STATE  UNIVERSITY  PURSUANT TO PARAGRAPH L OF SUBDIVISION TWO OF SECTION
 THREE HUNDRED FIFTY-FIVE OF THE EDUCATION LAW AND WHO  HAS  SUCCESSFULLY
 COMPLETED  A  COURSE  OF  LAW  ENFORCEMENT  TRAINING AS PROVIDED IN SUCH
 SECTION OF THE EDUCATION LAW MAY RECEIVE FOR EACH SUCH YEAR OF  PREVIOUS
 SERVICE,  UP  TO  A  TOTAL  OF  NO  GREATER  THAN FIVE YEARS OF PREVIOUS
 SERVICE, ADDITIONAL PENSION EQUAL TO ONE-SIXTIETH OF HIS  OR  HER  FINAL
 AVERAGE SALARY.
   TO  OBTAIN SUCH CREDIT A MEMBER SHALL  PAY SUCH RETIREMENT SYSTEM, FOR
 DEPOSIT IN THE FUND USED TO ACCUMULATE  EMPLOYER  CONTRIBUTIONS,  A  SUM
 EQUAL  TO  THE  PRODUCT  OF THE NUMBER OF YEARS OF SERVICE BEING CLAIMED
 AND THREE PERCENT OF SUCH MEMBER'S COMPENSATION EARNED DURING THE TWELVE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11184-03-4
 A. 7547--A                          2
              

 
 MONTHS OF CREDITED  SERVICE  IMMEDIATELY  PRECEDING  THE DATE  THAT  THE
 MEMBER MADE APPLICATION FOR CREDIT PURSUANT TO THIS SECTION.
   E.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW TO THE CONTRARY, UPON
 COMPLETION OF TWENTY YEARS OF SERVICE, AND UPON  RETIREMENT,  EACH  SUCH
 MEMBER  WHO  WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE NEW YORK
 STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM OR THE NEW YORK  STATE  AND
 LOCAL  POLICE  AND FIRE RETIREMENT SYSTEM AS AN OFFICER OR MEMBER OF THE
 REGIONAL STATE PARK POLICE DEPARTMENT MAY RECEIVE FOR EACH SUCH YEAR  OF
 PREVIOUS  SERVICE, UP TO A TOTAL OF NO GREATER THAN FIVE YEARS OF PREVI-
 OUS SERVICE, ADDITIONAL PENSION EQUAL TO  ONE-SIXTIETH  OF  HIS  OR  HER
 FINAL AVERAGE SALARY.
   TO  OBTAIN SUCH CREDIT A MEMBER SHALL  PAY SUCH RETIREMENT SYSTEM, FOR
 DEPOSIT IN THE FUND USED TO ACCUMULATE  EMPLOYER  CONTRIBUTIONS,  A  SUM
 EQUAL  TO  THE  PRODUCT  OF THE NUMBER OF YEARS OF SERVICE BEING CLAIMED
 AND THREE PERCENT OF SUCH MEMBER'S COMPENSATION EARNED DURING THE TWELVE
 MONTHS OF CREDITED  SERVICE  IMMEDIATELY  PRECEDING  THE DATE  THAT  THE
 MEMBER MADE APPLICATION FOR CREDIT PURSUANT TO THIS SECTION.
   F.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW TO THE CONTRARY, UPON
 COMPLETION OF TWENTY YEARS OF SERVICE, AND UPON  RETIREMENT,  EACH  SUCH
 MEMBER  WHO  WAS PREVIOUSLY CREDITED WITH SERVICE CREDIT IN THE NEW YORK
 STATE  AND  LOCAL EMPLOYEES' RETIREMENT SYSTEM AS A SPECIAL INVESTIGATOR
 EMPLOYED IN THE OFFICE OF THE ATTORNEY GENERAL MAY RECEIVE   FOR    EACH
 SUCH    YEAR  OF PREVIOUS SERVICE, UP TO A TOTAL OF NO GREATER THAN FIVE
 YEARS OF PREVIOUS SERVICE, ADDITIONAL PENSION EQUAL TO  ONE-SIXTIETH  OF
 HIS  OR HER FINAL AVERAGE SALARY.
   TO OBTAIN SUCH CREDIT A MEMBER SHALL  PAY SUCH RETIREMENT SYSTEM,  FOR
 DEPOSIT  IN  THE  FUND  USED TO ACCUMULATE EMPLOYER CONTRIBUTIONS, A SUM
 EQUAL TO THE PRODUCT OF THE NUMBER OF YEARS  OF  SERVICE  BEING  CLAIMED
 AND THREE PERCENT OF SUCH MEMBER'S COMPENSATION EARNED DURING THE TWELVE
 MONTHS  OF CREDITED   SERVICE  IMMEDIATELY  PRECEDING  THE DATE THAT THE
 MEMBER MADE APPLICATION FOR CREDIT PURSUANT TO THIS SECTION.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow up to five years of previous service rendered as
 a police officer with  either  the  State  University  of  New  York  or
 Regional  State  Park  Police Department or as a special investigator in
 the Office of the New York State Attorney General to  become  creditable
 under  section  384-e  of  the  Retirement and Social Security Law. Upon
 completion of twenty years of service and upon retirement,  an  affected
 member  would  receive  an  additional  pension of one-sixtieth of their
 final average salary for each such additional  year  credited.  Affected
 members would be required to contribute an amount equal to three percent
 of  their  prior  twelve months of compensation for each year of service
 credit claimed.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be a past  service  cost  averaging  13.7%  of  an
 affected member's compensation for each year of additional service cred-
 it  granted.  All costs would be shared by the State of New York and the
 local participating employers in the New York State and Local Police and
 Fire Retirement System.
   The exact number of current members as  well  as  future  members  who
 could be affected by this legislation cannot be readily determined.
   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
 A. 7547--A                          3
 
 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 3, 2024, and intended for use only during
 the  2024  Legislative  Session, is Fiscal Note No. 2024-62, prepared by
 the Actuary for the New York State and Local Retirement System.