S T A T E O F N E W Y O R K
________________________________________________________________________
9776
I N A S S E M B L Y
April 9, 2024
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
transfers of members between systems
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The opening paragraphs of subdivisions a and h of section
343 of the retirement and social security law, the opening paragraph of
subdivision a as amended by chapter 533 of the laws of 2015 and the
opening paragraph of subdivision h as amended by chapter 717 of the laws
of 2023, are amended to read as follows:
Notwithstanding any other provision of law providing for transfers,
any member of any retirement system maintained by the state or a munici-
pality thereof, operating on a sound financial basis and subject to the
supervision of the department of financial services of this state may
transfer [his or her] SUCH membership pursuant to this section to the
New York state and local employees' retirement system, the New York city
board of education employees' retirement system, the New York state
teachers' retirement system, the New York state and local police and
fire retirement system or to the New York city employees' retirement
system. Any member of the New York state and local police and fire
retirement system may transfer [his or her] SUCH membership to any
retirement system, other than the hospital retirement system, which is
operating on a sound basis and is subject to the supervision of the
department of financial services of this state. Any police officer
employed by the metropolitan transportation authority who is a member of
the MTA police twenty year retirement program of the metropolitan trans-
portation authority defined benefit pension plan (hereinafter referred
to in this section as the "MTA police retirement program") may transfer
[his or her] SUCH membership in the New York state and local police and
fire retirement system and/or the New York city police pension fund to
the MTA police retirement program OR MAY TRANSFER SUCH MEMBERSHIP IN THE
MTA POLICE RETIREMENT PROGRAM TO ANY OF THE SYSTEMS OR FUNDS REFERENCED
IN THIS SENTENCE IF THE MEMBER IS AN ACTIVE MEMBER OF SUCH SYSTEM OR
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14366-03-4
A. 9776 2
FUND. Any police officer who was employed by the metropolitan transpor-
tation authority, the Long Island Railroad Company or the Metro-North
Commuter Railroad Company and who is a member of the MTA police retire-
ment program may transfer [his or her] SUCH membership in the MTA police
retirement program to the New York state and local police and fire
retirement system. Any transfer pursuant to this section may be effectu-
ated only if the member has accepted a position in another branch of the
state or municipal service which would make it:
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 SEVEN HUNDRED SEVENTEEN of the laws
of two thousand twenty-three that amended this subdivision, no determi-
nation of a reserve pursuant to subdivision c of this section or trans-
fer thereof pursuant to the first sentence of subdivision d of this
section shall be required in the case 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 depart-
ment subchapter two pension fund or (ii) the New York city fire depart-
ment 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 OR (C) EITHER (I)
THE NEW YORK CITY POLICE DEPARTMENT SUBCHAPTER TWO PENSION FUND OR (II)
THE NEW YORK CITY FIRE DEPARTMENT SUBCHAPTER TWO PENSION FUND) 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 SEVEN HUNDRED SEVENTEEN of
the laws of two thousand twenty-three 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 retire-
ment system of the state to any other public retirement system of the
state, excluding any transfers within and between the New York city
employees' retirement system, the New York city teachers' retirement
system and the New York city board of education retirement system. 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:
§ 2. This act shall take effect immediately and shall apply to any
membership transfer initiated on or after January 1, 2023 for which
notice is received by the affected retirement systems or funds within
one year of the effective date of this act or within one year of the
date of the membership transfer, whichever date is later.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow any police officer who was employed by the
Metropolitan Transportation Authority (MTA) and covered by a twenty-year
police plan within the MTA defined benefit pension plan to transfer such
membership to the New York State and Local Police and Fire Retirement
System (NYSLPFRS). Upon such transfer, the reserves from the MTA police
retirement program will be transferred to the NYSLPFRS. Such police
officer must be an active member of the NYSLPFRS.
A. 9776 3
The option to transfer service credit from the MTA police retirement
program to the NYSLPFRS was already granted by Chapter 533 of the Laws
of 2015.
Insofar as this bill affects the NYSLPFRS, if enacted during the 2024
Legislative Session, we anticipate that there will be no cost to the
State of New York and the local 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 March 29, 2024, and intended for use only during
the 2024 Legislative Session, is Fiscal Note No. 2024-120, prepared by
the Actuary for the New York State and Local Retirement System.