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.