NY State Senate Bill 2023-S8801A

Senate Bill S8801A

2023-2024 Legislative Session

Relates to certain retirement benefits of sheriffs, undersheriffs, deputy sheriffs and correction officers

download bill text pdf

Current Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 28, 2024	print number 8801a
Mar 28, 2024	amend and recommit to civil service and pensions
Mar 13, 2024	referred to civil service and pensions

Bill Amendments

Original

A (Active)

co-Sponsors

View additional co-sponsors

2023-S8801 - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§89-p & 604, R & SS L

2023-S8801 - Summary

Provides that a member with credited service in excess of twenty-five years shall receive an additional retirement allowance equal to one-sixtieth of such member's final average salary for each year of creditable service in excess of twenty-five years; makes related provisions.

2023-S8801 - Sponsor Memo

                                 
BILL NUMBER: S8801

SPONSOR: GALLIVAN
 
TITLE OF BILL:

An act to amend the retirement and social security law, in relation to
certain benefits of sheriffs, undersheriffs, deputy sheriffs and
correction officers with credited service of more than twenty-five years

 
PURPOSE:

Provides an enhanced pension benefit for a Sheriff, Undersheriff, Deputy
Sheriffs' or Correction Officers working in a Sheriffs' Department,
should the applicable county elect to provide such a benefit.

 
SUMMARY OF PROVISIONS:

Section one amends subdivision c of section 89-p of the RSSL to require
that such members be entitled to an additional retirement allowance
equal to one-sixtieth of such member's final average salary for each
year of creditable service in excess of twenty-five years, except that
such pension shall not exceed three-quarters of such member's final

average salary.

Section 2. Makes corresponding amendments to subdivision m of section
604 of the RSSL.

Section 3. Requires all costs of implementing the provisions of this act
must be borne by the county that makes election to do so, pursuant to
subdivision j of section 89-p of the RSSL.

Section 4. Notwithstands the provision of law under RSSL section 25
governing appropriations in retirement bills.

Section 5. Establishes the effective date.

 
JUSTIFICATION:

Over the past several years, attrition rates among the ranks of New
York's law enforcement agencies, particularly county Sheriffs' depart-
ments, have steadily increased and efforts to attract candidates to a
career in policing and corrections has too been a challenge.

To address the increasing exodus of police and correction officers
employed by a county Sheriffs' Department, this bill would provide an
enhanced pension benefit for eligible Sheriffs' Department employees who
remain on the job past 25-years of service, consistent with the enhanced
benefits afforded to local law enforcement and State police agency
members.  Importantly, such an enhanced pension benefit would only be
made available should a county choose to opt in.

Experienced law enforcement personnel are a true asset to the agencies
themselves and to the communities in which they serve. This bill recog-
nizes the necessity of their continued public service.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

See fiscal note.

 
EFFECTIVE DATE:
Immediately.

2023-S8801 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8801
 
                             I N  S E N A T E
 
                              March 13, 2024
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the retirement and social security law, in  relation  to
   certain  benefits  of  sheriffs,  undersheriffs,  deputy  sheriffs and
   correction officers with credited service  of  more  than  twenty-five
   years

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision c of section 89-p of the retirement and  social
 security law, as added by chapter 725 of the laws of 1994, is amended to
 read as follows:
   c.  Upon  completion  of  twenty-five  years  of such service and upon
 retirement, each such member shall receive  a  pension  which,  together
 with  an  annuity  which shall be the actuarial equivalent of [his] SUCH
 MEMBER'S accumulated contributions at the time of  [his]  SUCH  MEMBER'S
 retirement  and  an additional pension which is the actuarial equivalent
 of the reserved-for-increased-take-home-pay to which  [he]  SUCH  MEMBER
 may  then  be  entitled shall be sufficient to provide [him] SUCH MEMBER
 with a retirement allowance equal to one-half  of  [his]  SUCH  MEMBER'S
 final  average  salary,  PROVIDED  HOWEVER  THAT  A MEMBER WITH CREDITED
 SERVICE IN EXCESS OF  TWENTY-FIVE  YEARS  SHALL  RECEIVE  AN  ADDITIONAL
 RETIREMENT  ALLOWANCE EQUAL TO ONE-SIXTIETH OF SUCH MEMBER'S FINAL AVER-
 AGE SALARY FOR EACH YEAR OF CREDITABLE SERVICE IN EXCESS OF  TWENTY-FIVE
 YEARS,  PROVIDED,  HOWEVER  THAT  THE  PENSION  PAYABLE PURSUANT TO THIS
 SECTION SHALL NOT EXCEED THREE-QUARTERS OF SUCH MEMBER'S  FINAL  AVERAGE
 SALARY.
   § 2. Subdivision m of section 604 of the retirement and social securi-
 ty  law, as added by chapter 725 of the laws of 1994, is amended to read
 as follows:
   m. The early service retirement benefit for a member who  is  employed
 in  a  county  that  makes the election provided for in subdivision j of
 section eighty-nine-p of this chapter as a sheriff, undersheriff, deputy
 sheriff or correction officer as defined  in  section  eighty-nine-p  of
 this  chapter  shall be a pension equal to one-fiftieth of final average
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14582-03-4
 S. 8801                             2
 
 salary times years of credited service at the completion of  twenty-five
 years  of  service  as  such  sheriff,  undersheriff,  deputy sheriff or
 correction officer, [but not exceeding one-half of his or her]  PLUS  AN
 ADDITIONAL  RETIREMENT  ALLOWANCE EQUAL TO ONE-SIXTIETH OF SUCH MEMBER'S
 final average salary FOR EACH YEAR OF  CREDITED  SERVICE  IN  EXCESS  OF
 TWENTY-FIVE  YEARS,  PROVIDED, HOWEVER THAT THE PENSION PAYABLE PURSUANT
 TO SUCH SECTION SHALL NOT EXCEED THREE-QUARTERS OF SUCH  MEMBER'S  FINAL
 AVERAGE SALARY.
   §   3.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne  by  the  county  that  makes  the
 election provided for in subdivision j of section 89-p of the retirement
 and social security law.
   §  4. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall  be  subject  to  the  appropriation
 requirement of section 25 of the retirement and social security law.
   §  5.  This  act  shall take effect immediately and shall apply to all
 qualified members pursuant to sections one  and  two  of  this  act  who
 retire on or after such date.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would modify the service retirement benefit for members of
 the New York State and  Local  Employees'  Retirement  System  (NYSLERS)
 covered  by the provisions of Retirement and Social Security Law section
 89-p.  The modified service retirement benefit will be one-half of final
 average salary (FAS) upon completion of twenty-five years of  creditable
 service with additional sixtieths for each year of creditable service in
 excess  of  twenty-five  years but not more than fifteen such years. The
 current service retirement benefit is one-half of FAS upon completion of
 twenty-five years of creditable service.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be an increase of approximately  $3.8  million  in
 the  annual  contributions  of the affected counties for the fiscal year
 ending March 31, 2025. In future  years  this  cost  will  vary  but  is
 expected to average 1.1% of salary annually.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $34.9 million which will
 be  shared  by  the  affected  counties  and will be borne as a one-time
 payment. This estimate assumes that payment will be made on February  1,
 2025.
   Detailed costs with a breakdown by affected counties are as follows:
 
 Name of County           Employer         Past              Future
                          Location         Service           Annual
                          Code             Cost              Cost
 ALLEGANY COUNTY          10002            $ 919,000         $ 63,000
 CATTARAUGUS COUNTY       10004            484,000           68,000
 CAYUGA COUNTY            10005            765,000           70,000
 CHAUTAUQUA COUNTY        10006            734,000           82,000
 CHEMUNG COUNTY           10007            744,000           57,000
 CHENANGO COUNTY          10008            343,000           63,000
 CLINTON COUNTY           10009            578,000           67,000
 COLUMBIA COUNTY          10010            327,000           45,000
 CORTLAND COUNTY          10011            489,000           40,000
 DELAWARE COUNTY          10012            243,000           35,000
 DUTCHESS COUNTY          10013            3,003,000         324,000
 ESSEX COUNTY             10015            369,000           53,000
 FULTON COUNTY            10017            340,000           76,000
 S. 8801                             3
 
 GENESEE COUNTY           10018            288,000           47,000
 HERKIMER COUNTY          10021            276,000           46,000
 LEWIS COUNTY             10023            149,000           26,000
 LIVINGSTON COUNTY        10024            626,000           66,000
 MADISON COUNTY           10025            313,000           56,000
 MONROE COUNTY            10026            24,000            7,000
 MONTGOMERY COUNTY        10027            796,000           74,000
 NIAGARA COUNTY           10029            1,342,000         139,000
 ONEIDA COUNTY            10030            2,846,000         253,000
 ONTARIO COUNTY           10032            1,178,000         133,000
 ORANGE COUNTY            10033            4,228,000         340,000
 OSWEGO COUNTY            10035            486,000           77,000
 OTSEGO COUNTY            10036            307,000           36,000
 PUTNAM COUNTY            10037            703,000           66,000
 RENSSELAER COUNTY        10038            1,267,000         150,000
 ROCKLAND COUNTY          10039            1,460,000         199,000
 SARATOGA COUNTY          10041            882,000           104,000
 SCHENECTADY COUNTY       10042            1,743,000         154,000
 SCHOHARIE COUNTY         10043            409,000           33,000
 SCHUYLER COUNTY          10044            166,000           24,000
 SENECA COUNTY            10045            438,000           51,000
 SULLIVAN COUNTY          10048            798,000           95,000
 TIOGA COUNTY             10049            323,000           36,000
 TOMPKINS COUNTY          10050            334,000           87,000
 ULSTER COUNTY            10051            1,821,000         145,000
 WARREN COUNTY            10052            605,000           86,000
 WAYNE COUNTY             10054            1,199,000         117,000
 WYOMING COUNTY           10056            217,000           41,000
 YATES COUNTY             10057            $ 332,000         $37,000
   Further,  we  anticipate  some  administrative  costs to implement the
 provisions of this legislation.
   These estimated costs are based  on  4,125  affected  members  of  the
 NYSLERS employed by certain counties, with annual salary of approximate-
 ly $295 million as of March 31, 2023.
   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 8, 2024, and intended for use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-125, prepared by
 the Actuary for the New York State and Local Retirement System.

co-Sponsors

View additional co-sponsors

2023-S8801A (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§89-p & 604, R & SS L

2023-S8801A (ACTIVE) - Summary

2023-S8801A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8801A

SPONSOR: GALLIVAN
 
TITLE OF BILL:

An act to amend the retirement and social security law, in relation to
certain benefits of sheriffs, undersheriffs, deputy sheriffs and
correction officers with credited service of more than twenty-five years

 
PURPOSE:

Provides an enhanced pension benefit for a Sheriff, Undersheriff, Deputy
Sheriffs' or Correction Officers working in a Sheriffs' Department,
should the applicable county elect to provide such a benefit.

 
SUMMARY OF PROVISIONS:

Section one amends subdivision c of section 89-p of the RSSL to require
that such members be entitled to an additional retirement allowance
equal to one-sixtieth of such member's final average salary for each
year of creditable service in excess of twenty-five years, except that
such pension shall not exceed three-quarters of such member's final

average salary.

Section 2. Makes corresponding amendments to subdivision m of section
604 of the RSSL.

Section 3. Requires all costs of implementing the provisions of this act
must be borne by the county that makes election to do so, pursuant to
subdivision j of section 89-p of the RSSL.

Section 4. Notwithstands the provision of law under RSSL section 25
governing appropriations in retirement bills.

Section 5. Establishes the effective date.

 
JUSTIFICATION:

Over the past several years, attrition rates among the ranks of New
York's law enforcement agencies, particularly county Sheriffs' depart-
ments, have steadily increased and efforts to attract candidates to a
career in policing and corrections has too been a challenge.

To address the increasing exodus of police and correction officers
employed by a county Sheriffs' Department, this bill would provide an
enhanced pension benefit for eligible Sheriffs' Department employees who
remain on the job past 25-years of service, consistent with the enhanced
benefits afforded to local law enforcement and State police agency
members.  Importantly, such an enhanced pension benefit would only be
made available should a county choose to opt in.

Experienced law enforcement personnel are a true asset to the agencies
themselves and to the communities in which they serve. This bill recog-
nizes the necessity of their continued public service.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

See fiscal note.

 
EFFECTIVE DATE:
Immediately.

2023-S8801A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8801--A
 
                             I N  S E N A T E
 
                              March 13, 2024
                                ___________
 
 Introduced by Sens. GALLIVAN, BORRELLO, GRIFFO, HELMING, RHOADS, WEIK --
   read  twice  and  ordered printed, and when printed to be committed to
   the Committee on Civil Service and Pensions --  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
   certain  benefits  of  sheriffs,  undersheriffs,  deputy  sheriffs and
   correction officers with credited service  of  more  than  twenty-five
   years
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision c of section 89-p of the retirement and  social
 security law, as added by chapter 725 of the laws of 1994, is amended to
 read as follows:
   c.  Upon  completion  of  twenty-five  years  of such service and upon
 retirement, each such member shall receive  a  pension  which,  together
 with  an  annuity  which shall be the actuarial equivalent of [his] SUCH
 MEMBER'S accumulated contributions at the time of  [his]  SUCH  MEMBER'S
 retirement  and  an additional pension which is the actuarial equivalent
 of the reserved-for-increased-take-home-pay to which  [he]  SUCH  MEMBER
 may  then  be  entitled shall be sufficient to provide [him] SUCH MEMBER
 with a retirement allowance equal to one-half  of  [his]  SUCH  MEMBER'S
 final  average  salary,  PROVIDED  HOWEVER  THAT  A MEMBER WITH CREDITED
 SERVICE IN EXCESS OF  TWENTY-FIVE  YEARS  SHALL  RECEIVE  AN  ADDITIONAL
 RETIREMENT  ALLOWANCE EQUAL TO ONE-SIXTIETH OF SUCH MEMBER'S FINAL AVER-
 AGE SALARY FOR EACH YEAR OF CREDITABLE SERVICE IN EXCESS OF  TWENTY-FIVE
 YEARS,  PROVIDED,  HOWEVER  THAT  THE  PENSION  PAYABLE PURSUANT TO THIS
 SECTION SHALL NOT EXCEED THREE-QUARTERS OF SUCH MEMBER'S  FINAL  AVERAGE
 SALARY.
   § 2. Subdivision m of section 604 of the retirement and social securi-
 ty  law, as added by chapter 725 of the laws of 1994, is amended to read
 as follows:
   m. The early service retirement benefit for a member who  is  employed
 in  a  county  that  makes the election provided for in subdivision j of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14582-04-4
 S. 8801--A                          2
 
 section eighty-nine-p of this chapter as a sheriff, undersheriff, deputy
 sheriff or correction officer as defined  in  section  eighty-nine-p  of
 this  chapter  shall be a pension equal to one-fiftieth of final average
 salary  times years of credited service at the completion of twenty-five
 years of service  as  such  sheriff,  undersheriff,  deputy  sheriff  or
 correction  officer,  [but not exceeding one-half of his or her] PLUS AN
 ADDITIONAL RETIREMENT ALLOWANCE EQUAL TO ONE-SIXTIETH OF  SUCH  MEMBER'S
 final  average  salary  FOR  EACH  YEAR OF CREDITED SERVICE IN EXCESS OF
 TWENTY-FIVE YEARS, PROVIDED, HOWEVER THAT THE PENSION  PAYABLE  PURSUANT
 TO  SUCH  SECTION SHALL NOT EXCEED THREE-QUARTERS OF SUCH MEMBER'S FINAL
 AVERAGE SALARY.
   §  3.  All  past  service  costs  associated  with  implementing   the
 provisions  of  this  act  shall  be  borne by the county that makes the
 election provided for in subdivision j of section 89-p of the retirement
 and social security law.
   § 4. Notwithstanding any other provision of law to the contrary,  none
 of  the  provisions  of  this  act shall be subject to the appropriation
 requirement of section 25 of the retirement and social security law.
   § 5. This act shall take effect immediately and  shall  apply  to  all
 qualified  members  pursuant  to  sections  one  and two of this act who
 retire on or after such date.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would modify the service retirement benefit for  members  of
 the  New  York  State  and  Local Employees' Retirement System (NYSLERS)
 covered by the provisions of Retirement and Social Security Law  section
 89-p.  The modified service retirement benefit will be one-half of final
 average salary (FAS) upon completion of twenty-five years of  creditable
 service with additional sixtieths for each year of creditable service in
 excess  of  twenty-five  years but not more than fifteen such years. The
 current service retirement benefit is one-half of FAS upon completion of
 twenty-five years of creditable service.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be an increase of approximately  $4.4  million  in
 the  annual  contributions  of the affected counties for the fiscal year
 ending March 31, 2025. In future  years  this  cost  will  vary  but  is
 expected to average 1.1% of salary annually.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $41.2 million which will
 be  shared  by  the  affected  counties  and will be borne as a one-time
 payment. This estimate assumes that payment will be made on February  1,
 2025.
   Detailed costs with a breakdown by affected counties are as follows:
 
 Name of County           Employer         Past              Future
                          Location         Service           Annual
                          Code             Cost              Cost
 ALLEGANY COUNTY          10002            $ 919,000         $ 63,000
 CATTARAUGUS COUNTY       10004            484,000           68,000
 CAYUGA COUNTY            10005            765,000           70,000
 CHAUTAUQUA COUNTY        10006            734,000           82,000
 CHEMUNG COUNTY           10007            744,000           57,000
 CHENANGO COUNTY          10008            343,000           63,000
 CLINTON COUNTY           10009            578,000           67,000
 COLUMBIA COUNTY          10010            327,000           45,000
 CORTLAND COUNTY          10011            489,000           40,000
 DELAWARE COUNTY          10012            243,000           35,000
 S. 8801--A                          3
 
 DUTCHESS COUNTY          10013            3,003,000         324,000
 ERIE COUNTY              10014            6,302,000         609,000
 ESSEX COUNTY             10015            369,000           53,000
 FULTON COUNTY            10017            340,000           76,000
 GENESEE COUNTY           10018            288,000           47,000
 HERKIMER COUNTY          10021            276,000           46,000
 LEWIS COUNTY             10023            149,000           26,000
 LIVINGSTON COUNTY        10024            626,000           66,000
 MADISON COUNTY           10025            313,000           56,000
 MONROE COUNTY            10026            24,000            7,000
 MONTGOMERY COUNTY        10027            796,000           74,000
 NIAGARA COUNTY           10029            1,342,000         139,000
 ONEIDA COUNTY            10030            2,846,000         253,000
 ONTARIO COUNTY           10032            1,178,000         133,000
 ORANGE COUNTY            10033            4,228,000         340,000
 OSWEGO COUNTY            10035            486,000           77,000
 OTSEGO COUNTY            10036            307,000           36,000
 PUTNAM COUNTY            10037            703,000           66,000
 RENSSELAER COUNTY        10038            1,267,000         150,000
 ROCKLAND COUNTY          10039            1,460,000         199,000
 SARATOGA COUNTY          10041            882,000           104,000
 SCHENECTADY COUNTY       10042            1,743,000         154,000
 SCHOHARIE COUNTY         10043            409,000           33,000
 SCHUYLER COUNTY          10044            166,000           24,000
 SENECA COUNTY            10045            438,000           51,000
 SULLIVAN COUNTY          10048            798,000           95,000
 TIOGA COUNTY             10049            323,000           36,000
 TOMPKINS COUNTY          10050            334,000           87,000
 ULSTER COUNTY            10051            1,821,000         145,000
 WARREN COUNTY            10052            605,000           86,000
 WAYNE COUNTY             10054            1,199,000         117,000
 WYOMING COUNTY           10056            217,000           41,000
 YATES COUNTY             10057            $ 332,000         $ 37,000
   Further,  we  anticipate  some  administrative  costs to implement the
 provisions of this legislation.
   These estimated costs are based  on  4,765  affected  members  of  the
 NYSLERS employed by certain counties, with annual salary of approximate-
 ly $389 million as of March 31, 2023.
   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.
 S. 8801--A                          4
 
   This estimate, dated March 28, 2024, and intended for use only  during
 the  2024  Legislative  Session,  is  Fiscal  Note No. 2024-125 Revised,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Senate Bill S8801A

Share this bill

Sponsored By

Current Bill Status - In Senate Committee Civil Service And Pensions Committee

Bill Amendments

co-Sponsors

2023-S8801 - Details

2023-S8801 - Summary

2023-S8801 - Sponsor Memo

2023-S8801 - Bill Text download pdf

co-Sponsors

2023-S8801A (ACTIVE) - Details

2023-S8801A (ACTIVE) - Summary

2023-S8801A (ACTIVE) - Sponsor Memo

2023-S8801A (ACTIVE) - Bill Text download pdf

Comments