S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8990
 
                             I N  S E N A T E
 
                               April 8, 2024
                                ___________
 
 Introduced  by  Sen.  COONEY -- 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
   prior  police  service with an accredited police agency outside of the
   state of New York
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision c of section 381-b of the retirement and social
 security law is amended by adding a new paragraph 3 to read as follows:
   (3)  (I) PRIOR POLICE SERVICE WITH AN ACCREDITED POLICE AGENCY OUTSIDE
 OF THE STATE OF NEW YORK. A MEMBER, UPON APPLICATION TO  THE  RETIREMENT
 SYSTEM,  MAY  OBTAIN  A TOTAL OF UP TO THREE YEARS OF SERVICE CREDIT FOR
 PRIOR POLICE SERVICE PERFORMED AS  A  PAID  POLICE  OFFICER  WITHIN  THE
 UNITED  STATES  BUT  OUTSIDE  OF  THE  STATE,  PROVIDED SUCH SERVICE WAS
 PERFORMED WITH AN ACCREDITED POLICE AGENCY. TO  OBTAIN  SUCH  CREDIT,  A
 MEMBER  SHALL PAY THE RETIREMENT SYSTEM, FOR DEPOSIT IN THE FUND USED TO
 ACCUMULATE EMPLOYER CONTRIBUTIONS, A SUM EQUAL TO  THE  PRODUCT  OF  THE
 NUMBER  OF  YEARS  BEING CLAIMED AND THE APPLICABLE CONTRIBUTION RATE OF
 SUCH MEMBER'S CURRENT TIER STATUS EARNED DURING  THE  TWELVE  MONTHS  OF
 CREDITED  SERVICE  IMMEDIATELY  PRECEDING  THE DATE THAT THE MEMBER MADE
 APPLICATION FOR CREDIT PURSUANT TO THIS PARAGRAPH.   TO BE  ELIGIBLE  TO
 RECEIVE  PRIOR  SERVICE CREDIT UNDER THIS PARAGRAPH, A MEMBER SHALL MAKE
 APPLICATION PRIOR TO THE EFFECTIVE DATE OF SUCH MEMBER'S RETIREMENT.
   (II) A MEMBER SHALL HAVE AT LEAST FIVE YEARS OF CREDITED SERVICE  (NOT
 INCLUDING  SERVICE  GRANTED  HEREUNDER) TO BE ELIGIBLE TO RECEIVE CREDIT
 UNDER THIS PARAGRAPH.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law. Effective immediately, the addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 completed on or before such effective date.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow any member of the New  York  State  Division  of
 State Police to be eligible for up to three years of service credit with
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14832-04-4
 S. 8990                             2
 
 the  New  York  State  and  Local  Police  and  Fire  Retirement  System
 (NYSLPFRS) for paid employment as a police officer with  an  "accredited
 police agency" in another state.
   Except  for  military  service,  current law only allows for crediting
 prior service for  periods  of  paid  employment  with  a  participating
 employer in a New York State public retirement system.
   If  this  bill  is  enacted during the 2024 legislative session, it is
 estimated that the past service cost will average approximately  30%  of
 an affected member's most recent 12 months of compensation for each year
 of additional service that is credited. This cost will be reduced by any
 contributions  required to be paid by the member, which are estimated to
 be 3% for Tier 5 members and 6% for Tier 6 members. All remaining  costs
 will  be  billed to the State of New York annually, based on those bene-
 fiting from this provision.
   Further, we anticipate significant administrative costs  to  implement
 the provisions of this legislation.
   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
 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 April 4, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No. 2024-150,  prepared  by
 the Actuary for the New York State and Local Retirement System.