Assembly Bill A10847

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10847
 
                           I N  A S S E M B L Y
 
                               April 6, 2026
                                ___________
 
 Introduced  by M. of A. GRIFFIN -- 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 the transfer of memberships for certain members of the New
   York state and local police and fire retirement system to the New York
   state and local employees' retirement system

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 384-d of the retirement and social security law  is
 amended by adding a new subdivision z to read as follows:
   Z.  ANY  MEMBER  CURRENTLY  ENROLLED  PURSUANT TO THIS SECTION AND WHO
 PREVIOUSLY HAD A MEMBERSHIP WITH THE NEW YORK STATE AND LOCAL EMPLOYEES'
 RETIREMENT SYSTEM MAY ELECT TO RETROACTIVELY TRANSFER  THEIR  MEMBERSHIP
 IN THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM TO THE
 NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM.
   §  2. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would allow active members of the New York State and Local
 Police and Fire Retirement System (NYSLPFRS) to  retroactively  transfer
 all  service  credit to prior membership in the New York State and Local
 Employees' Retirement System (NYSLERS). To transfer, the member must  be
 covered  by  section  384-d  of  the  retirement and social security law
 (RSSL). Active membership in NYSLERS is not required.
   Insofar as this bill affects NYSLERS, the cost will  depend  upon  the
 applicant's  age,  service, salary, plan, and any benefit type otherwise
 payable.
   The provisions of section 25 of the RSSL shall not  apply.  All  costs
 will  be shared by the state of New York and all participating employers
 in NYSLERS and spread over future billing cycles.
   We  anticipate  additional  administrative  costs  to  implement   the
 provisions of this legislation.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD08487-03-6
 A. 10847                            2
 
   The number of members who could be affected by this legislation cannot
 be  readily  determined.  There  are approximately 26,000 active members
 under RSSL section 384-d as of March 31, 2025.
   Summary of relevant resources:
   Membership data as of March 31, 2025 was used to measure the impact of
 the  bill, the same data used in the Actuarial Valuations dated April 1,
 2025. Distributions and other statistics can be found in the 2025 Report
 of the Actuary and the 2025 Annual Comprehensive Financial  Report.  The
 actuarial  assumptions and methods used are described in the 2025 Annual
 Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
 and Regulations of the State of New York: Audit and  Control.  The  fair
 value  of assets and GASB disclosures can be found in the 2025 Financial
 Statements and Supplementary Information.
   Assumptions, demographics, and  other  considerations  may  have  been
 modified  to  better reflect specific provisions of any proposed benefit
 change(s).
   This fiscal note does not constitute a legal opinion on the  viability
 of the bill, nor is it intended to serve as a substitute for the profes-
 sional judgment of an attorney.
   This  estimate, dated March 27, 2026, and intended for use only during
 the 2026 Legislative Session, is Fiscal Note Number 2026-138.  As  Chief
 Actuary  of  the New York State and Local Retirement System (NYSLRS), I,
 Aaron Schottin Young, hereby certify that this  analysis  complies  with
 applicable  Actuarial  Standards  of  Practice  as  well  as the Code of
 Professional Conduct and Qualification Standards for  Actuaries  Issuing
 Statements of Actuarial Opinion of the American Academy of Actuaries, of
 which  I  am  a  member.  I  am a member of NYSLRS but do not believe it
 impairs my objectivity.