S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8577
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2025
                                ___________
 
 Introduced by M. of A. REILLY -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT to authorize Frank R. Smith to receive performance of duty disa-
   bility retirement benefits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other provision of law, Frank R. Smith,
 a  retired member of the New York city police department, who joined the
 New York city employees retirement system  on  June  30,  1992  and  who
 applied  for  accidental performance of duty disability retirement bene-
 fits based upon illnesses suffered as a result of exposure  to  diseases
 during  the  course  of  undercover duties performed beginning in August
 2002, and who has had those benefits denied,  shall  be  hereby  awarded
 such benefits retroactively from his August 12, 2009 service retirement.
   § 2. The benefits and awards provided for under this act shall be paid
 for,  and  shared  equally  by,  all public retirement systems, of which
 Frank R. Smith was a member.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation would allow Police Officer Frank R.
 Smith who retired from the New York City Police  Pension  Fund  (POLICE)
 with an Ordinary Disability Retirement to be reclassified as an Accident
 Disability Retirement.
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
           by Fiscal Year for the first 25 years ($ in Millions)
 
                Year                               POLICE
                2026                                 0.0
                2027                                 1.4
                2028                                 0.0
                2029                                 0.0
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03644-02-5
              

 A. 8577                             2
 
                2030                                 0.0
                2031                                 0.0
                2032                                 0.0
                2033                                 0.0
                2034                                 0.0
                2035                                 0.0
                2036                                 0.0
                2037                                 0.0
                2038                                 0.0
                2039                                 0.0
                2040                                 0.0
                2041                                 0.0
                2042                                 0.0
                2043                                 0.0
                2044                                 0.0
                2045                                 0.0
                2046                                 0.0
                2047                                 0.0
                2048                                 0.0
                2049                                 0.0
                2050                                 0.0
 
   The entire increase in employer contributions will be allocated to New
 York City.
 
   PRESENT  VALUE  OF  BENEFITS:  The  Present  Value  of Benefits is the
 discounted expected value of benefits paid to  current  members  if  all
 assumptions are met.
 
         EXPECTED INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
                    as of June 30, 2025 ($ in Millions)
 
              Present Value (PV)                 POLICE

              (1) PV of Employer Contributions:    1.3
              (2) PV of Employee Contributions:    0.0
              Total PV of Benefits (1) + (2):      1.3
 
   UNFUNDED  ACCRUED  LIABILITY  (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past  service.
 For  purposes  of this Fiscal Note, UAL attributable to inactive members
 was recognized immediately.
 
                 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                 POLICE
 
              Increase (Decrease) in UAL:        1.3 M
              Number of Payments:                1
              Amortization Payment:              1.4 M
 
   CENSUS DATA: The estimates presented herein are based  on  preliminary
 census  data  collected  as  of  June  30, 2024. The census data for the
 impacted population is summarized below.
 
                                                 POLICE
 A. 8577                             3
 
              Receiving Members
              - Number Count:                    1
              - Average Age:                     54.0
 
   BACKGROUND:  Mr.  Smith retired with an Ordinary Disability Retirement
 from POLICE on August 12, 2009. He currently receives an annual  pension
 of  $68,600  per  year  payable under the maximum form of payment (i.e.,
 payable to him as long as he is alive).
   If the proposed legislation is enacted, Mr. Smith's retirement  allow-
 ance  would be recalculated as an Accident Disability Retirement and his
 annual pension would increase to $113,847 per year. This increase  would
 apply  prospectively  as  well  as retroactively to Mr. Smith's original
 date of retirement.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement systems.
   For purposes of calculating the impact of the proposed legislation, it
 has been assumed that the retroactive increase in benefits would be paid
 without interest.
   RISK AND UNCERTAINTY: The costs presented in this Fiscal  Note  depend
 highly  on  the  actuarial  assumptions, methods, and models used, demo-
 graphics of the impacted population, and other factors such  as  invest-
 ment,  contribution, and other risks. If actual experience deviates from
 actuarial  assumptions,  the  actual  costs  could  differ  from   those
 presented  herein.  Quantifying  these risks is beyond the scope of this
 Fiscal Note.
   This Fiscal Note is intended to measure  pension-related  impacts  and
 does  not  include other potential costs (e.g., administrative and Other
 Postemployment Benefits). This Fiscal Note does not reflect any  chapter
 laws that may have been enacted during the current legislative session.
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky  are members of the Society of Actuaries and the American Academy of
 Actuaries. We are members of NYCERS, but do not believe it  impairs  our
 objectivity,  and  we  meet  the Qualification Standards of the American
 Academy of Actuaries to render the actuarial opinion  contained  herein.
 To  the  best  of  our knowledge, the results contained herein have been
 prepared in accordance with generally accepted actuarial principles  and
 procedures  and  with  the Actuarial Standards of Practice issued by the
 Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note 2025-51 dated May 2, 2025
 was prepared by the Chief Actuary  for  the  New  York  City  Retirement
 Systems  and  Pension Funds and is intended for use only during the 2025
 Legislative Session.