S T A T E O F N E W Y O R K
________________________________________________________________________
8669
2025-2026 Regular Sessions
I N A S S E M B L Y
May 27, 2025
___________
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
permitting certain twenty-five year retirement program dispatcher
members to file elections not to participate
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 604-e of the retirement and social security law, as
added by chapter 576 of the laws of 2000, is amended by adding a new
subdivision f to read as follows:
F. 1. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, A
DISPATCHER MEMBER WHO EXCEEDED AGE THIRTY UPON EMPLOYMENT AS A DISPATCH-
ER MEMBER AND FAILED TO FILE THEIR ELECTION NOT TO PARTICIPATE WITH THE
RETIREMENT SYSTEM WITHIN ONE HUNDRED EIGHTY DAYS OF BECOMING A DISPATCH-
ER MEMBER, AS REQUIRED BY PARAGRAPH THREE OF SUBDIVISION B OF THIS
SECTION, MAY FILE SUCH AN ELECTION WITH THE RETIREMENT SYSTEM WITHIN ONE
HUNDRED EIGHTY DAYS OF THE EFFECTIVE DATE OF THIS SUBDIVISION.
2. THE RETIREMENT SYSTEM SHALL POST, AND ANNOUNCE ON ITS HOMEPAGE THE
POSTING OF, THE FORM AND CORRESPONDING INSTRUCTIONS FOR DISPATCHER
MEMBERS TO ELECT NOT TO PARTICIPATE ON ITS WEBSITE NO LATER THAN THIRTY
DAYS AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION.
3. IF THE RETIREMENT SYSTEM FAILS TO POST AND ANNOUNCE THE FORM AND
CORRESPONDING INSTRUCTIONS NO LATER THAN THIRTY DAYS AFTER THE EFFECTIVE
DATE OF THIS SUBDIVISION, AS PRESCRIBED BY PARAGRAPH TWO OF THIS SUBDI-
VISION, THE PERIOD FOR A DISPATCHER MEMBER TO ELECT NOT TO PARTICIPATE
PRESCRIBED BY PARAGRAPH ONE OF THIS SUBDIVISION SHALL BE EXTENDED BY
SIXTY DAYS FOR EACH MONTH OR PART THEREOF THAT SUCH FORM AND
INSTRUCTIONS ARE NOT POSTED TO THE RETIREMENT SYSTEM'S WEBSITE.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10892-03-5
A. 8669 2
SUMMARY: This proposed legislation would allow New York City Employ-
ees' Retirement System (NYCERS) Tier 4 and Tier 6 members who are
members of a Dispatcher 25-Year Retirement Plan and were older than age
30 when they joined the plan, another 180-day period to opt out of the
plan.
EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
by Fiscal Year for the first 25 years ($)
Year NYCERS
2026 572,000
2027 574,000
2028 577,000
2029 579,000
2030 581,000
2031 583,000
2032 583,000
2033 580,000
2034 577,000
2035 574,000
2036 569,000
2037 563,000
2038 556,000
2039 178,000
2040 169,000
2041 160,000
2042 151,000
2043 141,000
2044 131,000
2045 121,000
2046 112,000
2047 103,000
2048 94,000
2049 85,000
2050 77,000
Employer Contribution impact beyond Fiscal Year 2050 is not shown.
The entire increase in employer contributions will be allocated to New
York City.
PRESENT VALUE OF BENEFITS: The Present Value of Benefits is the
discounted expected value of benefits paid to current members if all
assumptions are met, including future service accrual and pay increases.
Future new hires are not included in this present value.
INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
as of June 30, 2024 ($ in Millions)
Present Value (PV) NYCERS
(1) PV of Employer Contributions: 5.1
(2) PV of Employee Contributions: (2.2)
Total PV of Benefits (1) + (2): 2.9
UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
the portion of the Present Value of Benefits allocated to past service.
Changes in UAL were amortized over the expected remaining working life-
time of those impacted using level dollar payments.
AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
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NYCERS
Increase (Decrease) in UAL: 3.0 M
Number of Payments: 13
Amortization Payment: 0.4 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.
NYCERS
Active Members
- Number Count: 54
- Average Age: 46.3
- Average Service: 12.9
- Average Salary: 84,400
BACKGROUND: Currently, Tier 4 or Tier 6 NYCERS members who exceed age
30 upon being mandated into a Dispatcher 25-Year Plan, have the option
to irrevocably opt out of the plan within 180 days. Members who opt out
of the plan are generally placed into one of the Tier 4 or Tier 6 under-
lying plans.
Under the proposed legislation, such members who failed to opt out of
the Dispatcher 25-Year Plan in the original 180 days would have another
180-day period in which to opt out of the Plan.
For purposes of this Fiscal Note, it is assumed that members who opt
out of the Dispatcher 25-Year Plan under the proposed legislation would
be entitled to an immediate refund of excess Additional Member Contrib-
utions (AMC), with interest.
ASSUMPTIONS AND METHODS: The estimates presented herein have been
calculated based on the Revised 2021 Actuarial Assumptions and Methods
of the impacted retirement systems.
To determine the impact of the elective nature of the proposed legis-
lation, a subgroup of members was developed based on who is assumed to
benefit actuarially by comparing the net present value of future employ-
er costs of each memberÆs benefit under their current plan and under
their applicable underlying plan.
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.
A. 8669 4
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2025-63 dated May 16,
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.