Bill Text: NY A05560 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to service credit of certain members of the New York state and local employees' retirement system who obtained credit for service with the Niagara Frontier Transit Metro System, Inc.; provides that any retirement or death benefit payable or paid by such retirement system shall be reduced by the amount of the non-forfeitable benefit payable or paid for such service under the Amalgamated Transit Union Local 1342 - Niagara Frontier Transit Metro System Pension Fund.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2014-01-15 - enacting clause stricken [A05560 Detail]

Download: New_York-2013-A05560-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5560
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 28, 2013
                                      ___________
       Introduced  by  M.  of  A.  GABRYSZAK  --  read once and referred to the
         Committee on Governmental Employees
       AN ACT in relation to service credit of  certain members of the New York
         state and local employees' retirement system who obtained  credit  for
         service with the Niagara Frontier Transit Metro System, Inc.
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding the provisions of chapter 670 of  the  laws
    2  of  1996  or  any  other provision of law to the contrary, any member or
    3  retiree of the New York state and local employees' retirement system who
    4  obtained credit for service after March 31, 1974 with the Niagara  Fron-
    5  tier Transit Metro System, Inc., and who retains a non-forfeitable bene-
    6  fit  for  such service under the Amalgamated Transit Union Local 1342 --
    7  Niagara Frontier Transit Metro System Pension Fund shall remain eligible
    8  for such service with the New York state and local employees' retirement
    9  system; provided, however, that any retirement or death benefit  payable
   10  or  paid by such retirement system shall be reduced by the amount of the
   11  non-forfeitable benefit payable or paid for such service under the Amal-
   12  gamated Transit Union Local  1342  --  Niagara  Frontier  Transit  Metro
   13  System  Pension  Fund.  For  any person currently receiving a retirement
   14  allowance, such reduction shall be retroactive to the effective date  of
   15  retirement.
   16    S 2. This act shall take effect immediately.
         FISCAL  NOTE.--This  bill would reduce the retirement or death benefit
       payable or paid by the New York State and  Local  Employees'  Retirement
       System  (NYSLERS)  to  any  member  or  retiree  who obtained credit for
       service after March 31, 1974 with the  Niagara  Frontier  Transit  Metro
       System  who  retains  a  non-forfeitable  benefit with the Niagara Metro
       Pension Fund for such service. The reduction in the benefit from NYSLERS
       will be based on the amount of the non-forfeitable  benefit  payable  or
       paid  for  such service, for which the affected individuals will receive
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07702-02-3
       A. 5560                             2
       benefits  from  both  retirement  plans.  For  current  retirees,   such
       reduction will be retroactive to the date of retirement.
         If this bill is enacted, there will be no cost to the State or partic-
       ipating employers in the NYSLERS.
         Summary of relevant resources:
         Data:  March  31,  2012  Actuarial Year End File with distributions of
       membership and other statistics displayed in  the  2012  Report  of  the
       Actuary and 2012 Comprehensive Annual Financial Report.
         Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
       Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
       State of New York: Audit and Control.
         Market Assets and GASB Disclosures: March 31, 2012 New York State  and
       Local  Retirement System Financial Statements and Supplementary Informa-
       tion.
         Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
       the 2012 Actuarial Valuations report.
         I am a member of the American Academy of Actuaries and meet the Quali-
       fication Standards to render the actuarial opinion contained herein.
         This  estimate,  dated  February  12,  2013  and intended for use only
       during the  2013  Legislative  Session,  is  Fiscal  Note  No.  2013-82,
       prepared  by  the  Actuary  for  the New York State and Local Employees'
       Retirement System.