Bill Text: NY A07265 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to authorizing certain persons in an optional twenty year retirement plan for state university police officer service and regional state park police.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2019-06-20 - REFERRED TO RULES [A07265 Detail]

Download: New_York-2019-A07265-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          7265
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 18, 2019
                                       ___________
        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 certain persons in an optional twenty year retirement plan
          for  state  university  police officer service and regional state park
          police
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. Section 384-e of the retirement and social security law is
     2  amended by adding two new subdivisions d and e to read as follows:
     3    d. Notwithstanding any other provision of law to  the  contrary,  upon
     4  completion  of  twenty  years of service, and upon retirement, each such
     5  member who was previously credited with service credit in the  New  York
     6  state  and  local employees' retirement system or the New York state and
     7  local police and fire retirement system as an officer appointed  by  the
     8  state  university  pursuant to paragraph l of subdivision two of section
     9  three hundred fifty-five of the education law and who  has  successfully
    10  completed  a  course  of  law  enforcement  training as provided in such
    11  section of the education law shall receive for each such year of  previ-
    12  ous  service,  up  to  a total of no greater than five years of previous
    13  service, additional pension equal to one-sixtieth of his  or  her  final
    14  average salary.
    15    e.  Notwithstanding  any  other provision of law to the contrary, upon
    16  completion of twenty years of service, and upon  retirement,  each  such
    17  member  who  was previously credited with service credit in the New York
    18  state and local employees' retirement system or the New York  state  and
    19  local  police  and fire retirement system as an officer or member of the
    20  regional state park police department shall receive for each  such  year
    21  of  previous  service,  up  to  a total of no greater than five years of
    22  previous service, additional pension equal to one-sixtieth of his or her
    23  final average salary.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10294-03-9

        A. 7265                             2
     1    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  allow  up  to  5  years  of previous service credit
        rendered as a SUNY Police officer or Regional State Park Police  officer
        to  become  creditable service under Section 384-e of the Retirement and
        Social Security Law. Upon completion of 20 years of service  credit  and
        upon  retirement, an affected member would receive an additional pension
        of one sixtieth of final average salary for each  such  additional  year
        credited.
          If  this  bill  is  enacted,  we  estimate  that there would be a past
        service cost that would average 15% of  affected  members'  compensation
        for  each  year  of  additional service credit granted by this bill. All
        costs would be shared by the State of New  York  and  the  participating
        employers  in  the  New  York State and Local Police and Fire Retirement
        System.
          The exact number of current members as  well  as  future  members  who
        could be affected by this bill cannot be readily determined.
          Summary of relevant resources:
          The  membership  data  used  in  measuring  the impact of the proposed
        change was the same as that used in the March 31, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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 5, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No.  2019-90,  prepared  by
        the Actuary for the New York State and Local Retirement System.
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