Bill Text: NY A07632 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to accidental disability benefits of police officers and firefighters; provides that for certain police/fire members retiring with an accidental disability benefit, wages shall be determined based on a salary base equal to the highest salary rate available to the rank or title of such police/fire member at the time of retirement.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2020-01-08 - referred to governmental employees [A07632 Detail]
Download: New_York-2019-A07632-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7632 2019-2020 Regular Sessions IN ASSEMBLY May 14, 2019 ___________ Introduced by M. of A. ABBATE -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to accidental disability benefits of police officers and firefighters The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 24 of section 501 of the retirement and social 2 security law is amended by adding a new paragraph (g) to read as 3 follows: 4 (g) Notwithstanding any inconsistent provision of this chapter or any 5 other law, for any police/fire member retiring with an accidental disa- 6 bility benefit provided for in section five hundred seven of this arti- 7 cle, wages shall be determined based on a salary base equal to the high- 8 est salary rate available to the rank or title of such police/fire 9 member at the time of retirement. 10 § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would redefine wages for any police or fire member retiring with an accidental disability benefit provided for in section 507 of Retirement and Social Security Law. Wages shall be determined based on a salary base equal to the highest salary rate available to the rank or title at the time of retirement. If this bill is enacted during the 2019 legislative session, it is estimated that there would be an additional annual cost of approximately $32,000 which would be shared by the State of New York and the partic- ipating employers in the PFRS. 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09716-02-9A. 7632 2 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 February 22, 2019, and intended for use only during the 2019 Legislative Session, is Fiscal Note No. 2019-73, prepared by the Actuary for the New York State and Local Retirement System.
