Bill Text: NY S04128 | 2011-2012 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Allows members who join the New York state and local police and fire retirement system on or after July 1, 2009 and before January 10, 2010 to enroll in a special retirement plan.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-02-28 - PRINT NUMBER 4128A [S04128 Detail]

Download: New_York-2011-S04128-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4128--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 21, 2011
                                      ___________
       Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
         -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
         accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       AN  ACT to amend part A of chapter 504 of the laws of 2009, amending the
         retirement and social security law and other laws relating  to  estab-
         lishing  police and fire retirement provisions, in relation to special
         retirement plans available to  persons  joining  a  public  retirement
         system between July 1, 2009 and January 10, 2010
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 8 of part A of chapter 504 of  the  laws  of  2009,
    2  amending  the retirement and social security law and other laws relating
    3  to establishing police and fire retirement  provisions,  is  amended  to
    4  read as follows:
    5    S 8. (A) Notwithstanding any provision of law to the contrary, nothing
    6  in  this  act  shall  limit the eligibility of any member of an employee
    7  organization to join a special retirement plan open to him or her pursu-
    8  ant to a collectively negotiated  agreement  with  any  state  or  local
    9  government  employer, where such agreement is in effect on the effective
   10  date of this act and so long as such agreement remains in effect  there-
   11  after; provided, however, that any such eligibility shall not apply upon
   12  termination  of  such  agreement  for employees otherwise subject to the
   13  provisions of article twenty-two of the retirement and  social  security
   14  law.
   15    (B)  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY ANY
   16  MEMBER OF THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM
   17  WHO BECAME A MEMBER ON OR AFTER JULY 1, 2009 AND BEFORE JANUARY 10, 2010
   18  MAY JOIN A SPECIAL RETIREMENT PLAN OPEN TO HIM  OR  HER  PURSUANT  TO  A
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09571-05-2
       S. 4128--A                          2
    1  COLLECTIVELY  NEGOTIATED  AGREEMENT  WITH  ANY STATE OR LOCAL GOVERNMENT
    2  EMPLOYER, WHERE SUCH AGREEMENT WAS IN EFFECT ON OR AFTER  JULY  1,  2009
    3  AND BEFORE JANUARY 10, 2010.
    4    S 2. This act shall take effect immediately.
         FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
         This  bill  would  allow  an individual who became a member of the New
       York State and Local Police and Fire  Retirement  System  (PFRS)  on  or
       after July 1, 2009 and before January 10, 2010 to join a special retire-
       ment  plan open to him or her pursuant to a collective bargaining agree-
       ment in effect on or after July 1, 2009 and  before  January  10,  2010.
       Such members who had elected coverage under Article 22 of the Retirement
       and  Social  Security  Law  and  so are not subject to the provisions of
       Article 14 will not be required to make employee contributions. Current-
       ly, such members are making employee contributions of 3% of their  sala-
       ries.
         If  this  bill  is  enacted,  we anticipate that the employers of such
       members who are covered under PFRS special retirement contributory plans
       would see an increase in their annual contributions for the fiscal  year
       ending  March  31,  2013 of approximately 3.9% of the annual salaries of
       such members.
         Summary of relevant resources:
         Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
       membership  and  other  statistics  displayed  in the 2011 Report of the
       Actuary and 2011 Comprehensive Annual Financial Report.
         Assumptions and Methods: 2010 and 2011  Annual  Report  to  the  Comp-
       troller  on  Actuarial  Assumptions,  Codes Rules and Regulations of the
       State of New York: Audit and Control.
         Market Assets and GASB Disclosures: March 31, 2011 New York State  and
       Local  Retirement System Financial Statements and Supplementary informa-
       tion.
         Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
       the 2011 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 January 6, 2012, and intended for use only during
       the  2012  Legislative  Session, is Fiscal Note No. 2012-51, prepared by
       the Actuary for the New York State and Local Police and Fire  Retirement
       System.