Bill Text: NY S05920 | 2015-2016 | General Assembly | Introduced

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

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Bill Title: Relates to employment of retired persons without diminution of retirement allowance for the period of employment requested by the prospective employer.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-17 - COMMITTED TO RULES [S05920 Detail]

Download: New_York-2015-S05920-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5920
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     June 11, 2015
                                      ___________
       Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Rules
       AN ACT to amend the retirement and social security law, in  relation  to
         employment  of retired persons without diminution of retirement allow-
         ance and period of employment requested by the prospective employer
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. The closing paragraph of paragraph (b) of subdivision 2 of
    2  section 211 of the retirement and social security  law,  as  amended  by
    3  chapter 640 of the laws of 2008, is amended to read as follows:
    4    Such  approvals  SHALL,  FOR  RETIRED  PERSONS  RECEIVING A RETIREMENT
    5  ALLOWANCE FROM THE  NEW  YORK  STATE  AND  LOCAL  EMPLOYEES'  RETIREMENT
    6  SYSTEM,  BE  GRANTED FOR THE PERIOD OF TIME REQUESTED BY THE PROSPECTIVE
    7  EMPLOYER AND may be granted for periods not exceeding  two  years  each,
    8  provided  that such person may not return to work in the same or similar
    9  position for a period of one year following retirement. The authority or
   10  officer specified in paragraph (a) of this subdivision,  upon  approving
   11  employment  of  a  retired person under this section, shall certify such
   12  approval to the retirement system or pension plan from which such person
   13  is receiving a retirement allowance.
   14    S 2. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill amends Section 211 of the Retirement and Social Security Law
       to require that when a prospective  employer  has  submitted  a  written
       request for a Section 211 waiver on behalf of a retired person, approval
       of  such  request  shall  be granted for the period of time requested by
       such prospective employer.
         If this bill is enacted, there will be no additional costs to the  New
       York  State  and  Local Employees' Retirement and the New York State and
       Local Police and Fire Retirement System.
         Summary of relevant resources:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09917-05-5
       S. 5920                             2
         The membership data used in  measuring  the  impact  of  the  proposed
       change  was  the same as that used in the March 31, 2014 actuarial valu-
       ation.  Distributions and other statistics can  be  found  in  the  2014
       Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012, 2013 and 2014 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, 2014
       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  estimate,  dated  May 27, 2015, and intended for use only during
       the 2015 Legislative Session, is Fiscal Note No. 2015-121,  prepared  by
       the  Actuary  for the New York State and Local Employees' Retirement and
       the New York State and Local Police and Fire Retirement System.