Makes permanent provisions of the retirement and social security law that permit certain members of public retirement systems to receive partial lump sum distributions upon retirement.
Ayes (60): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Johnson, Kennedy, Klein, Krueger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Storobin, Valesky, Young, Zeldin
Excused (2): Espaillat, Huntley
STATE OF NEW YORK ________________________________________________________________________ 9889--A IN ASSEMBLY April 20, 2012 ___________Introduced by M. of A. ABBATE -- read once and referred to the Committee on Governmental Employees -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend chapter 735 of the laws of 2006, amending the retirement and social security law relating to permitting certain members of the New York state and local police and fire retirement system to receive a partial lump sum distribution upon retirement, in relation to the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of chapter 735 of the laws of 2006, amending the retirement and social security law relating to permitting certain members of the New York state and local police and fire retirement system to receive a partial lump sum distribution upon retirement, is amended to read as follows: S 2. This act shall take effect April 1, 2008
[and shall expire April 1, 2013 when upon such date the provisions of this act shall be deemed repealed]. S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will repeal the expiration date of April 1, 2013 from Section 2 of Chapter 735 of the laws of 2006, thereby making the Partial Lump Sum option permanent for members of the New York State and Local Police and Fire System. If this legislation is enacted during the 2012 legislative session, we anticipate that there will not be costs for the lump sum payments made on and after April 1, 2013 since the payments are determined on an actu- arially equivalent basis. 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.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15334-02-2 A. 9889--A 2 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 May 10, 2012, and intended for use only during the 2012 Legislative Session, is Fiscal Note No. 2012-149 prepared by the Actuary for the New York State and Local Police and Fire Retirement System.