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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repealed].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.