Allows Tier II, III, IV and V members of the New York state and local employees' retirement system to retire without a benefit reduction upon completion of 35 years of service without regard to age.

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A5057A-2011 Actions

• Jan 30, 2012: print number 5057a
• Jan 30, 2012: amend and recommit to governmental employees
• Jan 4, 2012: referred to governmental employees
• Feb 11, 2011: referred to governmental employees

A5057A-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                   5057--A

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                              February 11, 2011
                                 ___________

  Introduced  by M. of A. ABBATE, STEVENSON -- Multi-Sponsored by -- M. of
    A. COLTON, COOK, HOOPER, REILLY --  read  once  and  referred  to  the
    Committee on Governmental Employees -- recommitted to the Committee on
    Governmental  Employees  in accordance with Assembly Rule 3, sec. 2 --
    committee discharged, bill amended, ordered reprinted as  amended  and
    recommitted to said committee

  AN  ACT  to amend the retirement and social security law, in relation to
    eligibility for retirement of members of the New York state and  local
    employees' retirement system

    THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section 1. Section 442 of the retirement and social  security  law  is
  amended by adding a new subdivision c to read as follows:

    C.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW, A MEMBER OF THE NEW
  YORK STATE AND LOCAL EMPLOYEES' RETIREMENT  SYSTEM  MAY  RETIRE  WITHOUT
  REDUCTION  OF  HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST
  THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
    S 2. Section 503 of the retirement and social security law is  amended
  by adding a new subdivision e to read as follows:

    E.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW, A MEMBER OF THE NEW
  YORK STATE AND LOCAL EMPLOYEES' RETIREMENT  SYSTEM  MAY  RETIRE  WITHOUT
  REDUCTION  OF  HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST
  THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
    S 3. Section 603 of the retirement and social security law is  amended
  by adding a new subdivision u to read as follows:

    U.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW, A MEMBER OF THE NEW
  YORK STATE AND LOCAL EMPLOYEES' RETIREMENT  SYSTEM  MAY  RETIRE  WITHOUT
  REDUCTION  OF  HIS OR HER RETIREMENT BENEFIT UPON COMPLETION OF AT LEAST
  THIRTY-FIVE OR MORE YEARS OF SERVICE REGARDLESS OF AGE.
    S 4. This act shall take effect immediately and shall be deemed to  be
  in full force and effect on and after June 30, 2012.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD07900-02-2

 A. 5057--A                          2

    FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

    This  bill  would  allow  Tiers  2, 3, 4 and 5 members of the New York
  State and Local Employees' Retirement System to retire without a benefit
  reduction due to early retirement upon the completion of at least  thir-
  ty-five (35) years of service, without regard to age.
    If  this  bill is enacted, we anticipate that there would be estimated
  additional annual contributions of approximately  $4.7  million  to  the
  State of New York and $6.8 million to the participating employers in the
  New York State Local Employees' Retirement System.
    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 November 21, 2011,  and  intended  for  use  only
  during the 2012 Legislative Session, is Fiscal Note No. 2012-29 prepared
  by  the  Actuary  for the New York State and Local Employees' Retirement
  System.