A5086A-2011 Actions

• Jan 30, 2012: print number 5086a
• Jan 30, 2012: amend and recommit to governmental employees
• Jan 4, 2012: referred to governmental employees
• Feb 11, 2011: referred to governmental employees

A5086A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 5086--A
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 11, 2011
 
 Introduced  by  M. of A. ABBATE, COLTON -- 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
 retirement benefits
 

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

 

Section 1. Subdivision b of section 604 of the retirement  and  social
 security  law,  as  amended  by  chapter 266 of the laws of 1998 and the
 opening paragraph as amended by section 8-b of part B of chapter 504  of
 the laws of 2009, is amended to read as follows:

 b.  The  service  retirement  benefit  at  normal retirement age for a
 member with twenty years or more of credited service,  or  with  twenty
 five or more years credited service for a member who first joins the New
 York  state  teachers'  retirement system on or after January first, two
 thousand ten, shall be a retirement allowance equal to  one-fiftieth  of
 final  average  salary times years of credited service [not in excess of
 thirty years.
 Credited service in excess of thirty years shall provide an additional
 retirement allowance equal to three-two hundredths of the final  average
 salary for each year of credited service in excess of thirty years].
 

S  2.  This  act  shall take effect immediately and shall be deemed to
 have been in full force and effect on and after June 30, 2012.
 FISCAL NOTE.--Pursuant to Legislative Law,

Section 50:

 This bill would amend subdivision b of section 604 of  the  Retirement
 and  Social Security Law to replace the current benefit of 1.5% of final
 average salary for each year of service credit in excess of thirty  (30)
 years  with a 2.0% benefit. This benefit would apply to all Tier 3, Tier
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07898-02-2
 
       A. 5086--A                          2
 and Tier 5 members except for state  correction  officers.  This  bill
 shall be deemed in effect on and after June 30, 2012.
 Insofar as this bill would affect the New York State and Local Employ
 ees' Retirement System, if it is enacted, we anticipate that there would
 be estimated additional annual costs of approximately $64 million to the
 State  of New York and $91 million to the participating employers in the
 New York State and 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  December  13,  2011, and intended for use only
 during the  2012  Legislative  Session,  is  Fiscal  Note  No.  2012-30,
 prepared  by  the  Actuary  for  the New York State and Local Employees'
 Retirement System.

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