S168A-2011 - NY Senate Open Legislation - Provides that an eligible member of the public retirement system may buy service credit for certain military service with two years of credited service

Provides that an eligible member of the public retirement system may buy service credit for certain military service with two years of credited service.

Sponsor: MAZIARZ / Co-sponsor(s): ADDABBO, ALESI, AVELLA, BONACIC, FUSCHILLO, GOLDEN, GRIFFO, LARKIN, LIBOUS, LITTLE, RANZENHOFER, SEWARD / Committee: RULES
Law Section: Retirement and Social Security Law / Law: Amd S1000, R & SS L

S168A-2011 Actions

Jun 21, 2012: COMMITTED TO RULES
Mar 14, 2012: AMENDED ON THIRD READING 168A
Mar 5, 2012: ADVANCED TO THIRD READING
Mar 1, 2012: 2ND REPORT CAL.
Feb 29, 2012: 1ST REPORT CAL.254
Jan 4, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS
Jan 5, 2011: REFERRED TO CIVIL SERVICE AND PENSIONS

S168A-2011 Calendars

S168A-2011 Votes

VOTE: COMMITTEE VOTE: - Civil Service and Pensions - Feb 29, 2012

Ayes (11): Golden, Fuschillo, Hannon, Lanza, Little, Martins, O'Mara, Perkins, Addabbo, Savino, Serrano
Ayes W/R (1): Dilan

S168A-2011 Memo

BILL NUMBER:S168A

TITLE OF BILL:

An act
to amend the retirement and social security law, in relation to
allowing an eligible member of the public retirement system to obtain
service credit for certain military service if such person has two years
of credited service

PURPOSE:

To provide an eligible member of the retirement system with
the opportunity to purchase service credit for certain military
service with at least two years of credited service instead of the
current five.

SUMMARY OF PROVISIONS:

This bill would act as an amendment to Section
1. Subdivision 3 of section 1000 of the retirement and social
security law, as added by chapter 548 of the laws of 2000, to provide
those members whom have at least two years of credited service to
purchase service credit for military service. By doing so, the
additional military service credit could provide a vested retirement
benefit where a retirement benefit would previously not have existed.
This bill would affect the New York State and Local Employees'
Retirement System as well as the New York State and Local Police and
Fire Retirement System. The cost attributed to the members will
depend upon the coverage plan selected, the salary and the age of the
members whom will be receiving an increased benefit. This cost will
be shared by both the State of New York and all participating
employers in the New York State and Local Employees' Retirement
System and the New York and Local Police and Fire Retirement System.

JUSTIFICATION:

The purpose of this bill is to aid those whom have
courageously served the United States in the military and provide the
opportunity to accredit them service credit only after two years
spent working for the Retirement System. By shorting the period of
time necessary to purchase the service credit to two years, this bill
allows those members whom had not attained a minimum of five years of
service to purchase credit earlier.

BILL HISTORY:

S.6812 of 2007/2008; Delivered to Assembly, Referred to
Governmental Employees.
S.3548/A.7136 of 2009/2010; Referred to Civil Services & Pensions

FISCAL IMPLICATIONS:

See fiscal note.

EFFECTIVE DATE:

This act shall take effect immediately.

S168A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 168--A
 Cal. No. 254
 2011-2012 Regular Sessions
 I N  SENATE
 (PREFILED)
 January 5, 2011
 
 Introduced by Sens. MAZIARZ, ADDABBO, ALESI, AVELLA, BONACIC, FUSCHILLO,
 GOLDEN,  GRIFFO,  LARKIN,  LIBOUS, LITTLE, RANZENHOFER, SEWARD -- read
 twice and ordered printed, and when printed to  be  committed  to  the
 Committee  on Civil Service and Pensions -- recommitted to the Commit
 tee on Civil Service and Pensions in accordance with  Senate  Rule  6,
 sec. 8 -- reported favorably from said committee, ordered to first and
 second  report,  ordered  to  a  third  reading,  amended  and ordered
 reprinted, retaining its place in the order of third reading
 

AN ACT to amend the retirement and social security law, in  relation  to
 allowing  an eligible member of the public retirement system to obtain
 service credit for certain military service if  such  person  has  two
 years of credited service
 

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

 

Section 1. Subdivision 3 of section 1000 of the retirement and  social
 security law, as added by chapter 548 of the laws of 2000, is amended to
 read as follows:

 3.  A  member  must have at least [five] TWO years of credited service
 (not including service granted hereunder)  to  be  eligible  to  receive
 credit under this section.
 

S 2. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law,

Section 50:

 This bill would amend Chapter 548 of the laws of 2000 to allow members
 who  have at least two (2) years of credited service to purchase service
 credit for military service. Currently a member needs at least five  (5)
 years  of credited service to be eligible to purchase such service cred
 it.
 For members that purchase military service credit who ordinarily would
 not have attained five years of service credit, the additional  military
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00545-03-2
        S. 168--A                           2
 service credit could provide a vested retirement benefit where a retire
 ment benefit would not have existed.
 Insofar as this bill would affect the New York State and Local Employ
 ees'  Retirement System and the New York State and Local Police and Fire
 Retirement System, there will be a cost for such members. Such cost will
 depend on the plan coverage, salary and age of the members who  will  be
 receiving an increased benefit. This cost will be shared by the State of
 New York and all participating employers in the New York State and Local
 Employees' Retirement System and the New York State and Local Police and
 Fire 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 March 8, 2012 and intended for  use  only  during
 the  2012  Legislative Session, is Fiscal Note No. 2012-103, prepared by
 the Actuary for the New  York  State  and  Local  Employees'  Retirement
 System  and  the  New  York  State  and Local Police and Fire Retirement
 System.

S168A-2011: Provides that an eligible member of the public retirement system may buy service credit for certain military service with two years of credited service

S168A-2011 Actions

S168A-2011 Calendars

S168A-2011 Votes

S168A-2011 Memo

S168A-2011 Text

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