Bill S7120-2013

Relates to the section 384-d retirement plan

Enrolls all new members after 1/1/15 of the NY state and local police and fire retirement system into the section 384-d retirement plan if the employer has elected the benefits.

Details

Actions

  • Nov 21, 2014: SIGNED CHAP.468
  • Nov 10, 2014: DELIVERED TO GOVERNOR
  • Jun 12, 2014: returned to senate
  • Jun 12, 2014: passed assembly
  • Jun 12, 2014: ordered to third reading rules cal.197
  • Jun 12, 2014: substituted for a9392
  • Jun 11, 2014: referred to ways and means
  • Jun 11, 2014: DELIVERED TO ASSEMBLY
  • Jun 11, 2014: PASSED SENATE
  • Jun 11, 2014: ORDERED TO THIRD READING CAL.1300
  • Jun 11, 2014: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • Apr 29, 2014: REFERRED TO CIVIL SERVICE AND PENSIONS

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 11, 2014
Ayes (21): Skelos, Libous, Bonacic, Carlucci, Farley, Flanagan, Hannon, Larkin, LaValle, Marcellino, Maziarz, Nozzolio, Seward, Valesky, Little, Stewart-Cousins, Breslin, Dilan, Krueger, Montgomery, Parker
Ayes W/R (1): Gianaris
Nays (1): Perkins
Excused (2): Hassell-Thompson, Espaillat

Memo

BILL NUMBER:S7120

TITLE OF BILL: An act to amend the retirement and social security law, in relation to authorizing enrollment in the section 384-d retirement plan for all new members of the New York state and local police and fire retirement system

PURPOSE OR GENERAL IDEA OF BILL:

This bill would provide automatic enrollment into the provisions of section 384-d of the Retirement and Social Security Law for members who first become members of the New York State and Local Police and Fire Retirement System on or after January 1, 2015 who are employed by an employer who has elected the benefits of such plan. Any member so enrolled may thereafter withdraw from such plan.

SUMMARY OF SPECIFIC PROVISIONS:

This bill would add a new section 1201-a to the Retirement and Social Security Law to require enrollment in the section 384-d retirement plan for all new members of the New York State and Local Police and Fire Retirement System. This new section would also permit any member covered by the provisions of such section to later withdraw from the section 384-d retirement plan.

JUSTIFICATION:

Although a vast majority of public employers had previously elected to offer the optional twenty-year retirement plan, established pursuant to Section 384-d of the Retirement and Social Security Law, to firefighters and/or policemen in its employ, oftentimes members fail to make a timely election to participate in this retirement plan. Presently, the only way to correct this unfortunate oversight is with special legislation which is costly and time consuming. To correct this situation this bill will require automatic enrollment in the twenty year retirement plan. This bill also allows a member to withdraw from the plan in those rare instances when a member has decided that another available plan is more advantageous. In addition, it should be noted that the Actuary for the New York State and Local Police and Fire Retirement System has determined that there is no cost associated with this legislation.

PRIOR LEGISLATIVE HISTORY:

None.

FISCAL IMPLICATIONS:

see fiscal note

EFFECTIVE DATE:

This act shall take effect January 1, 2015.


Text

STATE OF NEW YORK ________________________________________________________________________ 7120 IN SENATE April 29, 2014 ___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law, in relation to authorizing enrollment in the section 384-d retirement plan for all new members of the New York state and local police and fire retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The retirement and social security law is amended by adding a new section 1201-a to read as follows: S 1201-A. RETIREMENT PLAN. NOTWITHSTANDING ANY OTHER LAW TO THE CONTRARY, MEMBERS WHO FIRST BECOME MEMBERS OF THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN AND ARE EMPLOYED BY AN EMPLOYER WHO HAS ELECTED THE BENEFITS OF SECTION THREE HUNDRED EIGHTY-FOUR-D OF THIS CHAPTER SHALL AUTOMATICALLY BE ENROLLED IN SUCH SECTION THREE HUNDRED EIGHTY-FOUR-D RETIREMENT PLAN. ANY MEMBER SO ENROLLED IN THE SECTION THREE HUNDRED EIGHTY-FOUR-D RETIREMENT PLAN MAY THEREAFTER WITHDRAW FROM SUCH PLAN. S 2. This act shall take effect January 1, 2015. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will provide automatic enrollment into the provisions of section 384-d of the Retirement and Social Security Law for members who first become members of the New York State and Local Police and Fire Retirement System on or after January 1, 2015 who are employed by an employer who has elected the benefits of such plan. Any member so enrolled may thereafter withdraw from such plan. If this bill is enacted, there would be no cost since the enrollment into such plan is already provided by law if the member files within the first year of employment. Summary of relevant resources: The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2013 actuarial valu- ation. Distributions and other statistics can be found in the 2013

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