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

                                 7816--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 27, 2015
                               ___________

Introduced  by  M.  of A. ABBATE, GOLDFEDER -- read once and referred to
  the Committee on Governmental Employees -- committee discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the retirement and social security law, in  relation  to
  the membership of police officers and firefighters

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

  Section 1. Subdivision c of section 440 of the retirement  and  social
security  law,  as  amended by section 2 of part A of chapter 504 of the
laws of 2009, is amended to read as follows:
  c. Notwithstanding any other provision  of  law,  the  provisions  and
limitations  of  this article shall apply, as may be appropriate, to all
police officers and firefighters who last  joined  a  public  retirement
system  of  the state or a municipality thereof, on or after July first,
nineteen hundred seventy-six[, but prior to  July  first,  two  thousand
nine,]  ALL  CORRECTIONS  AND  SANITATION  MEMBERS  OF THE NEW YORK CITY
EMPLOYEES' RETIREMENT SYSTEM WHO BECAME MEMBERS ON OR AFTER APRIL FIRST,
TWO THOUSAND TWELVE and all employees subject to the provisions of arti-
cle twenty-two of this chapter; provided, however, that in the case of a
conflict between the provisions of this article and  article  twenty-two
of  this chapter, the provisions of article twenty-two shall be control-
ling.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would grant Tier 2 status to  Tier  3  police  officers  and
firefighters, and grant them a refund of their member contributions. For
members  of  the  New  York  State  and Local Police and Fire Retirement
System (NYS&LPFRS), it would affect only  those  who  did  NOT  file  an
election to become covered under the provisions of Article 22 (Tier 5).

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11214-03-5

              

A. 7816--A                          2

  If  this  bill  is  enacted,  insofar  as  this  bill would affect the
NYS&LPFRS, we anticipate that the employers of  affected  members  would
see an increase in their annual contributions for the fiscal year ending
March 31, 2016 of approximately 0.3%, 0.7%, and 2.3% of the annual sala-
ries  of members covered under Sections 384-d, 384-e, and 381-b, respec-
tively. In future years, this cost will vary as the billing rates of the
affected members change.
  There would not be a past service cost.
  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, 2014 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2014
Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012, 2013 and 2014 Annual Report to the Comptroller on Actuarial
Assumptions, and the Codes Rules and Regulations of  the  State  of  New
York: Audit and Control.
  The Market Assets and GASB Disclosures are found in the March 31, 2014
New  York  State  and  Local  Retirement System Financial Statements and
Supplementary Information.
  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 22, 2015, and intended for  use  only  during
the  2015  Legislative Session, is Fiscal Note No. 2015-122, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.