•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

A08017 Summary:

BILL NOA08017A
 
SAME ASSAME AS S04540-A
 
SPONSORAbbate
 
COSPNSRColton
 
MLTSPNSR
 
Add Art 26 §§1400 - 1402, R & SS L
 
Authorizes participating employers in the New York state and local police and fire retirement system offering 20 year retirement plans to offer such plans on a non-contributory basis.
Go to top

A08017 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8017--A
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 25, 2017
                                       ___________
 
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on  Governmental  Employees -- recommitted to the Committee on Govern-
          mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
          tee discharged, bill amended, ordered reprinted as amended and  recom-
          mitted to said committee

        AN  ACT  to amend the retirement and social security law, in relation to
          authorizing participating employers in the New York  state  and  local
          police  and  fire  retirement  system offering an optional twenty year
          retirement plan for its police officers  and  firefighters,  to  offer
          such plan on a non-contributory basis
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The retirement and social security law is amended by adding
     2  a new article 26 to read as follows:
     3                                 ARTICLE 26
     4                            BENEFIT ENHANCEMENTS
     5  Section 1400. Non-contributory basis.
     6          1401. Collective bargaining.
     7          1402. Past service costs.
     8    § 1400. Non-contributory basis. (a) Notwithstanding the provisions  of
     9  this  chapter or any other law to the contrary, a participating employer
    10  in the New York state and local police and fire  retirement  system  may
    11  elect  to  provide  its employees who are members of the optional twenty
    12  year retirement plan for police and firefighters eligibility to  partic-
    13  ipate on a non-contributory basis.
    14    (b)  No  member  who  participates in this non-contributory retirement
    15  plan shall be entitled to a refund of previous contributions made to the
    16  contributory twenty year retirement plan.
    17    § 1401. Collective bargaining. A demand in collective bargaining nego-
    18  tiations for the additional benefit provided by section fourteen hundred
    19  of this article shall not be subject to the provisions of paragraph  (b)
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09303-04-8

        A. 8017--A                          2
 
     1  or  (c)  of  subdivision  four  of section two hundred nine of the civil
     2  service law, nor shall such demand  be  subject  to  any  provision  for
     3  interest arbitration contained in any local law, resolution or ordinance
     4  adopted  by  any  governmental  entity  pursuant  to  subdivision one of
     5  section two hundred twelve of the civil service law.
     6    § 1402. Past service costs. Any participating employer that elects the
     7  additional benefits provided by this article may also elect to  pay  the
     8  past  service  cost  associated with this benefit in ten annual install-
     9  ments.
    10    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will allow employers in the New York State and Local  Police
        and Fire Retirement System which have elected to provide their employees
        with  the  benefits of the 20 year contributory retirement plan to elect
        to provide eligibility for their employees to participate on a  non-con-
        tributory basis. Any member who participates on a non-contributory basis
        will not be entitled to a refund of previous member contributions.
          If  this  bill  is  enacted,  there  will be an increase in the annual
        contributions of electing employers on behalf of their Tiers 3, 5 and  6
        members.  For  the  fiscal  year ending March 31, 2018, the contribution
        increases, as a percentage of salary, are as follows:
 
                                 Tier   384-d  384-e
                                  3     0.3%   1.0%
                                  5     3.5%   3.5%
                                  6     6.5%   6.6%
 
          These additional annual costs will be borne  by  the  employers  which
        elect to provide this benefit.
          There will 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, 2017  actuarial  valu-
        ation.  Distributions  and  other  statistics  can  be found in the 2017
        Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
        tions,  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, 2017
        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  January  19,  2018,  and intended for use only
        during the  2018  Legislative  Session,  is  Fiscal  Note  No.  2018-45,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.
Go to top