A07827 Summary:

BILL NOA07827
 
SAME ASSAME AS S07114
 
SPONSORPheffer Amato
 
COSPNSRLunsford, Santabarbara, Buttenschon
 
MLTSPNSR
 
Amd §1000, R & SS L
 
Relates to obtaining military credit for members of the New York state and local police and fire retirement system; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
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A07827 Actions:

BILL NOA07827
 
04/11/2025referred to governmental employees
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A07827 Committee Votes:

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A07827 Floor Votes:

There are no votes for this bill in this legislative session.
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A07827 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7827
 
SPONSOR: Pheffer Amato
  TITLE OF BILL: An act to amend the retirement and social security law, in relation to obtaining military service credit for members of the New York state and local police and fire retirement system   PURPOSE OR GENERAL IDEA OF BILL: This bill would decrease the amount of payment required by Tier 6 members of the New York State and Local Police and Fire Retirement System who are obtaining military service credit pursuant to Section 1000 of the Retirement and Social Security Law.   SUMMARY OF PROVISIONS: Under current law, a Tier 6 member must pay a sum equal to the product of the number of years of military service being claimed and six percent of such member's compensation earned during the twelve months of credit- ed service immediately preceding the date that the member made applica- tion for credit. This legislation would require such members to pay only three percent of compensation per year of service.   JUSTIFICATION: Prior to the enaction of Tier 6, police and fire fighters who obtained military service credit had to pay 3 percent of compensation per year of service being claimed. Tier 6 doubled this amount, to a sum equaling 6 percent. It is fundamentally unfair to treat our veterans, who proudly served our country, differently for the purposes of their retirement calculations based on which Tier they are enrolled in.   PRIOR LEGISLATIVE HISTORY: 2023/2024: A.7343-refered to governmental employees   FISCAL IMPLICATIONS: Please see bill.   EFFECTIVE DATE: Immediately
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A07827 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7827
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 11, 2025
                                       ___________
 
        Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
          Committee on Governmental Employees
 
        AN ACT to amend the retirement and social security law, in  relation  to
          obtaining  military  service  credit for 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:
 
     1    Section  1. Subdivision 9 of section 1000 of the retirement and social
     2  security law, as amended by chapter 41 of the laws of 2016,  is  amended
     3  to read as follows:
     4    9.  (a)  Anything to the contrary in subdivision three of this section
     5  notwithstanding, to obtain such credit,  a  member  who  first  joins  a
     6  public retirement system of the state on or after April first, two thou-
     7  sand  twelve  shall  pay such retirement system, for deposit in the fund
     8  used to accumulate employer contributions, a sum equal to the product of
     9  the number of years of military service being claimed and six percent of
    10  such member's compensation earned during the twelve months  of  credited
    11  service  immediately preceding the date that the member made application
    12  for credit pursuant to this section.
    13    (b) Beginning with applications received by the  New  York  state  and
    14  local  police  and  fire retirement system on and after April first, two
    15  thousand twenty-six, for members who first become  members  of  the  New
    16  York state and local police and fire retirement system on or after April
    17  first,  two  thousand  twelve, the sum required in paragraph (a) of this
    18  subdivision shall be equal to the product of  the  number  of  years  of
    19  military  service  being  claimed  and  three  percent  of such member's
    20  compensation earned during the twelve months of credited  service  imme-
    21  diately  preceding the date the member made application pursuant to this
    22  section.
    23    § 2. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08377-02-5

        A. 7827                             2
 
          This bill would decrease the payment required by Tier 6 members of the
        New York State and Local Police and Fire  Retirement  System  (NYSLPFRS)
        when  purchasing military service credit pursuant to Section 1000 of the
        Retirement and Social Security Law.  For  applications  received  on  or
        after April 1, 2026, Tier 6 members would pay 3% of their last 12-months
        compensation  for each year of military service claimed. Currently, Tier
        6 members must pay 6% of compensation.
          Insofar as this bill affects NYSLPFRS,  if  enacted  during  the  2025
        Legislative  Session, the cost shared by the State of New York and local
        participating employers  would  increase  by  approximately  3%  of  the
        member's  compensation  for  each  year  of  additional  service that is
        purchased.
          The exact number of current members as  well  as  future  members  who
        could be affected by this legislation cannot be readily determined.
          Summary of relevant resources:
          Membership  data as of March 31, 2024 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2024 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2024  Report  of the Actuary and the 2024 Annual Comprehensive Financial
        Report.  The actuarial assumptions and methods used are described in the
        2024 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, 2024 New York State and Local Retirement System Financial Statements
        and Supplementary Information.
          This  fiscal note does not constitute a legal opinion on the viability
        of the proposed change nor is it intended to serve as a  substitute  for
        the professional judgment of an attorney.
          This  estimate, dated March 27, 2025, and intended for use only during
        the 2025 Legislative Session, is Fiscal Note No. 2025-99. As Chief Actu-
        ary of the New York State and Local Retirement System, I, Aaron Schottin
        Young, hereby certify that this analysis complies with applicable  Actu-
        arial  Standards of Practice as well as the Code of Professional Conduct
        and Qualification Standards for Actuaries Issuing Statements of Actuari-
        al Opinion of the American Academy of Actuaries, of which I am a member.
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