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

                                  9392

                          I N  A S S E M B L Y

                             April 25, 2014
                               ___________

Introduced by M. of A. ABBATE -- read once and referred to the Committee
  on Governmental Employees

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14838-01-4
              

A. 9392                             2

Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.
  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
Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.
  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013  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, 2013
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 continued.
  This  estimate,  dated  April  2, 2014 and intended for use during the
2014 Legislative Session, is Fiscal Note No. 2014-108, prepared  by  the
Actuary  for  the  New  York  State and Local Police and Fire Retirement
System.