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

                                  4380

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 25, 2013
                               ___________

Introduced  by  Sen. MAZIARZ -- 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
  allowing  an eligible member of the public retirement system to obtain
  service credit for certain military service if  such  person  has  two
  years of credited service

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

  Section 1. Subdivision 3 of section 1000 of the retirement and  social
security law, as added by chapter 548 of the laws of 2000, is amended to
read as follows:
  3.  A  member  must have at least [five] TWO years of credited service
(not including service granted hereunder)  to  be  eligible  to  receive
credit under this section.
  S 2. This act shall take effect immediately.
  FISCAL  NOTE.--  This bill would amend Chapter 548 of the laws of 2000
to allow members who have at least two (2) years of credited service  to
purchase  service  credit for military service. Currently a member needs
at least five (5) years of credited service to be eligible  to  purchase
such service credit.
  For members that purchase military service credit who ordinarily would
not  have attained five years of service credit, the additional military
service credit could provide a vested retirement benefit where a retire-
ment benefit would not have existed.
  Insofar as this bill would affect the New York State and Local Employ-
ees' Retirement System and the New York State and Local Police and  Fire
Retirement System, there will be a cost for such members. Such cost will
depend  on  the plan coverage, salary and age of the members who will be
receiving an increased benefit.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00778-02-3

S. 4380                             2
              

  The exact number of members who could be affected by this  legislation
cannot  be readily determined. In all likelihood, very few members would
be affected.
  ERS Costs: Pursuant to section 25 of the Retirement and Social Securi-
ty  Law,  these per person one-time costs would be borne by the State of
New York and would require an itemized appropriation by the State of New
York sufficient to pay the cost of the provision. The State may amortize
these per person one-time costs over a period of 5 years.
  PFRS Costs: These costs would be shared by the State of New  York  and
the participating employers in the PFRS.
  Summary of relevant resources:
  Data:  March  31,  2012  Actuarial Year End File with distributions of
membership and other statistics displayed in  the  2012  Report  of  the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions  and  Methods:  2010,  2011  and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2012 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2012 Actuarial Valuations report.
  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  December  17,  2012  and intended for use only
during the  2013  Legislative  Session,  is  Fiscal  Note  No.  2013-25,
prepared  by  the  Actuary  for  the New York State and Local Employees'
Retirement System and the New York  State  and  Local  Police  and  Fire
Retirement System.

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

                                 4380--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 25, 2013
                               ___________

Introduced  by Sens. MAZIARZ, ADDABBO, GOLDEN, LATIMER, MARTINS, PERKINS
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Civil Service and Pensions --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee --  recommitted  to  the  Committee  on  Civil  Service  and
  Pensions  in  accordance  with  Senate  Rule  6,  sec.  8 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the retirement and social security law, in  relation  to
  allowing  an eligible member of the public retirement system to obtain
  service credit for certain military service if  such  person  has  two
  years of credited service

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

  Section 1. Subdivision 3 of section 1000 of the retirement and  social
security law, as added by chapter 548 of the laws of 2000, is amended to
read as follows:
  3.  A  member  must have at least [five] TWO years of credited service
(not including service granted hereunder)  to  be  eligible  to  receive
credit under this section.
  S  2. Notwithstanding any other provision of law to the contrary, none
of the provisions of this act shall be subject  to  section  25  of  the
retirement and social security law.
  S 3. This act shall take effect immediately.
  FISCAL  NOTE.--  This bill would amend Chapter 548 of the laws of 2000
to allow members who have at least two (2) years of credited service  to
purchase  service  credit for military service. Currently a member needs
at least five (5) years of credited service to be eligible  to  purchase
such  service  credit.  In addition, none of the provisions of this bill
will be subject to Section 25 of the retirement and social security law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00778-06-4

              

S. 4380--B                          2

  For members that purchase military service credit who ordinarily would
not have attained five years of service credit, the additional  military
service credit could provide a vested retirement benefit where a retire-
ment benefit would not have existed.
  Insofar as this bill would affect the New York State and Local Employ-
ees'  Retirement System and the New York State and Local Police and Fire
Retirement System, there will be a cost for such members. Such cost will
depend on the plan coverage, salary and age of the members who  will  be
receiving an increased benefit.
  The  exact number of members who could be affected by this legislation
cannot be readily determined. In all likelihood, very few members  would
be affected.
  These  costs  would be shared by the State of New York and the partic-
ipating employers in the ERS and the PFRS.
  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
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 contained herein.
  This estimate, dated February 27,  2014  and  intended  for  use  only
during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-91,
prepared by the Actuary for the New  York  State  and  Local  Employees'
Retirement  System  and  the  New  York  State and Local Police and Fire
Retirement System.

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

                                 4380--C

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 25, 2013
                               ___________

Introduced  by Sens. MAZIARZ, ADDABBO, GOLDEN, LATIMER, MARTINS, PERKINS
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Civil Service and Pensions --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee --  recommitted  to  the  Committee  on  Civil  Service  and
  Pensions  in  accordance  with  Senate  Rule  6,  sec.  8 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to amend the retirement and social security law, in relation to
  allowing an eligible member of the public retirement system to  obtain
  service  credit  for  certain  military service if such person has two
  years of credited service

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

  Section  1. Subdivision 3 of section 1000 of the retirement and social
security law, as added by chapter 548 of the laws of 2000, is amended to
read as follows:
  3. A member must have at least [five] TWO years  of  credited  service
(not  including  service  granted  hereunder)  to be eligible to receive
credit under this section.
  S 2. Notwithstanding any other provision of law to the contrary,  none
of  the  provisions  of  this  act shall be subject to section 25 of the
retirement and social security law.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.-- This bill would amend subdivision 3 of Section 1000  of
the Retirement and Social Security Law to allow members with two or more
years  of  service  credit  to  purchase  credit  for  military service.
Currently, a member must have at least five years of service  credit  in
order to purchase credit for military service.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00778-08-4

              

S. 4380--C                          2

  The  annual  cost  to  the  employers of members of the New York State
Teachers' Retirement System is estimated to be negligible if  this  bill
is enacted.
  Employee  data  is  from  the System's most recent actuarial valuation
files, consisting of data provided by the employers  to  the  Retirement
System.   Data distributions and statistics can be found in the System's
Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
reported  in the System's financial statements, and can also be found in
the CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
  The source of this estimate is Fiscal Note 2014-25 dated April 4, 2014
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2014 Legislative Session.
I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
Retirement System.  I am a member of the American Academy  of  Actuaries
and  I meet the Qualification Standards of the American Academy of Actu-
aries to render the actuarial opinion contained herein.