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

                                  7120

                            I N  S E N A T E

                             April 29, 2014
                               ___________

Introduced  by  Sen.  GOLDEN -- 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
  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
              

S. 7120                             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.