NY State Senate Bill 2015-S2447

Senate Bill S2447

2015-2016 Legislative Session

Increases the amount of money a retiree may earn in a position of public service to $35,000

download bill text pdf

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 11, 2016	referred to governmental employees delivered to assembly passed senate
Mar 30, 2016	advanced to third reading
Mar 29, 2016	2nd report cal.
Mar 28, 2016	1st report cal.446
Mar 02, 2016	print number 2447d
Mar 02, 2016	amend and recommit to civil service and pensions
Jan 06, 2016	referred to civil service and pensions returned to senate died in assembly
Jun 17, 2015	referred to governmental employees delivered to assembly passed senate
Jun 03, 2015	advanced to third reading
Jun 02, 2015	2nd report cal. amended 2447c
Jun 01, 2015	1st report cal.1092
May 14, 2015	print number 2447b
May 14, 2015	amend and recommit to civil service and pensions
May 07, 2015	print number 2447a
May 07, 2015	amend and recommit to civil service and pensions
Jan 23, 2015	referred to civil service and pensions

Votes

- May 11, 2016 - Floor Vote
  S2447
  
  57
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  6
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: May 11, 2016
      
      aye (57)
      
      Addabbo Jr.
      
      Akshar
      
      Amedore
      
      Avella
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      Comrie
      
      Croci
      
      DeFrancisco
      
      Dilan
      
      Espaillat
      
      Farley
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kaminsky
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Latimer
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Montgomery
      
      Murphy
      
      O'Mara
      
      Ortt
      
      Panepinto
      
      Parker
      
      Perkins
      
      Persaud
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Savino
      
      Serino
      
      Serrano
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Valesky
      
      Venditto
      
      Young
      
      excused (6)
      
      Diaz
      
      Larkin
      
      Nozzolio
      
      Peralta
      
      Sanders Jr.
      
      Seward
  Jun 17, 2015 - Floor Vote
  S2447
  
  62
  
  Aye
  
  1
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 17, 2015
      
      aye (62)
      
      Addabbo Jr.
      
      Amedore
      
      Avella
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      Comrie
      
      Croci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Espaillat
      
      Farley
      
      Felder
      
      Flanagan
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Libous
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Montgomery
      
      Murphy
      
      Nozzolio
      
      O'Mara
      
      Ortt
      
      Panepinto
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sampson
      
      Sanders Jr.
      
      Savino
      
      Serino
      
      Serrano
      
      Seward
      
      Skelos
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Valesky
      
      Venditto
      
      Young
      
      nay (1)
      
      Funke
  Mar 28, 2016 - Civil Service And Pensions Committee Vote
  S2447
  
  10
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Civil Service And Pensions Committee Vote: Mar 28, 2016
      
      aye (10)
      
      Addabbo Jr.
      
      Comrie
      
      Croci
      
      Golden
      
      Lanza
      
      Martins
      
      Persaud
      
      Ritchie
      
      Sanders Jr.
      
      Savino
      
      aye wr (1)
      
      Ortt
  Jun 1, 2015 - Civil Service And Pensions Committee Vote
  S2447
  
  10
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Civil Service And Pensions Committee Vote: Jun 1, 2015
      
      aye (10)
      
      Comrie
      
      Croci
      
      Dilan
      
      Golden
      
      Lanza
      
      Martins
      
      Ortt
      
      Ritchie
      
      Sanders Jr.
      
      Savino
      
      aye wr (1)
      
      Addabbo Jr.

Bill Amendments

Original

D (Active)

2015-S2447 - Details

See Assembly Version of this Bill:: A6786
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §212, R & SS L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5090
2017-2018: S3576, A3327
2019-2020: S1866, A2858

2015-S2447 - Summary

Increases the amount of money a retiree may earn in a position of public service in the year 2017 and thereafter to $35,000.

2015-S2447 - Sponsor Memo

2015-S2447 - Bill Text download pdf

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

                                  2447

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 23, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- 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
  increasing the retiree earnings cap

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

  Section 1. Subdivision 2 of section 212 of the retirement  and  social
security  law,  as amended by chapter 74 of the laws of 2006, is amended
to read as follows:
  2. The earning limitations for retired persons in positions of  public
service  under  this  section  shall be in accordance with the following
table:

        For the year                               Earnings limitation
        1996                                       $12,500
        1997                                       $13,500
        1998                                       $14,500
        1999                                       $15,500
        2000                                       $17,000
        2001                                       $18,500
        2002                                       $20,000
        2003                                       $25,000
        2004                                       $27,500
        2005 and 2006                              $27,500
        2007 [and thereafter] THROUGH 2014         $30,000
        2015 AND THEREAFTER                        $34,000
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07830-01-5

co-Sponsors

2015-S2447A - Details

See Assembly Version of this Bill:: A6786
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §212, R & SS L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5090
2017-2018: S3576, A3327
2019-2020: S1866, A2858

2015-S2447A - Summary

Increases the amount of money a retiree may earn in a position of public service in the year 2017 and thereafter to $35,000.

2015-S2447A - Sponsor Memo

                                BILL NUMBER:S2447A

TITLE OF BILL:  An act to amend the retirement and social security
law, in relation to increasing the retiree earnings cap

PURPOSE:

This bill would increase the amount that a public retiree under
sixty-five years of age may earn in public employment without a
diminution of his or her retirement benefits.

SUMMARY OF PROVISIONS:

The bill amends subdivision 2 of Section 212 of the Retirement and
Social Security Law. It would allow a public retiree to earn up to
$34,000 in public employment without reducing the retiree's pension.

EXISTING LAW:

Current law permits such an individual to earn up to $30,000 without a
loss of pension benefits.

JUSTIFICATION:

Under current law, retirees may earn up to $30,000 from public
employment without diminution of retirement earnings. From 1996

through 2004 this earnings limit was raised each year. The last time
it was increased was in 2007 when it was raised from $27,500 to
$30,000.

This legislation would update the amount to account for inflation. The
increase reflects the increase in the Consumer Price Index. As a
result, it would extend a program which has seen significant cost
savings to states and localities by giving them the ability to hire
experienced employees at a significantly reduced cost without paying
for employee benefits.

Pursuant to subdivision one of section 212, there are no earning
limitations applicable to retired persons who are age sixty-five or
older.

LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS:

No additional cost.

EFFECTIVE DATE:

Immediately. The legislation would increase the earnings limit
beginning with the year 2016.

2015-S2447A - Bill Text download pdf

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

                                 2447--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 23, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- 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

AN  ACT  to amend the retirement and social security law, in relation to
  increasing the retiree earnings cap

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

  Section  1.  Subdivision 2 of section 212 of the retirement and social
security law, as amended by chapter 74 of the laws of 2006,  is  amended
to read as follows:
  2.  The earning limitations for retired persons in positions of public
service under this section shall be in  accordance  with  the  following
table:

        For the year                               Earnings limitation
        1996                                       $12,500
        1997                                       $13,500
        1998                                       $14,500
        1999                                       $15,500
        2000                                       $17,000
        2001                                       $18,500
        2002                                       $20,000
        2003                                       $25,000
        2004                                       $27,500
        2005 and 2006                              $27,500
        2007 [and thereafter] THROUGH 2015         $30,000
        2016 AND THEREAFTER                        $34,000
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07830-02-5

co-Sponsors

2015-S2447B - Details

See Assembly Version of this Bill:: A6786
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §212, R & SS L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5090
2017-2018: S3576, A3327
2019-2020: S1866, A2858

2015-S2447B - Summary

Increases the amount of money a retiree may earn in a position of public service in the year 2017 and thereafter to $35,000.

2015-S2447B - Sponsor Memo

                                BILL NUMBER:S2447B

TITLE OF BILL:

An act to amend the retirement and social security law, in relation to
increasing the retiree earnings cap

PURPOSE:

This bill would increase the amount that a public retiree under
sixty-five years of age may earn in public employment without a
diminution of his or her retirement benefits.

SUMMARY OF PROVISIONS:

The bill amends subdivision 2 of Section 212 of the Retirement and
Social Security Law. It would allow a public retiree to earn up to
$35,000 in public employment without reducing the retiree's pension.

EXISTING LAW:

Current law permits such an individual to earn up to $30,000 without a
loss of pension benefits.

JUSTIFICATION:

Under current law, retirees may earn up to $30,000 from public
employment without diminution of retirement earnings. From 1996
through 2004 this earnings limit was raised each year. The last time
it was increased was in 2007 when it was raised from $27,500 to
$30,000.

This legislation would update the amount to account for inflation. The
increase reflects the increase in the Consumer Price Index. As a
result, it would extend a program which has seen significant cost
savings to states and localities by giving them the ability to hire
experienced employees at a significantly reduced cost without paying
for employee benefits.

Pursuant to subdivision one of section 212, there are no earning
limitations applicable to retired persons who are age sixty-five or
older.

LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS:

No additional cost.

EFFECTIVE DATE:

Immediately. The legislation would increase the earnings limit
beginning with the year 2016.

2015-S2447B - Bill Text download pdf

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

                                 2447--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 23, 2015
                               ___________

Introduced  by  Sens.  FARLEY, MURPHY -- 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 -- 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
  increasing the retiree earnings cap

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

  Section  1.  Subdivision 2 of section 212 of the retirement and social
security law, as amended by chapter 74 of the laws of 2006,  is  amended
to read as follows:
  2.  The earning limitations for retired persons in positions of public
service under this section shall be in  accordance  with  the  following
table:

        For the year                               Earnings limitation
        1996                                       $12,500
        1997                                       $13,500
        1998                                       $14,500
        1999                                       $15,500
        2000                                       $17,000
        2001                                       $18,500
        2002                                       $20,000
        2003                                       $25,000
        2004                                       $27,500
        2005 and 2006                              $27,500
        2007 [and thereafter] THROUGH 2015         $30,000
        2016 AND THEREAFTER                        $35,000
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07830-05-5

co-Sponsors

2015-S2447C - Details

See Assembly Version of this Bill:: A6786
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §212, R & SS L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5090
2017-2018: S3576, A3327
2019-2020: S1866, A2858

2015-S2447C - Summary

Increases the amount of money a retiree may earn in a position of public service in the year 2017 and thereafter to $35,000.

2015-S2447C - Sponsor Memo

                                BILL NUMBER:S2447C

TITLE OF BILL:  An act to amend the retirement and social security
law, in relation to increasing the retiree earnings cap

PURPOSE:

This bill would increase the amount that a public retiree under
sixty-five years of age may earn in public employment without a
diminution of his or her retirement benefits.

SUMMARY OF PROVISIONS:

The bill amends subdivision 2 of Section 212 of the Retirement and
Social Security Law. It would allow a public retiree to earn up to
$35,000 in public employment without reducing the retiree's pension.

EXISTING LAW:

Current law permits such an individual to earn up to $30,000 without a
loss of pension benefits.

JUSTIFICATION:

Under current law, retirees may earn up to $30,000 from public
employment without diminution of retirement earnings. From 1996

through 2004 this earnings limit was raised each year. The last time
it was increased was in 2007 when it was raised from $27,500 to
$30,000.

This legislation would update the amount to account for inflation. The
increase reflects the increase in the Consumer Price Index. As a
result, it would extend a program which has seen significant cost
savings to states and localities by giving them the ability to hire
experienced employees at a significantly reduced cost without paying
for employee benefits.

Pursuant to subdivision one of section 212, there are no earning
limitations applicable to retired persons who are age sixty-five or
older.

LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS:

Negligible.

EFFECTIVE DATE:

Immediately. The legislation would increase the earnings limit
beginning with the year 2016.

2015-S2447C - Bill Text download pdf

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

                                 2447--C
    Cal. No. 1092

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 23, 2015
                               ___________

Introduced  by  Sens.  FARLEY, MURPHY -- 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 -- committee discharged,
  bill amended, ordered reprinted as amended  and  recommitted  to  said
  committee  -- reported favorably from said committee, ordered to first
  report, amended on first  report,  ordered  to  a  second  report  and
  ordered reprinted, retaining its place in the order of second report

AN  ACT  to amend the retirement and social security law, in relation to
  increasing the retiree earnings cap

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

  Section  1.  Subdivision 2 of section 212 of the retirement and social
security law, as amended by chapter 74 of the laws of 2006,  is  amended
to read as follows:
  2.  The earning limitations for retired persons in positions of public
service under this section shall be in  accordance  with  the  following
table:

        For the year                               Earnings limitation
        1996                                       $12,500
        1997                                       $13,500
        1998                                       $14,500
        1999                                       $15,500
        2000                                       $17,000
        2001                                       $18,500
        2002                                       $20,000
        2003                                       $25,000
        2004                                       $27,500
        2005 and 2006                              $27,500
        2007 [and thereafter] THROUGH 2015         $30,000

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

                                                           LBD07830-07-5

S. 2447--C                          2

        2016 AND THEREAFTER                        $35,000
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would amend Section 212 of the Retirement and Social Securi-
ty  Law to set the amount a retired person may earn in public employment
without reduction in retirement allowance during the year 2016 and ther-
eafter, to $35,000.
  If this bill is enacted, insofar as it would affect the New York State
and Local Employees' Retirement System and the New York State and  Local
Police and Fire Retirement System, the resulting 16.7% increase over the
current  $30,000  limit,  in  place  since  2007, which is less than the
increase in the consumer price index over  the  same  period  would  not
affect  retirement  patterns. Therefore, the annual cost is estimated to
be negligible.
  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, 2014 actuarial valu-
ation. Distributions and other statistics  can  be  found  in  the  2014
Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012, 2013 and 2014 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, 2014
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 June 1, 2015 and intended for use only during the
2015 Legislative Session, is Fiscal Note No. 2015-127, 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.

co-Sponsors

View additional co-sponsors

2015-S2447D (ACTIVE) - Details

See Assembly Version of this Bill:: A6786
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §212, R & SS L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5090
2017-2018: S3576, A3327
2019-2020: S1866, A2858

2015-S2447D (ACTIVE) - Summary

Increases the amount of money a retiree may earn in a position of public service in the year 2017 and thereafter to $35,000.

2015-S2447D (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S2447D

 TITLE OF BILL :  An act to amend the retirement and social security
law, in relation to increasing the retiree earnings cap

 PURPOSE :

This bill would increase the amount that a public retiree under
sixty-five years of age may earn in public employment without a
diminution of his or her retirement benefits.

 SUMMARY OF PROVISIONS :

The bill amends subdivision 2 of Section 212 of the Retirement and
Social Security Law. It would allow a public retiree to earn up to
$35,000 in public employment without reducing the retiree's pension.

 EXISTING LAW :

Current law permits such an individual to earn up to $30,000 without a
loss of pension benefits.

 JUSTIFICATION :

Under current law, retirees may earn up to $30,000 from public
employment without diminution of retirement earnings. From 1996

through 2004 this earnings limit was raised each year. The last time
it was increased was in 2007 when it was raised from $27,500 to
$30,000.

This legislation would update the amount to account for inflation. The
increase reflects the increase in the Consumer Price Index. As a
result, it would extend a program which has seen significant cost
savings to states and localities by giving them the ability to hire
experienced employees at a significantly reduced cost without paying
for employee benefits.

Pursuant to subdivision one of section 212, there are no earning
limitations applicable to retired persons who are age sixty-five or
older.

 LEGISLATIVE HISTORY :

This bill passed the Senate in 2015.

 FISCAL IMPLICATIONS :

Negligible.

 EFFECTIVE DATE :
Immediately. The legislation would increase the earnings limit
beginning with the year 2017.

2015-S2447D (ACTIVE) - Bill Text download pdf

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

                                 2447--D

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 23, 2015
                               ___________

Introduced  by  Sens.  FARLEY,  BRESLIN, LARKIN, LATIMER, MURPHY -- 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  commit-
  tee  --  committee  discharged,  bill  amended,  ordered  reprinted as
  amended and recommitted to said committee -- reported  favorably  from
  said  committee,  ordered  to  first  report, amended on first report,
  ordered to a second report and ordered reprinted, retaining its  place
  in the order of second report -- 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
  increasing the retiree earnings cap

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

  Section  1.  Subdivision 2 of section 212 of the retirement and social
security law, as amended by chapter 74 of the laws of 2006,  is  amended
to read as follows:
  2.  The earning limitations for retired persons in positions of public
service under this section shall be in  accordance  with  the  following
table:

        For the year                               Earnings limitation
        1996                                       $12,500
        1997                                       $13,500
        1998                                       $14,500
        1999                                       $15,500
        2000                                       $17,000
        2001                                       $18,500
        2002                                       $20,000

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07830-13-6

S. 2447--D                          2

        2003                                       $25,000
        2004                                       $27,500
        2005 and 2006                              $27,500
        2007 [and thereafter] THROUGH 2016         $30,000
        2017 AND THEREAFTER                        $35,000
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would amend Section 212 of the Retirement and Social Securi-
ty  Law to set the amount a retired person may earn in public employment
without reduction in retirement allowance during the year 2017 and ther-
eafter, to $35,000.
  If this bill is enacted, insofar as it would affect the New York State
and Local Employees' Retirement System and the New York State and  Local
Police and Fire Retirement System, the resulting 16.7% increase over the
current  $30,000  limit,  in  place  since  2007, which is less than the
increase in the consumer price index over  the  same  period  would  not
affect  retirement  patterns. Therefore, the annual cost is estimated to
be negligible.
  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, 2015 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2015
Report  of  the  Actuary  and  the  2015  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in  the  2015
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 31,2015
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 3, 2016 and intended for use only during
the  2016  Legislative  Session, is Fiscal Note No. 2016-32, prepared by
the Actuary for the New York State and Local Retirement System.

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Senate Bill S2447

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Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2015-S2447 - Details

2015-S2447 - Summary

2015-S2447 - Sponsor Memo

2015-S2447 - Bill Text download pdf

co-Sponsors

2015-S2447A - Details

2015-S2447A - Summary

2015-S2447A - Sponsor Memo

2015-S2447A - Bill Text download pdf

co-Sponsors

2015-S2447B - Details

2015-S2447B - Summary

2015-S2447B - Sponsor Memo

2015-S2447B - Bill Text download pdf

co-Sponsors

2015-S2447C - Details

2015-S2447C - Summary

2015-S2447C - Sponsor Memo

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co-Sponsors

2015-S2447D (ACTIVE) - Details

2015-S2447D (ACTIVE) - Summary

2015-S2447D (ACTIVE) - Sponsor Memo

2015-S2447D (ACTIVE) - Bill Text download pdf

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