S T A T E O F N E W Y O R K
________________________________________________________________________
5785
2015-2016 Regular Sessions
I N S E N A T E
June 3, 2015
___________
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
allowing the transfer of membership in the MTA police retirement
program to 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. Subdivision a of section 343 of the retirement and social
security law, as amended by chapter 728 of the laws of 2006, the opening
paragraph as further amended by section 104 of part A of chapter 62 of
the laws of 2011, is amended to read as follows:
a. Notwithstanding any other provision of law providing for transfers,
any member of any retirement system maintained by the state or a munici-
pality thereof, operating on a sound financial basis and subject to the
supervision of the department of financial services of this state may
transfer his or her membership pursuant to this section to the New York
state and local employees' retirement system, the New York city board of
education employees' retirement system, the New York state teachers'
retirement system, the New York state and local police and fire retire-
ment system or to the New York city employees' retirement system. Any
member of the New York state and local police and fire retirement system
may transfer his or her membership to any retirement system, other than
the hospital retirement system, which is operating on a sound basis and
is subject to the supervision of the department of financial services of
this state. Any police officer employed by the metropolitan transporta-
tion authority who is a member of the MTA police twenty year retirement
program of the metropolitan transportation authority defined benefit
pension plan (hereinafter referred to in this section as the "MTA police
retirement program") may transfer his or her membership in the New York
state and local police and fire retirement system and/or the New York
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08333-02-5
S. 5785 2
city police pension fund to the MTA police retirement program. ANY
POLICE OFFICER WHO WAS EMPLOYED BY THE METROPOLITAN TRANSPORTATION
AUTHORITY, THE LONG ISLAND RAILROAD COMPANY OR THE METRO-NORTH COMMUTER
RAILROAD COMPANY AND WHO IS A MEMBER OF THE MTA POLICE RETIREMENT
PROGRAM MAY TRANSFER HIS OR HER MEMBERSHIP IN THE MTA POLICE RETIREMENT
PROGRAM TO THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT
SYSTEM. Any transfer pursuant to this section may be effectuated only if
the member has accepted a position in another branch of the state or
municipal service which would make it:
1. Impossible for him or her to continue in the retirement system of
which he or she has been a member, and
2. Possible for him or her to participate in another such system.
Notwithstanding the foregoing provisions of this subdivision, any
employee who would be eligible to avail himself or herself of the
provisions of this section but for being on leave of absence status from
a prior employment while in his or her present employment, shall be
permitted to transfer his or her retirement system membership pursuant
to the provisions of this section.
S 2. Subdivision h of section 343 of the retirement and social securi-
ty law, as amended by chapter 728 of the laws of 2006, is amended to
read as follows:
h. Notwithstanding any other provision of law to the contrary, with
respect to transfers pursuant to this section which occur on or after
the effective date of this subdivision, no determination of a reserve
pursuant to subdivision c of this section or transfer thereof pursuant
to the first sentence of subdivision d of this section shall be required
in the case of any transfer pursuant to this section (other than a
transfer from the New York state and local police and fire retirement
system to either (1) the New York city police department subchapter two
pension fund, (2) the New York city fire department subchapter two
pension fund or (3) the MTA police retirement program or a transfer from
either (i) the New York city police department subchapter two pension
fund or (ii) the New York city fire department subchapter two pension
fund to either (A) the New York state and local police and fire retire-
ment system or (B) the MTA police retirement program OR A TRANSFER FROM
THE MTA POLICE RETIREMENT PROGRAM TO THE NEW YORK STATE AND LOCAL POLICE
AND FIRE RETIREMENT SYSTEM). For the purpose of giving the transferring
member such status and crediting such service in the second retirement
system as such member was allowed in the first retirement system in
those cases to which this subdivision shall apply, the transfer shall be
deemed complete upon receipt by the second retirement system of:
1. a statement from the first retirement system of the transferring
member's date of membership in the first retirement system, tier status,
service credited to such membership being transferred, and such other
information as the second retirement system may require to effectuate
the transfer; and
2. such member's accumulated contributions from the first retirement
system, if same had not been previously withdrawn, or notice from the
first retirement system that such member had no accumulated contrib-
utions, or notice from the first retirement system that such member's
accumulated contributions had been withdrawn and the amount thereof and,
as applicable, receipt from such member of such member's accumulated
contributions and interest.
S 3. This act shall take effect immediately.
FISCAL NOTE.-Pursuant to Legislative Law, Section 50:
S. 5785 3
This bill would allow any police officer who was employed by the
Metropolitan Transportation Authority, the Long Island Railroad Company
or the Metro-North Commuter Railroad Company and who is a member of the
MTA police retirement program to transfer his or her membership in the
MTA police retirement program to the New York State and Local Police and
Fire Retirement System (PFRS). Upon such transfer, the reserves from the
MTA police retirement program will be transferred to the PFRS.
If this bill is enacted, we anticipate that there will be no cost to
the State of New York and the participating employers in 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, 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 May 7, 2015, and intended for use only during the
2015 Legislative Session, is Fiscal Note No. 2015-105 prepared by the
Actuary for the New York State and Local Police and Fire Retirement
System.