NY State Senate Bill 2019-S6060A

Senate Bill S6060A

2019-2020 Legislative Session

Relates to death benefits for certain members of the state retirement system employed by Nassau, Suffolk or Westchester county

download bill text pdf

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to civil service and pensions
Jun 03, 2019	print number 6060a
Jun 03, 2019	amend and recommit to civil service and pensions
May 16, 2019	referred to civil service and pensions

Bill Amendments

Original

A (Active)

2019-S6060 - Details

See Assembly Version of this Bill:: A7923
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Add §§508-b & 606-b, R & SS L

2019-S6060 - Summary

Provides alternative death benefits for certain members of the state retirement system employed by Nassau, Suffolk or Westchester county in certain law enforcement and corrections positions who are entitled to service retirement at the time of their death.

2019-S6060 - Sponsor Memo

                                
 
BILL NUMBER: S6060

SPONSOR: GOUNARDES
 
TITLE OF BILL:  An act to amend the retirement and social security
law, in relation to death benefits for certain members employed by
Nassau, Suffolk or Westchester county

 
PURPOSE OR GENERAL IDEA OF BILL:

To provide enhanced death benefits to the beneficiaries of corrections
officers in Westchester, Nassau, and Suffolk Counties when the officers
die before they can receive their pension

 
SUMMARY OF PROVISIONS:,:

Section 1 adds a new section 508-b to Retirement and Social Security Law
to provide that where certain corrections employees in Nassau, Suffolk,
and Westchester Counties who are eligible for a service retirement bene-
fit but still actively employed die before they take that benefit, their
beneficiaries may elect to receive the value of the decedent's pension
or a death benefit and the reserve-for-increased-take-home-pay, whichev-

er is greater, in a lump sum payment.

Section 2 adds a new section 606-b to Retirement and Social Security Law
to provide that where certain corrections employees in Nassau, Suffolk,
and Westchester Counties who are eligible for a service retirement bene-
fit but still actively employed die before they take that benefit, their
beneficiaries may elect to receive the value of the decedent's pension
or a death benefit and the reserve-for-increased-take-home-pay, whichev-
er is greater, in a lump sum payment.

Section 3 provides that this bill is not subject to the appropriation
requirement of Section 25 of the Retirement and Social Security Law.

Section 4 provides that all past service costs associated with this act
shall be paid by the counties of Nassau, Suffolk, and Westchester.

Section 5 provides that the act shall take effect immediately.

 
JUSTIFICATION:

The men and women who patrol our prisons have one of the most dangerous
and violent professions in the state, with the number of assaults on
corrections officers increasing from 556 in 2007 to 760 in 2016. Many
seek to retire with a well-fought public pension once they reach retire-
ment age and are fully vested, rightfully predicting that the longer
they stay in their jobs, the more likely they will someday become the
victim of an assault that seriously injures or kills them. There is thus
insufficient incentive to continue reporting to a job that presents
great risk and little reward for each additional year served. Yet at the
same time, the corrections system would benefit greatly from keeping
these seasoned officers around.

This bill aims to correct this predicament and offer justice to surviv-
ing families by enhancing the death benefits for deceased corrections
officers. Currently, in the majority of cases the families of pension-
eligible corrections officers in New York State who die before they take
retirement receive a death benefit of three times the officer's final
year earnings raised to the next highest multiple of $1,000. This lump
sum payment leaves many surviving families in the lurch as it provides
for only three years worth of lost wages.  This bill would allow these
families the option of receiving either A) the traditional death benefit
of three times final average salary or B) the full amount of the pension
the officer earned and would have received if still alive. This change
will both give seasoned, valuable officers more of an incentive to stay
and provide their families a much-needed financial cushion in the event
of their premature death.

 
FISCAL IMPLICATIONS:

TBD

 
EFFECTIVE DATE:
This bill would take effect immediately

2019-S6060 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6060
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced by Sen. GOUNARDES -- 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
   death benefits for certain members  employed  by  Nassau,  Suffolk  or
   Westchester county

   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 508-b to read as follows:
   § 508-B. DEATH BENEFITS FOR CERTAIN MEMBERS EMPLOYED BY NASSAU COUNTY,
 SUFFOLK COUNTY OR WESTCHESTER COUNTY. 1. AS USED IN  THIS  SECTION,  THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)   "NASSAU  COUNTY  EMPLOYEE"  SHALL  MEAN  A  CORRECTION  OFFICER,
 UNIFORMED CORRECTION DIVISION PERSONNEL, SHERIFF, UNDERSHERIFF OR DEPUTY
 SHERIFF, AS DEFINED IN SECTION EIGHTY-NINE-G OF THIS CHAPTER.
   (B) "SUFFOLK COUNTY EMPLOYEE" SHALL MEAN ANY  WARDEN,  DEPUTY  WARDEN,
 CORRECTION  CAPTAIN, CORRECTION LIEUTENANT, CORRECTION LIEUTENANT INVES-
 TIGATOR,  CORRECTION   SERGEANT,   CORRECTION   SERGEANT   INVESTIGATOR,
 CORRECTION INVESTIGATOR OR CORRECTION OFFICER WHO IS EMPLOYED BY SUFFOLK
 COUNTY.
   (C)  "WESTCHESTER  COUNTY EMPLOYEE" SHALL MEAN A SHERIFF, DEPUTY SHER-
 IFF,  UNDERSHERIFF,  CORRECTION  OFFICER,  CORRECTION  OFFICER-SERGEANT,
 CORRECTION OFFICER-CAPTAIN, ASSISTANT WARDEN, ASSOCIATE WARDEN OR WARDEN
 WHO  IS  EMPLOYED  BY  WESTCHESTER  COUNTY AND IN A PLAN THAT ALLOWS FOR
 IMMEDIATE RETIREMENT UPON  THE  COMPLETION  OF  A  SPECIFIED  PERIOD  OF
 SERVICE WITHOUT REGARD TO AGE.
   2.  NOTWITHSTANDING  ANY  PROVISION  OF  LAW  TO THE CONTRARY, WHERE A
 NASSAU COUNTY EMPLOYEE, SUFFOLK COUNTY EMPLOYEE  OR  WESTCHESTER  COUNTY
 EMPLOYEE WOULD HAVE BEEN ENTITLED TO A SERVICE RETIREMENT BENEFIT AT THE
 TIME  OF  HIS OR HER DEATH AND WHERE HIS OR HER DEATH OCCURS ON OR AFTER
 THE EFFECTIVE DATE OF THIS SECTION, THE BENEFICIARY OR BENEFICIARIES MAY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11413-01-9

 S. 6060                             2
 
 ELECT TO RECEIVE, IN A LUMP SUM, AN AMOUNT PAYABLE WHICH SHALL BE  EQUAL
 TO  THE  PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD THE MEMBER
 RETIRED ON THE DATE OF HIS OR HER DEATH, OR THE VALUE OF THE DEATH BENE-
 FIT  AND  THE  RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF ANY, WHICHEVER IS
 GREATER.
   § 2. The retirement and social security law is amended by adding a new
 section 606-b to read as follows:
   § 606-B. DEATH BENEFITS FOR CERTAIN MEMBERS EMPLOYED BY NASSAU COUNTY,
 SUFFOLK COUNTY OR WESTCHESTER COUNTY. 1. AS USED IN  THIS  SECTION,  THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)   "NASSAU  COUNTY  EMPLOYEE"  SHALL  MEAN  A  CORRECTION  OFFICER,
 UNIFORMED CORRECTION DIVISION PERSONNEL, SHERIFF, UNDERSHERIFF OR DEPUTY
 SHERIFF, AS DEFINED IN SECTION EIGHTY-NINE-G OF THIS CHAPTER.
   (B) "SUFFOLK COUNTY EMPLOYEE" SHALL MEAN ANY  WARDEN,  DEPUTY  WARDEN,
 CORRECTION  CAPTAIN, CORRECTION LIEUTENANT, CORRECTION LIEUTENANT INVES-
 TIGATOR,  CORRECTION   SERGEANT,   CORRECTION   SERGEANT   INVESTIGATOR,
 CORRECTION INVESTIGATOR OR CORRECTION OFFICER WHO IS EMPLOYED BY SUFFOLK
 COUNTY.
   (C)  "WESTCHESTER  COUNTY EMPLOYEE" SHALL MEAN A SHERIFF, DEPUTY SHER-
 IFF,  UNDERSHERIFF,  CORRECTION  OFFICER,  CORRECTION  OFFICER-SERGEANT,
 CORRECTION OFFICER-CAPTAIN, ASSISTANT WARDEN, ASSOCIATE WARDEN OR WARDEN
 WHO  IS  EMPLOYED  BY  WESTCHESTER  COUNTY AND IN A PLAN THAT ALLOWS FOR
 IMMEDIATE RETIREMENT UPON  THE  COMPLETION  OF  A  SPECIFIED  PERIOD  OF
 SERVICE WITHOUT REGARD TO AGE.
   2.  NOTWITHSTANDING  ANY  PROVISION  OF  LAW  TO THE CONTRARY, WHERE A
 NASSAU COUNTY EMPLOYEE, SUFFOLK COUNTY EMPLOYEE  OR  WESTCHESTER  COUNTY
 EMPLOYEE WOULD HAVE BEEN ENTITLED TO A SERVICE RETIREMENT BENEFIT AT THE
 TIME  OF  HIS OR HER DEATH AND WHERE HIS OR HER DEATH OCCURS ON OR AFTER
 THE EFFECTIVE DATE OF THIS SECTION, THE BENEFICIARY OR BENEFICIARIES MAY
 ELECT TO RECEIVE, IN A LUMP SUM, AN AMOUNT PAYABLE WHICH SHALL BE  EQUAL
 TO  THE  PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD THE MEMBER
 RETIRED ON THE DATE OF HIS OR HER DEATH, OR THE VALUE OF THE DEATH BENE-
 FIT AND THE RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF  ANY,  WHICHEVER  IS
 GREATER.
   §  3. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall  be  subject  to  the  appropriation
 requirement of section 25 of the retirement and social security law.
   §  4. All past service costs associated with this act shall be paid by
 the counties of Nassau, Suffolk and Westchester.
   § 5. This act shall take effect immediately.

co-Sponsors

2019-S6060A (ACTIVE) - Details

See Assembly Version of this Bill:: A7923
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Add §§508-b & 606-b, R & SS L

2019-S6060A (ACTIVE) - Summary

2019-S6060A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6060A

SPONSOR: GOUNARDES
 
TITLE OF BILL:  An act to amend the retirement and social security
law, in relation to death benefits for certain members employed by
Nassau, Suffolk or Westchester county

 
PURPOSE OR GENERAL IDEA OF BILL:

To provide enhanced death benefits to the beneficiaries of corrections
officers in Westchester, Nassau, and Suffolk Counties when the officers
die before they can receive their pension

 
SUMMARY OF PROVISIONS:

Section 1 adds a new section 508-b to Retirement and Social Security Law
to provide that where certain corrections employees in Nassau, Suffolk,
and Westchester Counties who are eligible for a service retirement bene-
fit but still actively employed die before they take that benefit, their
beneficiaries may elect to receive the value of the decedent's pension
or a death benefit and the reserve-for- increased-take-home-pay, which-

ever is greater, in a lump sum payment.

Section 2 adds a new section 606-b to Retirement and Social Security Law
to provide that where certain corrections employees in Nassau, Suffolk,
and Westchester Counties who are eligible for a service retirement bene-
fit but still actively employed die before they take that benefit, their
beneficiaries may elect to receive the value of the decedent's pension
or a death benefit and the reserve-for- increased-take-home-pay, which-
ever is greater, in a lump sum payment.

Section 3 provides that this bill is not subject to the appropriation
requirement of Section 25 of the Retirement and Social Security Law.

Section 4 provides that all past service costs associated with this act
shall be paid by the counties of Nassau, Suffolk, and Westchester, split
by one-third each.

Section 5 provides that the act shall take effect immediately.

 
JUSTIFICATION:

The men and women who patrol our prisons have one of the most dangerous
and violent professions in the state, with the number of assaults on
corrections officers increasing from 556 in 2007 to 760 in 2016. Many
seek to retire with a well-fought public pension once they reach retire-
ment age and are fully vested, rightfully predicting that the longer
they stay in their jobs, the more likely they will someday become the
victim of an assault that seriously injures or kills them. There is thus
insufficient incentive to continue reporting to a job  that presents
great risk and little reward for each additional year served. Yet at the
same time, the corrections system would benefit greatly from keeping
these seasoned officers around.

This bill aims to correct this predicament and offer justice to surviv-
ing families by enhancing the death benefits for deceased corrections
officers. Currently, in the majority of cases the families of pension-
eligible corrections officers in New York State who die before they take
retirement receive a death benefit of three times the officer's final
year earnings raised to the next highest multiple of $1,000. This lump
sum payment leaves many surviving families in the lurch as it provides
for only three years worth of lost wages.  This bill would allow these
families the option of receiving either A) the traditional death benefit
of three times final average salary or B) the full amount of the pension
the officer earned and would have received if still alive. This change
will both give seasoned, valuable officers more of an incentive to stay
and provide their families a much-needed financial cushion in the event
of their premature death.

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This bill would take effect immediately

2019-S6060A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6060--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced by Sen. GOUNARDES -- 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
   death  benefits  for  certain  members  employed by Nassau, Suffolk or
   Westchester county
 
   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 508-b to read as follows:
   § 508-B. DEATH BENEFITS FOR CERTAIN MEMBERS EMPLOYED BY NASSAU COUNTY,
 SUFFOLK  COUNTY  OR  WESTCHESTER COUNTY. 1. AS USED IN THIS SECTION, THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "NASSAU  COUNTY  EMPLOYEE"  SHALL  MEAN  A  CORRECTION   OFFICER,
 UNIFORMED CORRECTION DIVISION PERSONNEL, SHERIFF, UNDERSHERIFF OR DEPUTY
 SHERIFF, AS DEFINED IN SECTION EIGHTY-NINE-G OF THIS CHAPTER.
   (B)  "SUFFOLK  COUNTY  EMPLOYEE" SHALL MEAN ANY WARDEN, DEPUTY WARDEN,
 CORRECTION CAPTAIN, CORRECTION LIEUTENANT, CORRECTION LIEUTENANT  INVES-
 TIGATOR,   CORRECTION   SERGEANT,   CORRECTION   SERGEANT  INVESTIGATOR,
 CORRECTION INVESTIGATOR, CORRECTION OFFICER,  SHERIFF,  UNDERSHERIFF  OR
 DEPUTY SHERIFF WHO IS EMPLOYED BY SUFFOLK COUNTY.
   (C)  "WESTCHESTER  COUNTY EMPLOYEE" SHALL MEAN A SHERIFF, DEPUTY SHER-
 IFF,  UNDERSHERIFF,  CORRECTION  OFFICER,  CORRECTION  OFFICER-SERGEANT,
 CORRECTION OFFICER-CAPTAIN, ASSISTANT WARDEN, ASSOCIATE WARDEN OR WARDEN
 WHO  IS  EMPLOYED  BY  WESTCHESTER  COUNTY AND IN A PLAN THAT ALLOWS FOR
 IMMEDIATE RETIREMENT UPON  THE  COMPLETION  OF  A  SPECIFIED  PERIOD  OF
 SERVICE WITHOUT REGARD TO AGE.
   2.  NOTWITHSTANDING  ANY  PROVISION  OF  LAW  TO THE CONTRARY, WHERE A
 NASSAU COUNTY EMPLOYEE, SUFFOLK COUNTY EMPLOYEE  OR  WESTCHESTER  COUNTY
 EMPLOYEE WOULD HAVE BEEN ENTITLED TO A SERVICE RETIREMENT BENEFIT AT THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11413-04-9

 S. 6060--A                          2
 
 TIME  OF  HIS OR HER DEATH AND WHERE HIS OR HER DEATH OCCURS ON OR AFTER
 THE EFFECTIVE DATE OF THIS SECTION, THE BENEFICIARY OR BENEFICIARIES MAY
 ELECT TO RECEIVE, IN A LUMP SUM, AN AMOUNT PAYABLE WHICH SHALL BE  EQUAL
 TO  THE  PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD THE MEMBER
 RETIRED ON THE DATE OF HIS OR HER DEATH, OR THE VALUE OF THE DEATH BENE-
 FIT AND THE RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF  ANY,  WHICHEVER  IS
 GREATER.
   § 2. The retirement and social security law is amended by adding a new
 section 606-b to read as follows:
   § 606-B. DEATH BENEFITS FOR CERTAIN MEMBERS EMPLOYED BY NASSAU COUNTY,
 SUFFOLK  COUNTY  OR  WESTCHESTER COUNTY. 1. AS USED IN THIS SECTION, THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "NASSAU  COUNTY  EMPLOYEE"  SHALL  MEAN  A  CORRECTION   OFFICER,
 UNIFORMED CORRECTION DIVISION PERSONNEL, SHERIFF, UNDERSHERIFF OR DEPUTY
 SHERIFF, AS DEFINED IN SECTION EIGHTY-NINE-G OF THIS CHAPTER.
   (B)  "SUFFOLK  COUNTY  EMPLOYEE" SHALL MEAN ANY WARDEN, DEPUTY WARDEN,
 CORRECTION CAPTAIN, CORRECTION LIEUTENANT, CORRECTION LIEUTENANT  INVES-
 TIGATOR,   CORRECTION   SERGEANT,   CORRECTION   SERGEANT  INVESTIGATOR,
 CORRECTION INVESTIGATOR, CORRECTION OFFICER,  SHERIFF,  UNDERSHERIFF  OR
 DEPUTY SHERIFF WHO IS EMPLOYED BY SUFFOLK COUNTY.
   (C)  "WESTCHESTER  COUNTY EMPLOYEE" SHALL MEAN A SHERIFF, DEPUTY SHER-
 IFF,  UNDERSHERIFF,  CORRECTION  OFFICER,  CORRECTION  OFFICER-SERGEANT,
 CORRECTION OFFICER-CAPTAIN, ASSISTANT WARDEN, ASSOCIATE WARDEN OR WARDEN
 WHO  IS  EMPLOYED  BY  WESTCHESTER  COUNTY AND IN A PLAN THAT ALLOWS FOR
 IMMEDIATE RETIREMENT UPON  THE  COMPLETION  OF  A  SPECIFIED  PERIOD  OF
 SERVICE WITHOUT REGARD TO AGE.
   2.  NOTWITHSTANDING  ANY  PROVISION  OF  LAW  TO THE CONTRARY, WHERE A
 NASSAU COUNTY EMPLOYEE, SUFFOLK COUNTY EMPLOYEE  OR  WESTCHESTER  COUNTY
 EMPLOYEE WOULD HAVE BEEN ENTITLED TO A SERVICE RETIREMENT BENEFIT AT THE
 TIME  OF  HIS OR HER DEATH AND WHERE HIS OR HER DEATH OCCURS ON OR AFTER
 THE EFFECTIVE DATE OF THIS SECTION, THE BENEFICIARY OR BENEFICIARIES MAY
 ELECT TO RECEIVE, IN A LUMP SUM, AN AMOUNT PAYABLE WHICH SHALL BE  EQUAL
 TO  THE  PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD THE MEMBER
 RETIRED ON THE DATE OF HIS OR HER DEATH, OR THE VALUE OF THE DEATH BENE-
 FIT AND THE RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF  ANY,  WHICHEVER  IS
 GREATER.
   §  3. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall  be  subject  to  the  appropriation
 requirement of section 25 of the retirement and social security law.
   §  4. All past service costs associated with this act shall be paid by
 the counties of Nassau, Suffolk and Westchester.  Each such county shall
 be responsible for one-third of such costs.
   § 5. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would modify the in-service  death  benefit  for  retirement
 eligible  tiers  3  through  6  members  of the New York State and Local
 Employees' Retirement System who are  employed  by  Nassau,  Suffolk  or
 Westchester counties and are in certain correction officer, deputy sher-
 iff  and  warden  job  titles.  The in-service death benefit will be the
 value of the pension reserve as if the member had retired on their  date
 of death.
   If this legislation is enacted during the 2019 legislative session, we
 anticipate that there will be an increase in the annual contributions of
 the  counties  of  Nassau,  Suffolk  and  Westchester  of  approximately
 $110,000, $160,000 and $93,000, respectively.

 S. 6060--A                          3
 
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $8.94 million, of  which
 $2.98  million is to be borne by each of the counties of Nassau, Suffolk
 and Westchester as a one-time payment.
   These estimated costs are based on 940, 1,234 and 879 affected members
 employed by the counties of Nassau, Suffolk and Westchester, respective-
 ly,  with  salaries  of approximately $106 million, $154 million and $88
 million, respectively.
   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, 2018 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2018
 Report  of  the  Actuary  and  the  2018  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016,  2017  and  2018  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, 2018
 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 fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated May 16, 2019, and intended for  use  only  during
 the 2019 Legislative Session, is Fiscal Note No. 2019-2, prepared by the
 Actuary for the New York State and Local Retirement System.

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