S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8969
 
                             I N  S E N A T E
 
                             September 9, 2020
                                ___________
 
 Introduced  by Sen. BORRELLO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT providing for the extension of  NYSLRS  service  credit  for  any
   service  credit lost due to either furlough or layoff of a member from
   the period beginning when executive  order  202  of  2020  was  issued
   through December 31, 2020

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any provision of law to the  contrary,  any
 state  employee  who is a member of the New York state and local retire-
 ment system who has been furloughed or dismissed from employment between
 the period beginning on the date a state disaster emergency was declared
 pursuant to executive order 202 of 2020 through December  31,  2020  and
 has  lost New York state and local retirement system service credit as a
 result, shall be eligible for service credit for the amount of time such
 member has been furloughed or dismissed during such period. Such  exten-
 sion  of service credit shall apply to full-time, part-time and seasonal
 members.   Such members shall have  at  least  five  years  of  credited
 service,  not  including service credited in this act, to be eligible to
 receive the credit authorized pursuant to this act.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow  any  full-time,  part-time  or  seasonal  State
 employee  who  was  furloughed  or  dismissed from employment during the
 period beginning on the date a disaster emergency was  declared  in  the
 State  of New York pursuant to Executive Order 202 of 2020 and ending on
 December 31, 2020 to be granted service credit with the New  York  State
 and  Local  Retirement  System  (NYSLRS) as if no period of unemployment
 occurred. To be eligible for this additional service  credit,  a  member
 must  have  accrued  at  least  5 years of service credit, not including
 service credited under this bill. This bill would not be consistent with
 NYSLRS's policy of granting service credit only when a salary  has  been
 paid.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD17151-03-0

 S. 8969                             2
 
   Insofar  as  it  would  affect the New York State and Local Employees'
 Retirement System, if this bill is enacted during the  2020  legislative
 session it is estimated that the past service cost will average approxi-
 mately  18 percent of an affected member's compensation for each year of
 additional service that is granted.
   Insofar  as  it  would  affect the New York State and Local Employees'
 Police and Fire Retirement System, if this bill is  enacted  during  the
 2020 legislative session it is estimated that the past service cost will
 average  approximately  22  percent of an affected member's compensation
 for each year of additional service that is granted.
   All costs arising from this bill would be shared by the State  of  New
 York and all of the participating employers in the NYSLRS.
   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, 2019  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018, and 2019 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, 2019
 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 September 4, 2020,  and  intended  for  use  only
 during  the  2020  Legislative  Session,  is  Fiscal  Note No. 2020-135,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.