NY State Senate Bill 2021-S4236

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 05, 2022	referred to civil service and pensions
Feb 03, 2021	referred to civil service and pensions

2021-S4236 (ACTIVE) - Details

See Assembly Version of this Bill:: A6988
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5842, A7249
2023-2024: S3614, A5209

2021-S4236 (ACTIVE) - Summary

Increases the salary ranges tied to member contribution requirements by three percent annually.

2021-S4236 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4236

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation amends the retirement and social security law to
increase the wage thresholds for contributions required to be made by
employees in Tier 6.

 
SUMMARY OF PROVISIONS:

This bill amends section 517, 613, and 1204 of the Retirement and Social
Security law and section 182, 392, and 6252 of the Education Law to
increase the wage thresholds for contributions that are required to be
made by employees in Tier 6.

 
EXISTING LAW:

Employees that are members of the tier 6 pension plan are required to
contribute a percentage of their wages based on how much they are paid
annually. The current brackets are:

Less than $45,000 - 3% of wages

$45,000 - $55,000 - 3.5%

$55,000 - $75,000 - 4.5%

$75,000-$100,000 - 5.75%

5.75% Over $100,000 - 6%

 
JUSTIFICATION:

The current tier 6 contribution system requires employees to contribute
a percentage of their wages to pay for their pension.  While this system
is intended to ensure that lower income employees contribute a smaller
percentage of their income than those that make more, this will not be
the case over time. For example, an employee that currently makes
$40,000 per year will pay 3% of their wages for their pension. If they
receive a 2% raise annually, they would move into the 3.5% pension
contribution bracket within 7 years.  This effectively negates the value
of the raises, as with each income bracket they move into they lose more
of their money to the pension fund. Furthermore, these wage brackets set
in statute do not account for inflation, meaning the value of someone's
income will decrease over time but they are still required to contribute
the same percent.  This legislation would fix this issue by increasing
each wage bracket by 3% per year to both reflect the rising value of
goods and services and help public servants keep more of their own
income.

 
PRIOR LEGISLATIVE HISTORY:

2020: S5842A - Referred to Civil Service & Pensions
2019: S5842 - Referred to Civil Service & Pensions

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S4236 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4236
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2021
                                ___________
 
 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 and the education
   law, in relation to member contribution per centum increases

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
 of the retirement and social security law, as added by chapter 18 of the
 laws of 2012, are amended to read as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-TWO,  AND  EVERY  YEAR  THEREAFTER,  THE  WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   2. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL BE
 INCREASED BY THREE PER CENTUM;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL BE
 INCREASED BY THREE PER CENTUM;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES  IN  THIS  SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03552-02-1

 S. 4236                             2
 
 SAND TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN  THIS  SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM.
   §  2.  Subparagraphs  (i), (ii), (iii), (iv) and (v) of paragraph 1 of
 subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
 2 of subdivision a, paragraphs 1, 2, 3, 4 and 5  of  subdivision  f  and
 paragraphs  1,  2,  3,  4  and  5 of subdivision g of section 613 of the
 retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
 and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and  (v)
 of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
 2015  and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1,
 2, 3, 4 and 5 of subdivision g as added by chapter 18  of  the  laws  of
 2012, are amended to read as follows:
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   (ii) members with wages greater than forty-five  thousand  per  annum,
 but  not  more than fifty-five thousand per annum shall contribute three
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-TWO,  AND  EVERY  YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-TWO,  AND  EVERY  YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM;
   (iv) members with wages greater than seventy-five thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM.
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE  WAGES  IN  THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES  IN  THIS  SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM;
   (iii)  members  with wages greater than fifty-five thousand per annum,
 but not more than seventy-five thousand per annum shall contribute  four
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES  IN  THIS  SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN  THIS  SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-

 S. 4236                             3
 
 SAND TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN  THIS  SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-TWO, AND  EVERY  YEAR  THEREAFTER,  THE  WAGES  IN  THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE
 INCREASED BY THREE PER CENTUM;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE
 INCREASED BY THREE PER CENTUM;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-TWO,  AND  EVERY  YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM.
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual  wages.  ON  JULY  ONE,  TWO
 THOUSAND  TWENTY-TWO,  AND  EVERY  YEAR  THEREAFTER,  THE  WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   2. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL BE
 INCREASED BY THREE PER CENTUM;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL BE
 INCREASED BY THREE PER CENTUM;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of  annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES  IN  THIS  SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM.
   § 3. Subdivisions a, b, c, d and e of section 1204 of  the  retirement
 and social security law, as added by chapter 18 of the laws of 2012, are
 amended to read as follows:
   a. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBDI-
 VISION SHALL BE INCREASED BY THREE PER CENTUM;

 S. 4236                             4
 
   b. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 TWO,  AND  EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBDIVISION SHALL BE
 INCREASED BY THREE PER CENTUM;
   c.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBDIVISION  SHALL  BE
 INCREASED BY THREE PER CENTUM;
   d. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-TWO,  AND  EVERY  YEAR  THEREAFTER, THE WAGES IN THIS SUBDIVISION
 SHALL BE INCREASED BY THREE PER CENTUM; and
   e. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBDIVI-
 SION SHALL BE INCREASED BY THREE PER CENTUM.
   § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
 182 of the education law, as added by chapter 18 of the  laws  of  2012,
 are amended to read as follows:
   (a)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS
 PARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   (b) members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN  THIS  PARAGRAPH  SHALL  BE
 INCREASED BY THREE PER CENTUM;
   (c) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 TWO,  AND  EVERY  YEAR  THEREAFTER, THE WAGES IN THIS PARAGRAPH SHALL BE
 INCREASED BY THREE PER CENTUM;
   (d) members with wages greater than seventy-five  thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS PARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM; and
   (e) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND  TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS PARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM.
   § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d)  of
 subdivision  2  of section 392 of the education law, as added by chapter
 18 of the laws of 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-TWO,  AND  EVERY  YEAR  THEREAFTER,  THE  WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   (ii) members with wages greater than forty-five  thousand  per  annum,
 but  not  more than fifty-five thousand per annum shall contribute three
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-

 S. 4236                             5
 
 TY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH  SHALL
 BE INCREASED BY THREE PER CENTUM;
   (iii)  members  with wages greater than fifty-five thousand per annum,
 but not more than seventy-five thousand per annum shall contribute  four
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL
 BE INCREASED BY THREE PER CENTUM;
   (iv) members with wages greater than seventy-five thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES  IN  THIS  SUBPARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND  TWENTY-TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARA-
 GRAPH SHALL BE INCREASED BY THREE PER CENTUM.
   § 6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision  2
 of section 6252 of the education law, as added by chapter 18 of the laws
 of 2012, are amended to read as follows:
   (1)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND TWENTY-TWO, AND  EVERY  YEAR  THEREAFTER,  THE  WAGES  IN  THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THREE PER CENTUM;
   (2) members with wages greater than forty-five thousand per annum, but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 TWO,  AND EVERY YEAR THEREAFTER, THE WAGES IN THIS SUBPARAGRAPH SHALL BE
 INCREASED BY THREE PER CENTUM;
   (3) members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per  centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
 TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN  THIS  PARAGRAPH  SHALL  BE
 INCREASED BY THREE PER CENTUM;
   (4)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS PARAGRAPH SHALL
 BE INCREASED BY THREE PER CENTUM; and
   (5)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND  TWENTY-TWO, AND EVERY YEAR THEREAFTER, THE WAGES IN THIS PARAGRAPH
 SHALL BE INCREASED BY THREE PER CENTUM.
   § 7. Notwithstanding any other provision of law to the contrary,  none
 of  the  provisions  of  this  act shall be subject to section 25 of the
 retirement and social security law.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would increase the wage ranges to which the 3%, 3.5%,  4.5%,
 5.75% and 6% contribution rates are applied for tier 6 members beginning
 on April 1, 2022 and every year thereafter by 3%.
   The current contribution rates and wage ranges are:
   3% for wages of $45,000 or less
   3.5% for wages greater than $45,000 and less than or equal to $55,000
   4.5% for wages greater than $55,000 and less than or equal to $75,000
   5.75% for wages greater than $75,000 and less than or equal to $100,000
   6.0% for wages greater than $100,000

 S. 4236                             6
 
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System (NYSLERS), if this legislation is enacted  during  the
 2021 legislative session, there will be an increase in the present value
 of  future  costs of approximately $428 million which would be shared by
 the  State  of  New  York  and all of the participating employers in the
 NYSLERS. The estimated first year  cost  would  be  approximately  $21.0
 million  to the State of New York and approximately $30.3 million to the
 participating employers in the NYSLERS.
   Insofar as this bill affects the New York State and Local  Police  and
 Fire Retirement System (NYSLPFRS), if this legislation is enacted during
 the  2021  legislative session, there will be an increase in the present
 value of future costs of approximately  $9.37  million  which  would  be
 shared  by  the State of New York and all of the participating employers
 in the NYSLPFRS. The estimated first year cost  would  be  approximately
 $199,000  to  the  State  of  New York and approximately $832,000 to the
 participating employers in the NYSLPFRS.
   Summary of relevant resources:
   Membership data as of March 31, 2020 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al  valuation.    Distributions and other statistics can be found in the
 2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 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, 2020
 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 January 8, 2021, and intended for use only during
 the  2021  Legislative  Session, is Fiscal Note No. 2021-21, prepared by
 the Actuary for the New York State and Local Retirement System.

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Senate Bill S4236

Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

2021-S4236 (ACTIVE) - Details

2021-S4236 (ACTIVE) - Summary

2021-S4236 (ACTIVE) - Sponsor Memo

2021-S4236 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4236

Share this bill

Sponsored By

Andrew Gounardes

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

2021-S4236 (ACTIVE) - Details

2021-S4236 (ACTIVE) - Summary

2021-S4236 (ACTIVE) - Sponsor Memo

2021-S4236 (ACTIVE) - Bill Text download pdf

Comments