NY State Senate Bill 2021-S6537

Senate Bill S6537

2021-2022 Legislative Session

Relates to the transfer of pension reserves between public retirement systems of the state for certain members

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to civil service and pensions returned to senate died in assembly
Jun 09, 2021	referred to governmental employees delivered to assembly passed senate
Jun 08, 2021	ordered to third reading cal.1655 committee discharged and committed to rules
May 18, 2021	reported and committed to finance
May 05, 2021	referred to civil service and pensions

Votes

- Jun 9, 2021 - Floor Vote
  S6537
  
  63
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 9, 2021
      
      aye (63)
      
      Addabbo Jr.
      
      Akshar
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Borrello
      
      Boyle
      
      Breslin
      
      Brisport
      
      Brooks
      
      Brouk
      
      Comrie
      
      Cooney
      
      Felder
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martucci
      
      Mattera
      
      May
      
      Mayer
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rath III
      
      Reichlin-Melnick
      
      Ritchie
      
      Rivera
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Weik
  Jun 8, 2021 - Rules Committee Vote
  S6537
  
  18
  
  Aye
  
  0
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 8, 2021
      
      aye (18)
      
      Addabbo Jr.
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Kennedy
      
      Krueger
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Ritchie
      
      Savino
      
      Stewart-Cousins
      
      aye wr (3)
      
      Boyle
      
      Griffo
      
      Lanza
  Jun 1, 2021 - Rules Committee Vote
  S6537
  
  19
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 1, 2021
      
      aye (19)
      
      Addabbo Jr.
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Kennedy
      
      Krueger
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Ritchie
      
      Savino
      
      Stewart-Cousins
      
      aye wr (2)
      
      Boyle
      
      Lanza
  May 18, 2021 - Civil Service And Pensions Committee Vote
  S6537
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Civil Service And Pensions Committee Vote: May 18, 2021
      
      aye (7)
      
      Addabbo Jr.
      
      Akshar
      
      Gounardes
      
      Jackson
      
      Mannion
      
      Savino
      
      Weik

2021-S6537 (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Education Law
Laws Affected:: Amd §522, Ed L; amd §§43 & 343, R & SS L; amd §§13-143 & 13-144, NYC Ad Cd; amd §3, Chap 666 of 1990

2021-S6537 (ACTIVE) - Summary

Relates to the transfer of pension reserves between public retirement systems of the state for certain members who are transferring ten or more years of credited service.

2021-S6537 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6537

SPONSOR: REICHLIN-MELNICK
 
TITLE OF BILL:

An act to amend the education law, the retirement and social security
law, the administrative code of the city of New York, and chapter 666 of
the laws of 1990, amending the administrative code of the city of New
York and the education law relating to the availability of additional
pension benefits, in relation to the transfer of reserves between public
retirement systems of the state for certain members

 
PURPOSE OF THE BILL:

The bill amends Education Law Section 522, Retirement and Social Securi-
ty Law Sections 43 and 343, Administrative Code of the City of New York
Sections 13-143 and 13-144 and Chapter 666 of the laws of 1990, to rein-
state the transfer of reserves as a required step in completing the
transfer of a membership between public retirement systems within New
York state for members transferring with ten or more years of service
credit.

 
SUMMARY AND JUSTIFICATION:

Pursuant to Chapter 647 of the laws of 2004, the transfer provisions
allow for reciprocal transfers of service and salary between New York
state public retirement systems without the transfer of reserves. In
essence, the transfer provisions allow for public employees to move
between credited service and salary from the transferring system and any
other documentation necessary to effectuate the transfer of the member's
annuity if any, and any accumulated member contributions.

The Retirement System respectfully requests the transfer of reserves for
members transferring with 10 or more years of credited service be rein-
stated. The pension systems have streamlined the ability to capture
reserves since 2004 and necessitating the requirement for reserves for
long standing public employees will provide equity to the pension
systems funding the benefit at retirement.

 
EFFECTIVE DATE OF THE BILL:

This act shall take effect immediately and shall apply to any covered
membership transfer initiated on or after the effective date of this
act; provided, however, that no provision of this act shall affect the
transfer of reserves required with respect to transfers between any two
of the New York state and local police and fire department system, the
New York city police department subchapter two pension fund and the New
York city fire department subchapter two pension fund and with respect
to transfers from the New York state and local police and fire retire-
ment system to the metropolitan transportation authority police pension
fund.

 
OTHER AGENCIES TO WHOM THE BILL MAY BE OF INTEREST:

Division of the Budget, Department of Financial Services.

 
BUDGETARY IMPLICATIONS OF THE BILL:


It is estimated there will be no annual cost to the employers of members
of the New York State Teachers' Retirement System if this bill is
enacted.

2021-S6537 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6537
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                May 5, 2021
                                ___________
 
 Introduced by Sen. REICHLIN-MELNICK -- (at request of the New York State
   Teachers'  Retirement  System)  -- read twice and ordered printed, and
   when printed to be committed to the Committee  on  Civil  Service  and
   Pensions
 
 AN  ACT  to  amend the education law, the retirement and social security
   law, the administrative code of the city of New York, and chapter  666
   of  the  laws of 1990, amending the administrative code of the city of
   New York and the education law relating to the availability  of  addi-
   tional  pension  benefits,  in  relation  to  the transfer of reserves
   between public retirement systems of the state for certain members
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  5  of  section  522 of the education law, as
 amended by chapter 41 of the  laws  of  2009,  is  amended  to  read  as
 follows:
   5.  Notwithstanding any other provision of law to the contrary, except
 for the purposes of providing the benefits, if any, of subdivision  four
 of  this  section,  with  respect  to transfers pursuant to this section
 which occur on or after the effective date of THE CHAPTER OF THE LAWS OF
 TWO THOUSAND TWENTY-ONE THAT AMENDED this subdivision, no transfer of  a
 pension reserve pursuant to subdivision one or two of this section shall
 be  required  when  the  member is transferring from a public [employee]
 retirement system of [this] THE state  [to  any  other  public  employee
 retirement  system  of  this state] WITH LESS THAN TEN YEARS OF CREDITED
 SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER
 IS INITIATED. WITH RESPECT TO TRANSFERS PURSUANT TO SUBDIVISION  ONE  OR
 TWO  OF  THIS  SECTION WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE
 CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED THIS  SUBDI-
 VISION,  THE  TRANSFER  OF  A PENSION RESERVE SHALL BE REQUIRED WHEN THE
 MEMBER IS TRANSFERRING TEN OR MORE YEARS  OF  CREDITED  SERVICE  FROM  A
 PUBLIC  RETIREMENT  SYSTEM  OF THIS STATE TO ANY OTHER PUBLIC RETIREMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11221-01-1

 S. 6537                             2
 
 SYSTEM OF THIS STATE.  For the purpose of giving the transferring member
 such status and crediting such service in the retirement system to which
 the member is transferring as such member was allowed in the  retirement
 system  from  which  the  member  has transferred, the transfer shall be
 deemed complete upon receipt by the transferee retirement system of  (a)
 a  statement  from  the transferor retirement system of the transferring
 member's date of membership in the transferor  retirement  system,  tier
 status,  service  credited to the transferred membership, and such other
 information as the transferee retirement system may require to  effectu-
 ate the transfer, [and] (b) such member's accumulated contributions from
 the  transferor retirement system, if same had not been previously with-
 drawn, or notice from the transferor retirement system that such  member
 had  no accumulated contributions, or notice from the transferor retire-
 ment system that such member's accumulated contributions had been  with-
 drawn  and  the  amount  thereof  and,  as applicable, receipt from such
 member of such member's accumulated contributions and interest, AND  (C)
 THE PENSION RESERVE IN THE CASE OF A MEMBER WHO TRANSFERS IN TEN OR MORE
 YEARS OF CREDITED SERVICE.
   § 2. Subdivision k of section 43 of the retirement and social security
 law, as amended by chapter 41 of the laws of 2009, is amended to read as
 follows:
   k.  Notwithstanding any other provision of this section, any member of
 the New York state and local employees' retirement  system  or  the  New
 York  city  teachers'  retirement  system  who retired from service from
 either the New York city employees' retirement system or  the  New  York
 city  board  of  education  retirement  system as a member of the career
 pension plan maintained by such system and who, but for the fact that he
 or she retired, would be eligible for transfer and who has not, in fact,
 received a pension payment from such system shall be permitted to trans-
 fer his or her retirement system membership pursuant to  the  provisions
 of  this section. In such event, the application for retirement shall be
 deemed to have been rescinded and the retirement system from  which  the
 service  shall be transferred shall transfer the appropriate reserves as
 provided by this section, provided, however, that with respect to trans-
 fers pursuant to this subdivision which occur on or after  [the  twenty-
 sixth day of October, two thousand four] THE EFFECTIVE DATE OF THE CHAP-
 TER   OF   THE  LAWS  OF  TWO  THOUSAND  TWENTY-ONE  THAT  AMENDED  THIS
 SUBDIVISION, except for the purposes of providing the benefits, if  any,
 of  subdivision four of section five hundred twenty-two of the education
 law, no determination of a reserve pursuant to  subdivision  c  of  this
 section  or  transfer thereof pursuant to the first sentence of subdivi-
 sion d of this section shall be required in the  case  of  any  transfer
 pursuant  to  this  subdivision  WITH  LESS  THAN  TEN YEARS OF CREDITED
 SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER
 IS INITIATED.  WITH RESPECT TO TRANSFERS PURSUANT TO THIS SECTION  WHICH
 OCCUR  ON  OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO
 THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION,  THE  TRANSFER  OF  A
 PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR
 MORE  YEARS  OF  CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE
 STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM OF THE STATE.  Notwithstand-
 ing the provision of this subdivision or any other provision of law,  an
 individual  who  transfers  pursuant  to  this  subdivision shall not be
 required to render any minimum period of service following  transfer  in
 order  to  be  eligible  to receive the full benefit provided hereunder.
 Notwithstanding the foregoing, a retiree covered by  either  the  career
 pension  plan or the fifty-five-year-increased-service-fraction plan who

 S. 6537                             3
 
 has received a pension payment or payments from  such  system  shall  be
 eligible  for  the  provisions  of this subdivision upon payment, to the
 retirement system from which the pension payment or payments were  made,
 of  an  amount  equal  to  such  pension payment or payments. After such
 payments AND THE PENSION RESERVE, IN THE CASE OF A MEMBER WHO  TRANSFERS
 IN  TEN  OR  MORE  YEARS  OF CREDITED SERVICE, are received, such person
 shall be permitted to transfer his or her retirement  system  membership
 pursuant to the provisions of this section.
   § 3. Subdivision 1 of section 43 of the retirement and social security
 law, as amended by chapter 41 of the laws of 2009, is amended to read as
 follows:
   l.  Notwithstanding  any  other provision of law to the contrary, with
 respect to transfers pursuant to this section which occur  on  or  after
 [the  twenty-sixth day of October, two thousand four] THE EFFECTIVE DATE
 OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED  THIS
 SUBDIVISION,  except for the purposes of providing the benefits, if any,
 of subdivision four of section five hundred twenty-two of the  education
 law,  no  determination  of  a reserve pursuant to subdivision c of this
 section or transfer thereof pursuant to the first sentence  of  subdivi-
 sion  d  of  this  section shall be required in the case of any transfer
 pursuant to this section WITH LESS THAN TEN YEARS  OF  CREDITED  SERVICE
 WITH  THE  TRANSFERRING  RETIREMENT  SYSTEM  AT THE TIME THE TRANSFER IS
 INITIATED. WITH RESPECT TO TRANSFERS  PURSUANT  TO  THIS  SECTION  WHICH
 OCCUR  ON  OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO
 THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION,  THE  TRANSFER  OF  A
 PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OF
 MORE  YEARS  OF  CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE
 STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM  OF  THE  STATE.    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; AND
   3. THE PENSION RESERVE IN THE CASE OF A MEMBER WHO TRANSFERS IN TEN OR
 MORE YEARS OF CREDITED SERVICE.
   § 4. Subdivision h of section 343 of the retirement and social securi-
 ty law, as amended by chapter 533 of the laws of  2015,  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 THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE
 THAT AMENDED 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

 S. 6537                             4
 
 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 retirement 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)  IN  THE  CASE  OF A MEMBER WITH LESS THAN TEN YEARS OF CREDITED
 SERVICE WITH THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE TRANSFER
 IS INITIATED. WITH RESPECT TO TRANSFERS PURSUANT  TO  SUCH  SUBDIVISIONS
 WHICH OCCUR ON OR AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF
 TWO THOUSAND TWENTY-ONE THAT AMENDED THIS SUBDIVISION, THE TRANSFER OF A
 PENSION RESERVE SHALL BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR
 MORE  YEARS  OF  CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF THE
 STATE TO ANY OTHER PUBLIC RETIREMENT SYSTEM  OF  THE  STATE.    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; AND
   3. THE PENSION RESERVE IN THE CASE OF A MEMBER WHO TRANSFERS IN TEN OR
 MORE YEARS OF CREDITED SERVICE.
   § 5. Paragraph 4 of subdivision a of section 13-143 of the administra-
 tive code of the city of New York, as added by chapter 647 of  the  laws
 of 2004, is amended to read as follows:
   (4)  Notwithstanding  the provisions of paragraph two of this subdivi-
 sion, with respect to transfers pursuant to this section which occur  on
 or  after  the effective date of THE CHAPTER OF THE LAWS OF TWO THOUSAND
 TWENTY-ONE THAT AMENDED this paragraph, the actuary of the New York city
 employees' retirement system shall not  be  required  to  determine  the
 reserve  on  the  benefits  allowable  to the transferring member as the
 result of employer contributions, including  the  reserve-for-increased-
 take-home-pay,  and the transfer of such reserve, including the reserve-
 for-increased-take-home-pay, from the New York city  employees'  retire-
 ment  system  to said police pension fund [shall not be required] WHEN A
 MEMBER IS TRANSFERRING WITH LESS THAN TEN YEARS OF CREDITED SERVICE WITH
 THE TRANSFERRING RETIREMENT SYSTEM AT THE TIME THE  TRANSFER  IS  INITI-
 ATED. WITH RESPECT TO TRANSFERS PURSUANT TO THIS SUBDIVISION WHICH OCCUR
 ON  OR  AFTER THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOU-
 SAND TWENTY-ONE THAT AMENDED THIS PARAGRAPH, THE TRANSFER OF  A  PENSION
 RESERVE  SHALL  BE  REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE

 S. 6537                             5
 
 YEARS OF CREDITED SERVICE FROM A PUBLIC RETIREMENT SYSTEM OF  THE  STATE
 TO  ANY  OTHER PUBLIC RETIREMENT SYSTEM OF THE STATE.  The New York city
 employees' retirement system, within one  year  from  the  date  of  the
 request  for  the transfer of credit, shall comply with all requirements
 for completing the transfer imposed on it  by  the  provisions  of  this
 section,  INCLUDING  THE  PENSION  RESERVE  IN  THE CASE OF A MEMBER WHO
 TRANSFERS TEN OR MORE YEARS OF CREDITED SERVICE. Nothing  set  forth  in
 this  paragraph  shall  be deemed to modify the requirement set forth in
 paragraph two of this subdivision that  the  New  York  city  employees'
 retirement  system  transfer to said police pension fund the accumulated
 deductions of such member.
   § 6. Paragraph 4 of subdivision a of section 13-144 of the administra-
 tive code of the city of New York, as added by chapter 647 of  the  laws
 of 2004, is amended to read as follows:
   (4)  Notwithstanding  the provisions of paragraph two of this subdivi-
 sion, with respect to transfers pursuant to this section which occur  on
 or  after  the effective date of THE CHAPTER OF THE LAWS OF TWO THOUSAND
 TWENTY-ONE THAT AMENDED this paragraph, the actuary of the New York city
 employees' retirement system shall not  be  required  to  determine  the
 reserve  on  the  benefits  allowable  to the transferring member as the
 result of employer contributions, including [the  reserve-for-increased-
 take-home-pay,  and]  the  transfer of such reserve[, including] AND the
 reserve-for-increased-take-home-pay[,] from the New York city employees'
 retirement system to said fire department pension  fund  [shall  not  be
 required],  WITH LESS THAN TEN YEARS OF CREDITED SERVICE FROM THE TRANS-
 FERRING RETIREMENT SYSTEM AT THE TIME  OF  THE  TRANSFER  IS  INITIATED.
 WITH  RESPECT  TO  TRANSFERS  PURSUANT TO THIS SECTION WHICH OCCUR ON OR
 AFTER THE EFFECTIVE DATE OF THE CHAPTER OF  THE  LAWS  OF  TWO  THOUSAND
 TWENTY-ONE  THAT  AMENDED  THIS  PARAGRAPH,  THE  TRANSFER  OF A PENSION
 RESERVE PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION SHALL BE  REQUIRED
 WHEN  THE  MEMBER  IS TRANSFERRING TEN OR MORE YEARS OF CREDITED SERVICE
 FROM A PUBLIC RETIREMENT SYSTEM OF THE STATE TO ANY OTHER PUBLIC RETIRE-
 MENT SYSTEM OF THE  STATE.  The  New  York  city  employees'  retirement
 system, within one year from the date of the request for the transfer of
 credit,  shall  comply with all requirements for completing the transfer
 imposed on it by the provisions of this section, INCLUDING  THE  PENSION
 REVERSE  IN  THE  CASE  OF  A  MEMBER WHO TRANSFERS TEN OR MORE YEARS OF
 MEMBER SERVICE CREDIT.  Nothing set forth in  this  paragraph  shall  be
 deemed  to  modify  the  requirement  set forth in paragraph two of this
 subdivision that the New York city employees' retirement system transfer
 to said fire department pension fund the accumulated deductions of  such
 member.
   §  7.  Subdivision  d of section 3 of chapter 666 of the laws of 1990,
 amending the administrative code of the city of New York and the  educa-
 tion law relating to the availability of additional pension benefits for
 an  extended  second  public employment to certain retirees, as added by
 chapter 647 of the laws of 2004, is amended to read as follows:
   d. Notwithstanding the provisions of subdivision b of this section  or
 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
 THE  CHAPTER  OF  THE  LAWS OF TWO THOUSAND TWENTY-ONE THAT AMENDED this
 subdivision, no determination or transfer of the reserve on the benefits
 allowable to the transferring member as the result of employer  contrib-
 utions,  including  the  reserve-for-increased-take-home-pay,  shall  be
 required FOR A MEMBER WITH LESS THAN TEN YEARS OF CREDITED SERVICE  FROM
 THE  TRANSFERRING  SYSTEM  AT  THE  TIME THE TRANSFER IS INITIATED. WITH

 S. 6537                             6
 
 RESPECT TO TRANSFERS PURSUANT TO THIS SECTION WHICH OCCUR  ON  OR  AFTER
 THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE
 THAT  AMENDED  THIS SUBDIVISION, THE TRANSFER OF A PENSION RESERVE SHALL
 BE REQUIRED WHEN THE MEMBER IS TRANSFERRING TEN OR MORE YEARS OF CREDIT-
 ED  SERVICE  FROM  A PUBLIC RETIREMENT SYSTEM OF THIS STATE TO ANY OTHER
 PUBLIC RETIREMENT SYSTEM OF THE STATE.
   § 8. This act shall take effect immediately and  shall  apply  to  any
 covered  membership transfer initiated on or after the effective date of
 this act; provided, however, that no provision of this act shall  affect
 the  transfer of reserves required with respect to transfers between any
 two of the New York state and local police and fire  department  system,
 the  New York city police department subchapter two pension fund and the
 New York city fire department  subchapter  two  pension  fund  and  with
 respect  to  transfers from the New York state and local police and fire
 retirement system to the metropolitan  transportation  authority  police
 pension fund.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend  Section 522 of the Education Law and various
 sections of the Retirement and Social Security Law and  the  Administra-
 tive  Code  of the City of New York to reinstate the transfer of pension
 reserves in cases in which a member of  the  New  York  State  Teachers'
 Retirement System (NYSTRS) or any Retirement System of the State or City
 of  New  York  transfers a membership with ten or more years of credited
 service at the time the transfer  is  initiated.  This  act  shall  take
 effect  immediately and shall apply to any membership transfer initiated
 on or after the effective date of this act.
   It is estimated that there will be no additional annual  cost  to  the
 employers  of  members  of  the NYSTRS if this bill is enacted. In fact,
 this bill will greatly increase equity between the retirement systems of
 the state by ensuring that a member who  transfers  with  a  significant
 liability  will bring with him or her the pension reserve accumulated by
 the prior retirement system in order to offset the liability assumed  by
 the  new retirement system. Member data is from the System's most recent
 actuarial valuation files, consisting of data provided by the  employers
 to the Retirement System. Data distributions and statistics can be found
 in  the  System's  Comprehensive  Annual Financial Report (CAFR). System
 assets are as reported in the System's financial statements and can also
 be found in the CAFR. Actuarial assumptions and methods are provided  in
 the System's Actuarial Valuation Report.
   The  source  of  this estimate is Fiscal Note 2021-4 dated October 19,
 2020 prepared by the Actuary of the New York State Teachers'  Retirement
 System and is intended for use only during the 2021 Legislative Session.
 I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
 Retirement System. I am a member of the American  Academy  of  Actuaries
 and  I meet the Qualification Standards of the American Academy of Actu-
 aries to render the actuarial opinion contained herein.

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