S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5715
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 22, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the parks, recreation and historic preservation law,  in
   relation  to increasing the mandatory retirement age of New York state
   regional park police

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 13.17 of the parks, recreation and
 historic  preservation  law,  as  amended  by chapter 662 of the laws of
 1972, is amended to read as follows:
   4. Any member appointed on or  after  April  first,  nineteen  hundred
 sixty-five  shall  be separated from such service upon attaining [sixty-
 two] SIXTY-FIVE years of age.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would increase the mandatory retirement age from  62  to  65
 for  members  of the New York State and Local Police and Fire Retirement
 System (NYSLPFRS) covered under the provisions of section 383-a  of  the
 Retirement and Social Security Law.
   If  this  bill  is  enacted during the 2023 legislative session, there
 would be additional benefits for certain  members  who  remain  employed
 beyond  age  62  which  would  be funded by the normal employer contrib-
 utions. If members delay retirement due to the enactment of  this  bill,
 we  do not anticipate any increases in the annual contribution rates for
 any of the participating employers in the NYSLPFRS.
   Summary of relevant resources:
   Membership data as of March 31, 2022 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2022 Report of the Actuary and the 2022 Annual  Comprehensive  Financial
 Report.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08529-02-3
              

 A. 5715                             2
 
   The  actuarial assumptions and methods used are described in the 2020,
 2021, and 2022 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  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, 2022
 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 March 13, 2023, and intended for use only  during
 the  2023  Legislative Session, is Fiscal Note No. 2023-109, prepared by
 the Actuary for the New York State and Local Retirement System.