S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5725
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 23, 2023
                                ___________
 
 Introduced by M. of A. JENSEN -- read once and referred to the Committee
   on Governmental Employees
 
 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
 member of the New York state and local retirement 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  eligi-
 ble  for  service  credit  for  the  amount of time such member has been
 furloughed or dismissed during such period. Such  extension  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  includ-
 ing  service  credited in this act, to be eligible to receive the credit
 authorized pursuant to this act.
   § 2. Notwithstanding any 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.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow  any  member  of the New York State and Local
 Retirement System (NYSLRS) who was furloughed or dismissed from  employ-
 ment  during  the  period  beginning  March 7, 2020, 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 NYSLRS as if no period of unemployment occurred. To be

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03786-02-3
              

 A. 5725                             2
 
 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 the NYSLRS's policy of
 granting service credit only when a salary has been paid.
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System, if this legislation is enacted during the 2023 legis-
 lative session it is estimated that the past service cost  will  average
 approximately  21  percent of an affected member's compensation for each
 year of additional service that is granted.
   Insofar as this bill affects the New York State and Local  Police  and
 Fire  Retirement  System, if this legislation is enacted during the 2023
 legislative session it is estimated that  the  past  service  cost  will
 average  approximately  25  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 the participating employers in the NYSLRS.
   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.
   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.
   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 17,  2023,  and  intended  for  use  only
 during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-33,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.