NY State Assembly Bill 2023-A5929

Assembly Bill A5929

2023-2024 Legislative Session

Relates to service retirement benefits for uniformed correction members of the New York city employees' retirement system

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Current Bill Status - In Assembly 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 25, 2024	print number 5929a
Jan 25, 2024	amend and recommit to governmental employees
Jan 03, 2024	referred to governmental employees
Mar 24, 2023	referred to governmental employees

Bill Amendments

Original

A (Active)

2023-A5929 - Details

Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§505, 511 & 516, R & SS L

2023-A5929 - Summary

Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.

2023-A5929 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5929
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security law, in  relation  to
   service  retirement  benefits  for uniformed correction members of the
   New York city employees' retirement system

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 505 of the retirement and social security law, as
 amended by chapter 18 of the  laws  of  2012,  is  amended  to  read  as
 follows:
   § 505. Service retirement benefits; police/fire members, New York city
 uniformed  correction/sanitation  revised  plan members and investigator
 revised plan members. a.  The  normal  service  retirement  benefit  for
 police/fire  members,  New  York  city  uniformed  correction/sanitation
 revised plan members and investigator revised  plan  members  at  normal
 retirement  age shall be a pension equal to fifty percent of final aver-
 age salary, less fifty percent of the primary social security retirement
 benefit commencing at age sixty-two, as provided in section five hundred
 eleven of  this  article,  EXCEPT  THAT  FOR  NEW  YORK  CITY  UNIFORMED
 CORRECTION  REVISED PLAN MEMBERS OF THE NEW YORK CITY EMPLOYEES' RETIRE-
 MENT SYSTEM, THE NORMAL SERVICE RETIREMENT BENEFIT SHALL NOT BE  REDUCED
 BY  THE  PRIMARY  SOCIAL  SECURITY  RETIREMENT BENEFIT COMMENCING AT AGE
 SIXTY-TWO AS PROVIDED IN SECTION FIVE HUNDRED ELEVEN OF THIS ARTICLE.
   b. The early service retirement benefit for police/fire  members,  New
 York  city  uniformed  correction/sanitation  revised  plan  members and
 investigator revised plan members shall be a pension equal  to  two  and
 one-tenths  percent  of  final  average  salary  times years of credited
 service at the completion of twenty years of service or upon  attainment
 of age sixty-two, increased by one-third of one percent of final average
 salary  for  each month of service in excess of twenty years, but not in
 excess of fifty percent of final average salary, less fifty  percent  of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06948-02-3

 A. 5929                             2
 
 the  primary social security retirement benefit commencing at age sixty-
 two as  provided  in  section  five  hundred  eleven  of  this  article,
 provided,  however, that New York city police/fire revised plan members,
 New  York  city uniformed correction/sanitation revised plan members and
 investigator revised plan members shall not be eligible  to  retire  for
 service prior to the attainment of twenty years of credited service, AND
 PROVIDED  FURTHER  THAT  FOR  NEW YORK CITY UNIFORMED CORRECTION REVISED
 PLAN MEMBERS OF THE NEW YORK  CITY  EMPLOYEES'  RETIREMENT  SYSTEM,  THE
 EARLY  SERVICE  RETIREMENT  BENEFIT  SHALL NOT BE REDUCED BY THE PRIMARY
 SOCIAL SECURITY  RETIREMENT  BENEFIT  COMMENCING  AT  AGE  SIXTY-TWO  AS
 PROVIDED IN SECTION FIVE HUNDRED ELEVEN OF THIS ARTICLE.
   c.    A    police/fire    member,    a   New   York   city   uniformed
 correction/sanitation revised plan member  or  an  investigator  revised
 plan  member  who  retires  with twenty-two years of credited service or
 less may become eligible for annual escalation of the service retirement
 benefit if he elects to have the payment of his benefit commence on  the
 date  he  would have completed twenty-two years and one month or more of
 service. In such event, the service retirement benefit shall  equal  two
 percent  of final average salary for each year of credited service, less
 fifty percent of the primary social security retirement benefit commenc-
 ing at age sixty-two as provided in section five hundred eleven of  this
 article, EXCEPT THAT FOR NEW YORK CITY UNIFORMED CORRECTION REVISED PLAN
 MEMBERS  OF  THE NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM, THE SERVICE
 RETIREMENT BENEFIT SHALL NOT BE REDUCED BY THE PRIMARY  SOCIAL  SECURITY
 RETIREMENT  BENEFIT  COMMENCING  AT AGE SIXTY-TWO AS PROVIDED IN SECTION
 FIVE HUNDRED ELEVEN OF THIS ARTICLE.
   § 2. Section 511 of the retirement and social security law is  amended
 by adding a new subdivision h to read as follows:
   H.  THIS SECTION SHALL NOT APPLY TO NEW YORK CITY UNIFORMED CORRECTION
 REVISED PLAN MEMBERS OF THE NEW YORK CITY EMPLOYEES'  RETIREMENT  SYSTEM
 WHO  RECEIVE  A  SERVICE  RETIREMENT  BENEFIT  PURSUANT  TO SECTION FIVE
 HUNDRED FIVE OF THIS ARTICLE OR A DEFERRED VESTED  BENEFIT  PURSUANT  TO
 SECTION FIVE HUNDRED SIXTEEN OF THIS ARTICLE.
   § 3. Subdivision c of section 516 of the retirement and social securi-
 ty law, as amended by chapter 18 of the laws of 2012, is amended to read
 as follows:
   c.  The  deferred vested benefit of police/fire members, New York city
 police/fire   revised   plan   members,   New   York   city    uniformed
 correction/sanitation  revised plan members or investigator revised plan
 members shall be a pension commencing at early retirement age  equal  to
 two  and one-tenths percent of final average salary times years of cred-
 ited service, less fifty percent of the primary social security  retire-
 ment  benefit  commencing  at age sixty-two, as provided in section five
 hundred eleven of this article, EXCEPT THAT FOR NEW YORK CITY  UNIFORMED
 CORRECTION  REVISED PLAN MEMBERS OF THE NEW YORK CITY EMPLOYEES' RETIRE-
 MENT SYSTEM, THE SERVICE RETIREMENT BENEFIT SHALL NOT BE REDUCED BY  THE
 PRIMARY  SOCIAL  SECURITY RETIREMENT BENEFIT COMMENCING AT AGE SIXTY-TWO
 AS  PROVIDED  IN  SECTION  FIVE  HUNDRED  ELEVEN  OF  THIS  ARTICLE.   A
 police/fire  member,  a New York city police/fire revised plan member, a
 New York city uniformed correction/sanitation  revised  plan  member  or
 investigator revised plan member may elect to receive his vested benefit
 commencing  at  early  retirement  age  or age fifty-five. If the vested
 benefit commences before early retirement  age,  the  benefit  shall  be
 reduced  by one-fifteenth for each year, if any, that the member's early
 retirement age is in excess of age sixty, and by one-thirtieth for  each
 additional  year  by  which  the vested benefit commences prior to early
 A. 5929                             3
 
 retirement age. If such vested benefit  is  deferred  until  after  such
 member's  normal  retirement  age,  the  benefit  shall  be computed and
 subject to annual escalation in the same manner as provided for an early
 retirement  benefit  pursuant  to  subdivision c of section five hundred
 five of this article.
   § 4. This act shall take effect on the sixtieth  day  after  it  shall
 have become a law.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY  OF  BILL: This proposed legislation would amend Sections 505,
 511, and 516 of the Retirement and Social Security Law (RSSL) to  elimi-
 nate  the  offset equal to 50% of the primary Social Security benefit in
 the normal service, early service, and vested  retirement  benefits  for
 Tier  3  Correction members in the original, revised, and enhanced plans
 (i.e., the 22-Year Plans) of the New  York  City  Employees'  Retirement
 System (NYCERS) who are subject to Article 14 of the RSSL.
   Effective Date: Sixty days after enactment.
   IMPACT  ON  BENEFITS:  Currently,  the  RSSL Article 14 normal service
 retirement, early service retirement, and vested retirement benefits for
 Correction members in 22-Year Plans are subject to an  offset  equal  to
 50%  of  the  primary Social Security benefit as defined in RSSL Section
 511 beginning at age 62.
   Under the proposed legislation, the offset for such benefits would  be
 eliminated resulting in an increase in benefits.
   FINANCIAL  IMPACT:  Based on the census data and the actuarial assump-
 tions and methods described  herein,  the  enactment  of  this  proposed
 legislation  would result in an initial increase in the Present Value of
 Future Benefits (PVFB) and the present value of future employer contrib-
 utions of approximately $143.3 million.
   The  financial  impact  will  increase  as  the  impacted   population
 increases  over  time.  The  estimate of the increase in annual employer
 contributions for Fiscal Years 2024 through 2028 are shown in the  table
 below.
 
                          Fiscal     Increase in
                          Year       Employer Contributions
                                     ($ Millions)
                          2024       $ 13.8
                          2025       $ 14.7
                          2026       $ 15.4
                          2027       $ 16.3
                          2028       $ 17.4
 
   New  Unfunded  Accrued Liability (UAL) attributable to benefit changes
 are generally amortized over the remaining  working  lifetime  of  those
 impacted by the benefit changes. The remaining working lifetime for this
 group  is  approximately  15 years and the increase in UAL was therefore
 amortized over a 15-year period (14  payments  under  the  One-Year  Lag
 Methodology) using level dollar payments.
   CENSUS  DATA:  The  estimates presented herein are based on the census
 data used in the June 30, 2022 actuarial valuation of NYCERS  to  deter-
 mine the Preliminary Fiscal Year 2024 employer contributions.
   The 3,072 active Tier 3 Correction members in Article 14 22-Year Plans
 as  of  June  30,  2022  had an average age of approximately 38.3 years,
 average service of approximately 7.0 years, and  an  average  salary  of
 approximately $107,000.
 A. 5929                             4
 
   ACTUARIAL ASSUMPTIONS AND METHODS: The estimates presented herein have
 been  calculated based on the actuarial assumptions and methods used for
 the Preliminary Fiscal Year 2024 employer contributions of NYCERS.
   New  entrants  were projected to replace the members expected to leave
 the active population to maintain a steady-state population. New entrant
 demographics were developed based on data for recent new hires and actu-
 arial judgement.
   For the purposes of this Fiscal Note, it is assumed that  the  changes
 would  be  reflected  for  the first time in the June 30, 2022 actuarial
 valuation of NYCERS used to determine employer contributions for  Fiscal
 Year 2024.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the realization of the actuarial assumptions used,  demograph-
 ics  of  the  impacted  population and other factors such as investment,
 contribution, and other risks. If actual experience deviates from  actu-
 arial  assumptions,  the  actual costs could differ from those presented
 herein.  Costs are also dependent on the  actuarial  methods  used,  and
 therefore  different  actuarial methods could produce different results.
 Quantifying these risks is beyond the scope of this Fiscal Note.
   Not measured in this Fiscal Note are the following:
   * The  initial,  additional  administrative  costs  to  implement  the
 proposed legislation.
   *  Pensions  costs  for  future  members  of  NYCERS hired on or after
 7/1/2026.
   * Cost analyses relating  to  provisions  contained  in  RSSL  Section
 500(c).
   STATEMENT  OF  ACTUARIAL  OPINION:  I, Marek Tyszkiewicz, am the Chief
 Actuary for, and independent of, the New York  City  Retirement  Systems
 and  Pension  Funds. I am an Associate of the Society of Actuaries and a
 Member of the American Academy of Actuaries. I am a member of NYCERS but
 do not believe it impairs my objectivity and I  meet  the  Qualification
 Standards  of  the American Academy of Actuaries to render the actuarial
 opinion contained herein. To the  best  of  my  knowledge,  the  results
 contained  herein  have  been  prepared  in  accordance  with  generally
 accepted actuarial principles and  procedures  and  with  the  Actuarial
 Standards of Practice issued by the Actuarial Standards Board.
   FISCAL  NOTE  IDENTIFICATION:  This Fiscal Note 2023-04 dated March 1,
 2023 was prepared by the Chief Actuary for the New York City  Employees'
 Retirement  System.  This  estimate  is intended for use only during the
 2023 Legislative Session.

2023-A5929A (ACTIVE) - Details

Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§505, 511 & 516, R & SS L

2023-A5929A (ACTIVE) - Summary

2023-A5929A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5929--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to amend the retirement and social security law, in  relation  to
   service  retirement  benefits  for uniformed correction members of the
   New York city employees' retirement system
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 505 of the retirement and social security law, as
 amended by chapter 18 of the  laws  of  2012,  is  amended  to  read  as
 follows:
   § 505. Service retirement benefits; police/fire members, New York city
 uniformed  correction/sanitation  revised  plan members and investigator
 revised plan members. a.  The  normal  service  retirement  benefit  for
 police/fire  members,  New  York  city  uniformed  correction/sanitation
 revised plan members and investigator revised  plan  members  at  normal
 retirement  age shall be a pension equal to fifty percent of final aver-
 age salary, less fifty percent of the primary social security retirement
 benefit commencing at age sixty-two, as provided in section five hundred
 eleven of  this  article,  EXCEPT  THAT  FOR  NEW  YORK  CITY  UNIFORMED
 CORRECTION  REVISED PLAN MEMBERS OF THE NEW YORK CITY EMPLOYEES' RETIRE-
 MENT SYSTEM, THE NORMAL SERVICE RETIREMENT BENEFIT SHALL NOT BE  REDUCED
 BY  THE  PRIMARY  SOCIAL  SECURITY  RETIREMENT BENEFIT COMMENCING AT AGE
 SIXTY-TWO AS PROVIDED IN SECTION FIVE HUNDRED ELEVEN OF THIS ARTICLE.
   b. The early service retirement benefit for police/fire  members,  New
 York  city  uniformed  correction/sanitation  revised  plan  members and
 investigator revised plan members shall be a pension equal  to  two  and
 one-tenths  percent  of  final  average  salary  times years of credited
 service at the completion of twenty years of service or upon  attainment
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06948-03-4

 A. 5929--A                          2
 
 of age sixty-two, increased by one-third of one percent of final average
 salary  for  each month of service in excess of twenty years, but not in
 excess of fifty percent of final average salary, less fifty  percent  of
 the  primary social security retirement benefit commencing at age sixty-
 two as  provided  in  section  five  hundred  eleven  of  this  article,
 provided,  however, that New York city police/fire revised plan members,
 New York city uniformed correction/sanitation revised plan  members  and
 investigator  revised  plan  members shall not be eligible to retire for
 service prior to the attainment of twenty years of credited service, AND
 PROVIDED FURTHER THAT FOR NEW YORK  CITY  UNIFORMED  CORRECTION  REVISED
 PLAN  MEMBERS  OF  THE  NEW  YORK CITY EMPLOYEES' RETIREMENT SYSTEM, THE
 EARLY SERVICE RETIREMENT BENEFIT SHALL NOT BE  REDUCED  BY  THE  PRIMARY
 SOCIAL  SECURITY  RETIREMENT  BENEFIT  COMMENCING  AT  AGE  SIXTY-TWO AS
 PROVIDED IN SECTION FIVE HUNDRED ELEVEN OF THIS ARTICLE.
   c.   A   police/fire   member,   a    New    York    city    uniformed
 correction/sanitation  revised  plan  member  or an investigator revised
 plan member who retires with twenty-two years  of  credited  service  or
 less may become eligible for annual escalation of the service retirement
 benefit  if he elects to have the payment of his benefit commence on the
 date he would have completed twenty-two years and one month or  more  of
 service.  In  such event, the service retirement benefit shall equal two
 percent of final average salary for each year of credited service,  less
 fifty percent of the primary social security retirement benefit commenc-
 ing  at age sixty-two as provided in section five hundred eleven of this
 article, EXCEPT THAT FOR NEW YORK CITY UNIFORMED CORRECTION REVISED PLAN
 MEMBERS OF THE NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM,  THE  SERVICE
 RETIREMENT  BENEFIT  SHALL NOT BE REDUCED BY THE PRIMARY SOCIAL SECURITY
 RETIREMENT BENEFIT COMMENCING AT AGE SIXTY-TWO AS  PROVIDED  IN  SECTION
 FIVE HUNDRED ELEVEN OF THIS ARTICLE.
   §  2. Section 511 of the retirement and social security law is amended
 by adding a new subdivision h to read as follows:
   H. THIS SECTION SHALL NOT APPLY TO NEW YORK CITY UNIFORMED  CORRECTION
 REVISED  PLAN  MEMBERS OF THE NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM
 WHO RECEIVE A  SERVICE  RETIREMENT  BENEFIT  PURSUANT  TO  SECTION  FIVE
 HUNDRED  FIVE  OF  THIS ARTICLE OR A DEFERRED VESTED BENEFIT PURSUANT TO
 SECTION FIVE HUNDRED SIXTEEN OF THIS ARTICLE.
   § 3. Subdivision c of section 516 of the retirement and social securi-
 ty law, as amended by chapter 18 of the laws of 2012, is amended to read
 as follows:
   c. The deferred vested benefit of police/fire members, New  York  city
 police/fire    revised   plan   members,   New   York   city   uniformed
 correction/sanitation revised plan members or investigator revised  plan
 members  shall  be a pension commencing at early retirement age equal to
 two and one-tenths percent of final average salary times years of  cred-
 ited  service, less fifty percent of the primary social security retire-
 ment benefit commencing at age sixty-two, as provided  in  section  five
 hundred  eleven of this article, EXCEPT THAT FOR NEW YORK CITY UNIFORMED
 CORRECTION REVISED PLAN MEMBERS OF THE NEW YORK CITY EMPLOYEES'  RETIRE-
 MENT  SYSTEM, THE SERVICE RETIREMENT BENEFIT SHALL NOT BE REDUCED BY THE
 PRIMARY SOCIAL SECURITY RETIREMENT BENEFIT COMMENCING AT  AGE  SIXTY-TWO
 AS   PROVIDED  IN  SECTION  FIVE  HUNDRED  ELEVEN  OF  THIS  ARTICLE.  A
 police/fire member, a New York city police/fire revised plan  member,  a
 New  York  city  uniformed  correction/sanitation revised plan member or
 investigator revised plan member may elect to receive his vested benefit
 commencing at early retirement age or  age  fifty-five.  If  the  vested
 benefit  commences  before  early  retirement  age, the benefit shall be
 A. 5929--A                          3
 
 reduced by one-fifteenth for each year, if any, that the member's  early
 retirement  age is in excess of age sixty, and by one-thirtieth for each
 additional year by which the vested benefit  commences  prior  to  early
 retirement  age.  If  such  vested  benefit is deferred until after such
 member's normal retirement  age,  the  benefit  shall  be  computed  and
 subject to annual escalation in the same manner as provided for an early
 retirement  benefit  pursuant  to  subdivision c of section five hundred
 five of this article.
   § 4. This act shall take effect on the sixtieth  day  after  it  shall
 have become a law.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation would amend Sections of the Retire-
 ment and Social Security Law (RSSL) to eliminate the offset equal to 50%
 of  the  primary  social security benefit in the service, early service,
 and vested retirement benefits for certain Tier 3 Correction members  of
 NYCERS.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
           by Fiscal Year for the first 25 years ($ in Millions)
                     Year      NYCERS
                     2025        15.2
                     2026        16.1
                     2027        17.4
                     2028        18.9
                     2029        20.4
                     2030        22.1
                     2031        23.7
                     2032        25.0
                     2033        26.3
                     2034        27.7
                     2035        29.0
                     2036        30.2
                     2037        31.4
                     2038        32.6
                     2039        26.4
                     2040        27.5
                     2041        28.6
                     2042        29.7
                     2043        30.8
                     2044        32.0
                     2045        33.2
                     2046        34.3
                     2047        35.4
                     2048        36.6
                     2049        37.8
    Employer Contribution impact beyond Fiscal Year 2049 is not shown.
  Projected contributions include future new hires that may be impacted.
 
   The entire increase in employer contributions will be allocated to New
 York City.
 
           EXPECTED INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                    as of June 30, 2023 ($ in Millions)
              Present Value (PV)                 NYCERS
              PV of Benefits:                    152.3
              PV of Employee Contributions:      0.0
 A. 5929--A                          4
 
              PV of Employer Contributions:      152.3
              Unfunded Accrued Liabilities:      63.2
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
                                                 NYCERS
              Number of Payments:                14
              Fiscal Year of Last Payment:       2038
              Amortization Payment:              7.5 M
 
   Unfunded  Accrued Liability increases were amortized over the expected
 remaining working lifetime of those  impacted  by  the  benefit  changes
 using level dollar payments.
   CENSUS  DATA:  The estimates presented herein are based on preliminary
 census data collected as of June 30,  2023.  The  census  data  for  the
 impacted population is summarized below.
 
                                                 NYCERS
              Active Members
              - Number Count:                    2,788
              - Average Age:                     39.2
              - Average Service:                 7.8
              - Average Salary:                  117,500
              Term. Vested Members
              - Number Count:                    522
              - Average Age:                     38.3

   IMPACT  ON  MEMBER  BENEFITS: Currently, Tier 3 normal service retire-
 ment, early service  retirement,  and  vested  retirement  benefits  for
 Corrections  members  in 22-Year Plans are subject to an offset equal to
 50% of the primary social security benefit as defined  in  RSSL  Section
 511 beginning at age 62.
   Under  the proposed legislation, the offset for such benefits would be
 eliminated resulting in an increase in benefits.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement systems. In addition:
   * New entrants were assumed to replace exiting members so  that  total
 payroll increases by 3% each year for impacted groups. New entrant demo-
 graphics were developed based on data for recent new hires and actuarial
 judgement.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the actuarial assumptions, methods,  and  models  used,  demo-
 graphics  of  the  impacted population and other factors such as invest-
 ment, contribution, and other risks. If actual experience deviates  from
 actuarial   assumptions,  the  actual  costs  could  differ  from  those
 presented herein. Quantifying these risks is beyond the  scope  of  this
 Fiscal Note.
   This  Fiscal  Note  is intended to measure pension-related impacts and
 does not include other potential costs (e.g., administrative  and  Other
 Postemployment Benefits).
   This Fiscal Note does not include cost analyses relating to provisions
 contained in RSSL Section 500(c).
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky  are members of the Society of Actuaries and the American Academy of
 Actuaries. We are members of NYCERS but do not believe  it  impairs  our
 objectivity  and  we  meet  the  Qualification Standards of the American
 A. 5929--A                          5
 
 Academy of Actuaries to render the actuarial opinion  contained  herein.
 To  the  best  of  our knowledge, the results contained herein have been
 prepared in accordance with generally accepted actuarial principles  and
 procedures  and  with  the Actuarial Standards of Practice issued by the
 Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note 2024-07 dated January 22,
 2024 was prepared by the Chief Actuary for the New York City  Retirement
 Systems and Pension Funds. This estimate is intended for use only during
 the 2024 Legislative Session.

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