S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6571
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 19, 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
   modifying  the  retirement  program  for  Triborough bridge and tunnel
   members; to amend the criminal procedure law, in relation to  clarify-
   ing  the  statutory  peace officer designation of certain employees of
   the Triborough bridge and tunnel  authority;  and  providing  for  the
   repeal of certain provisions
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 604-c of the retirement and social security law, as
 added by chapter 472 of the laws of 1995, paragraph 2 of  subdivision  c
 and paragraph 7-a of subdivision e as amended by chapter 693 of the laws
 of 2003, paragraph 1 and subparagraph (ii) of paragraph 2 of subdivision
 d  as  amended  by  chapter 18 of the laws of 2012, subparagraph (ii) of
 paragraph 1 of subdivision d as amended by section 6 of part TT of chap-
 ter 56 of the laws of 2022, paragraph 1 of subdivision e as  amended  by
 chapter  661  of  the  laws of 2002, subparagraph (iv) of paragraph 3 of
 subdivision e as added by chapter 365 of the laws of 1999,  subparagraph
 (i)  of  paragraph  8  of subdivision e as amended by chapter 448 of the
 laws of 2018 and paragraph 9 of subdivision e as amended by chapter  664
 of the laws of 1996, is amended to read as follows:
   §  604-c.  [Twenty-year/age  fifty] TWENTY-YEAR retirement program for
 Triborough bridge and tunnel  members.  a.  Definitions.  The  following
 words and phrases as used in this section shall have the following mean-
 ings unless a different meaning is plainly required by the context.
   1.  "Triborough  bridge  and  tunnel  member"  shall mean a member (as
 defined in subdivision e of section six hundred one of this article) who
 is employed by the Triborough bridge and tunnel authority  as  a  bridge
 and  tunnel  officer,  sergeant, or lieutenant in a non-managerial posi-
 tion.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08581-02-3
              

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   2. ["Twenty-year/age fifty]  "TWENTY-YEAR  retirement  program"  shall
 mean all the terms and conditions of this section.
   3.  "Starting  date of the [twenty-year/age fifty] TWENTY-YEAR retire-
 ment program" shall mean the date of enactment of the  act  which  added
 this section, as such date is certified pursuant to section forty-one of
 the legislative law.
   4.  "Participant in the [twenty-year/age fifty] TWENTY-YEAR retirement
 program" shall mean any Triborough bridge and tunnel member  who,  under
 the  applicable provisions of subdivision b of this section, is entitled
 to the rights, benefits and privileges and is subject to the obligations
 of the [twenty-year/age fifty] TWENTY-YEAR retirement program, as appli-
 cable to him or her.
   5. "Discontinued member" shall mean  a  participant  in  the  [twenty-
 year/age  fifty] TWENTY-YEAR retirement program who, while he or she was
 a Triborough bridge and tunnel member, discontinued service  as  such  a
 member  and has a right to a deferred vested benefit under subdivision d
 of this section.
   6. "Administrative code" shall mean the  administrative  code  of  the
 city of New York.
   b.  Participation  in  [twenty-year/age  fifty] TWENTY-YEAR retirement
 program. 1. Subject to the provisions of paragraph six of this  subdivi-
 sion,  any  person  who  is a Triborough bridge and tunnel member on the
 starting date of  the  [twenty-year/age  fifty]  TWENTY-YEAR  retirement
 program  and  who, as such a bridge and tunnel member or otherwise, last
 became subject to the provisions of this article prior to such  starting
 date,  may  elect to become a participant in the [twenty-year/age fifty]
 TWENTY-YEAR retirement program by filing, within one hundred eighty days
 after the starting  date  of  the  [twenty-year/age  fifty]  TWENTY-YEAR
 retirement  program,  a duly executed application for such participation
 with the retirement system of which such person is a member, provided he
 or she is such a bridge and tunnel member on the date  such  application
 is filed.
   2. Subject to the provisions of paragraph six of this subdivision, any
 person  who  becomes  a  Triborough  bridge  and tunnel member after the
 starting date of  the  [twenty-year/age  fifty]  TWENTY-YEAR  retirement
 program  and  who, as such a bridge and tunnel member or otherwise, last
 became subject to the provisions of this article prior to such  starting
 date,  may  elect to become a participant in the [twenty-year/age fifty]
 TWENTY-YEAR retirement program by filing, within one hundred eighty days
 after becoming such a bridge and tunnel member, a duly executed applica-
 tion for such participation with the retirement  system  of  which  such
 person  is  a  member,  provided  he  or she is such a bridge and tunnel
 member on the date such application is filed.
   3. Any election to be a participant  in  the  [twenty-year/age  fifty]
 TWENTY-YEAR retirement program shall be irrevocable.
   4. Each Triborough bridge and tunnel member who becomes subject to the
 provisions of this article on or after the starting date of the [twenty-
 year/age  fifty]  TWENTY-YEAR  retirement program shall become a partic-
 ipant in the [twenty-year/age fifty] TWENTY-YEAR retirement  program  on
 the date he or she becomes such a bridge and tunnel member.
   5.  Where  any  participant in the [twenty-year/age fifty] TWENTY-YEAR
 retirement program shall cease to be employed by the  Triborough  bridge
 and  tunnel  authority  as  a  bridge and tunnel member, he or she shall
 cease to be such a participant and, during  any  period  in  which  such
 person  is  not so employed, he or she shall not be a participant in the
 A. 6571                             3
 
 [twenty-year/age fifty] TWENTY-YEAR retirement program and shall not  be
 eligible for the benefits of subdivision c of this section.
   6.  Where  any  participant in the [twenty-year/age fifty] TWENTY-YEAR
 retirement program terminates service as a Triborough bridge and  tunnel
 member  and  returns  to  such service as a Triborough bridge and tunnel
 member at a later date, he or she shall again become such a  participant
 on that date.
   c.  Service  retirement  benefits.  1.  A  participant in the [twenty-
 year/age fifty] TWENTY-YEAR retirement program:
   (i) who has completed twenty or more years of credited service; and
   (ii) [who has attained age fifty; and
   (iii)] who has paid, before the  effective  date  of  retirement,  all
 additional member contributions and interest (if any) required by subdi-
 vision e of this section; and
   [(iv)]  (III)  who files with the retirement system of which he or she
 is a member an application for service retirement setting forth at  what
 time he or she desires to be retired; and
   [(v)]  (IV)  who shall be a participant in the [twenty-year/age fifty]
 TWENTY-YEAR retirement program at the time so specified for his  or  her
 retirement;  shall be retired pursuant to the provisions of this section
 affording early service retirement.
   2. (i) Notwithstanding any other provision of law to the contrary, the
 early service  retirement  benefit  for  participants  in  the  [twenty-
 year/age  fifty]  TWENTY-YEAR  retirement program who retire pursuant to
 paragraph one of this subdivision shall be a pension consisting of:
   (A) an amount, on account of the required minimum period  of  service,
 equal to one-half of his or her final average salary; plus
   (B)  an  amount  of credited service, or fraction thereof, beyond such
 required minimum period of service equal to one and one-half percent  of
 his or her final average salary.
   (ii)  The maximum pension computed without optional modification paya-
 ble pursuant to subparagraph (i) of  this  paragraph  shall  equal  that
 payable upon completion of thirty years of service.
   d.  Vesting.  1.  A participant in the [twenty-year/age fifty] TWENTY-
 YEAR retirement program [who] SHALL BE ENTITLED TO  RECEIVE  A  DEFERRED
 VESTED BENEFIT AS PROVIDED IN THIS SUBDIVISION IF SUCH PARTICIPANT:
   (i)  discontinues  service  as  a Triborough bridge and tunnel member,
 other than by death or retirement; and
   (ii) prior to such discontinuance, completed five but less than twenty
 years of credited service; and
   (iii) has paid, prior to such discontinuance,  all  additional  member
 contributions  and  interest  (if any) required by subdivision e of this
 section; and
   (iv) does not withdraw in whole or in  part  his  or  her  accumulated
 member  contributions  pursuant  to section six hundred thirteen of this
 article unless such participant thereafter returns to public service and
 repays the amounts so withdrawn, together  with  interest,  pursuant  to
 such  section  six  hundred  thirteen[;  shall  be entitled to receive a
 deferred vested benefit as provided in this subdivision].
   2. (i) Upon such discontinuance under the conditions and in compliance
 with the provisions of paragraph one of this subdivision, such  deferred
 vested benefit shall vest automatically.
   (ii)  In  the case of a participant who is not a New York city revised
 plan member, such vested benefit shall become payable  on  the  earliest
 date on which such discontinued member could have retired for service if
 such  discontinuance  had  not occurred or, in the case of a participant
 A. 6571                             4
 
 who is a New York city revised plan member, such  vested  benefit  shall
 become payable at age sixty-three.
   3.  Such  deferred  vested benefit shall be a pension consisting of an
 amount equal to two and one-half percent of such  discontinued  member's
 final  average  salary,  multiplied  by  the number of years of credited
 service.
   e. Additional member contributions.  1.  In  addition  to  the  member
 contributions  required by section six hundred thirteen of this article,
 each participant in the [twenty-year/age fifty]  TWENTY-YEAR  retirement
 program in the rank of bridge and tunnel officer shall contribute to the
 retirement  system of which he or she is a member (subject to the appli-
 cable provisions of subdivision d of section  six  hundred  thirteen  of
 this article) an additional five and fifty one-hundredths percent of his
 or  her compensation and each participant in the [twenty-year/age fifty]
 TWENTY-YEAR retirement program in the rank  of  sergeant  or  lieutenant
 shall  contribute  to the retirement system an additional six percent of
 his or her compensation earned from all allowable service as  a  Tribor-
 ough  bridge  and  tunnel member rendered on and after the date which is
 one hundred eighty days prior to  the  starting  date  of  the  [twenty-
 year/age  fifty]  TWENTY-YEAR  retirement  program. A participant in the
 [twenty-year/age fifty] TWENTY-YEAR retirement program shall  contribute
 additional  member  contributions  until the later of (i) the date as of
 which he or she has twenty years of credited service  as  a  bridge  and
 tunnel officer, or (ii) the third anniversary of the date that he or she
 last  became  a  participant  in the [twenty-year/age fifty] TWENTY-YEAR
 retirement program.
   2. Commencing with the first full payroll  period  after  each  person
 becomes a participant in the [twenty-year/age fifty] TWENTY-YEAR retire-
 ment  program,  additional member contributions at the rate specified in
 paragraph one of this subdivision shall  be  deducted  (subject  to  the
 applicable  provisions  of subdivision d of section six hundred thirteen
 of this article) from the compensation of such participant on  each  and
 every payroll of such participant for each and every payroll period.
   3.  (i)  Subject  to the provisions of subparagraph (ii) of this para-
 graph, where any additional member contributions required  by  paragraph
 one  of this subdivision are not paid by deductions from a participant's
 compensation pursuant to paragraph two of this subdivision:
   (A) that participant shall be charged with a  contribution  deficiency
 consisting of such unpaid amounts, together with interest thereon at the
 rate of five percent per annum, compounded annually; and
   (B)  such  interest  on  each amount of undeducted contributions shall
 accrue from the end of the payroll period for which  such  amount  would
 have been deducted from compensation if he or she had been a participant
 at  the  beginning  of that payroll period, until such amount is paid to
 the retirement system.
   (ii) Except as provided in subparagraph (iii) of  this  paragraph,  no
 interest  shall be due on any such unpaid additional contributions which
 are not attributable to the period prior to the first full payroll peri-
 od referred to in paragraph two of this subdivision.
   (iii) Should any person who,  pursuant  to  paragraph  eight  of  this
 subdivision,  has withdrawn any additional member contributions (and any
 interest paid thereon)  again  become  a  participant  in  the  [twenty-
 year/age fifty] TWENTY-YEAR retirement program pursuant to paragraph six
 of  subdivision  b  of  this  section,  an  appropriate  amount shall be
 included in such participant's contribution deficiency (including inter-
 A. 6571                             5
 
 est thereon as calculated pursuant to subparagraph  (i)  of  this  para-
 graph) as if such additional contributions had never been made.
   (iv)  Notwithstanding  any  other  provisions  of  this  paragraph, no
 participant shall be charged interest for  any  period  prior  to  March
 twenty-fifth, nineteen hundred ninety-eight with respect to any contrib-
 utions  owed  with respect to any payroll period beginning prior to such
 date.
   4. The head of a retirement system which includes participants in  the
 [twenty-year/age fifty] TWENTY-YEAR retirement program in its membership
 may,  consistent  with  the  provisions  of this subdivision, promulgate
 regulations for the payment of such additional member contributions, and
 any interest thereon, by such participants (including the  deduction  of
 such  contributions,  and  any  interest thereon, from the participant's
 compensation).
   5. Where a contribution deficiency chargeable to a participant  pursu-
 ant  to  paragraph  three  of this subdivision has not been paid in full
 before the effective date of retirement, that participant shall  not  be
 eligible to retire pursuant to subdivision c of this section.
   6.  Where a contribution deficiency chargeable to a participant pursu-
 ant to paragraph three of this subdivision has not  been  paid  in  full
 before the date of discontinuance of service, that participant shall not
 be  entitled  to  a deferred vested benefit pursuant to subdivision d of
 this section.
   7. Where a participant has not paid in full any contribution deficien-
 cy chargeable to him or her pursuant to paragraph three of this subdivi-
 sion, and a benefit, other than a refund of member contributions  pursu-
 ant  to  section  six  hundred  thirteen  of this article or a refund of
 additional member contributions pursuant  to  paragraph  eight  of  this
 subdivision, becomes payable under this article to the participant or to
 his or her designated beneficiary or estate, the actuarial equivalent of
 any  such  unpaid  amount  shall  be deducted from the benefit otherwise
 payable.
   7-a. Notwithstanding paragraph six or seven of this subdivision, where
 a deficiency chargeable to a participant pursuant to paragraph three  of
 this  subdivision  has  not been paid in full while the participant is a
 Triborough bridge and tunnel member and such participant  retires  prior
 to  July  first,  two  thousand eleven, such participant may elect to be
 covered by this paragraph. Such participant shall  be  entitled  to  the
 benefits provided in subdivision c of this section provided that partic-
 ipant  authorizes  the retirement system to deduct from such benefits an
 amount which will result in the deficiency, plus associated interest  to
 date  of final payment, being paid in full no later than July first, two
 thousand eleven or such earlier date as agreed to  by  the  participant.
 Such  amount  will be deducted in equal installments on a monthly basis.
 Nothing in this paragraph shall prevent the participant  from  making  a
 partial  payment  of the amount of the deficiency at the time of retire-
 ment so as to reduce the monthly payment nor to make a lump sum  payment
 equal  to  the amount of the total unpaid balance at any time during the
 period of repayment.
   8. (i) Such additional member contributions (and any interest thereon)
 shall be paid into the contingent reserve fund of the retirement  system
 of  which  the  participant is a member and shall not for any purpose be
 deemed to be member contributions  or  accumulated  contributions  of  a
 member  under  section six hundred thirteen of this article or otherwise
 while he or she is a participant in the [twenty-year/age fifty]  TWENTY-
 YEAR  retirement  program  or  otherwise, except that, a surplus of such
 A. 6571                             6

 additional member  contributions  that  are  paid  into  the  retirement
 system's  contingent  reserve  fund  may be used for the sole purpose of
 offsetting a deficit of basic member contributions.
   (ii)  Should  a participant in the [twenty-year/age fifty] TWENTY-YEAR
 retirement program who has rendered less than fifteen years of allowable
 service as a Triborough bridge and tunnel member cease to hold  a  posi-
 tion as a Triborough bridge and tunnel member for any reason whatsoever,
 his  or her accumulated additional member contributions made pursuant to
 this subdivision (together with any interest thereon paid to the retire-
 ment system) may be withdrawn by  him  or  her  pursuant  to  procedures
 promulgated  in  regulations  of the board of trustees of the retirement
 system, together with interest thereon at the rate of five  percent  per
 annum, compounded annually.
   (iii)  Except  as  provided in subparagraph (ii) of this paragraph, no
 member, while he or she is a participant  or  otherwise,  shall  have  a
 right  to  withdraw such additional member contributions or any interest
 thereon from the retirement system.
   9. A member who has made the  additional  contributions  specified  by
 this subdivision may borrow a portion of such contributions, pursuant to
 the provisions of section six hundred thirteen-b of this article.
   §  2. Subdivision 20 of section 2.10 of the criminal procedure law, as
 added by chapter 843 of the laws of 1980, is amended to read as follows:
   20.  Bridge  and  tunnel  officers,  sergeants   [and],   lieutenants,
 CAPTAINS, INSPECTORS, DEPUTY CHIEFS, ASSISTANT CHIEFS, AND CHIEFS of the
 Triborough bridge and tunnel authority.
   § 3. This act shall take effect immediately; provided, however, that:
   (a) section one of this act shall take effect on the one hundred twen-
 tieth day after it shall have become a law, provided that the Triborough
 bridge  and tunnel authority has elected prior to such effective date to
 provide its employees the retirement incentive authorized by this act by
 resolution of its governing body specifying which  titles  and/or  ranks
 are  covered  by  such  election  as  amongst  those titles and/or ranks
 already covered by section 604-c of the retirement and  social  security
 law;  provided,  however,  if the Triborough bridge and tunnel authority
 shall not elect by resolution to provide its  employees  the  retirement
 incentive authorized by this act during the time period required by this
 subdivision, section one of this act shall be deemed repealed; and
   (b) the Triborough bridge and tunnel authority shall notify the legis-
 lative  bill drafting commission on whether it has elected by resolution
 to provide its employees the retirement incentive authorized by this act
 within the time period required by subdivision (a) of  this  section  in
 order  that the commission may maintain an accurate and timely effective
 data base of the official text of the laws of the state of New  York  in
 furtherance of effectuating the provisions of section 44 of the legisla-
 tive law and section 70-b of the public officers law.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY  OF  BILL:  This proposed legislation, as it relates to Tier 4
 and Tier 6 members of the New York  City  Employees'  Retirement  System
 (NYCERS) who are members of the respective TBTA 20/50 Plans, would amend
 Section 604-c of the Retirement and Social Security Law (RSSL) to remove
 age 50 as an eligibility requirement for service retirement.
   Effective  Date:  Upon  enactment,  provided,  however,  that it shall
 become effective on the 120th day after enactment in the event the  TBTA
 elects  by  resolution to provide to its employees the retirement incen-
 tive authorized by the bill within such 120-day period.
 A. 6571                             7
 
   IMPACT ON BENEFITS: Currently, members of the Tier 4 and Tier  6  TBTA
 20/50  Plans  are  eligible to receive a service retirement benefit upon
 attaining 20 or more years of  credited  service  and  age  50.  Tier  4
 members  who leave employment with at least five, but less than 20 years
 of  service, are eligible to receive a vested retirement benefit payable
 on the date they would have attained 20 years of  credited  service  and
 age 50. Tier 6 members who leave employment with at least five, but less
 than  20  years  of  credited  service  are eligible to receive a vested
 retirement benefit payable at age 63.
   Under the proposed legislation, if enacted, affected  members  of  the
 TBTA 20/50 Plans would be eligible to receive a service retirement bene-
 fit  upon attaining 20 years of credited service, without regard to age.
 Tier 4 members who leave employment with at least five, but less than 20
 years of credited service, would be eligible to receive a vested retire-
 ment benefit payable on the date the  member  would  have  completed  20
 years  of  credited  service,  without regard to age. Tier 6 members who
 leave employment with at least five, but less than 20 years of  credited
 service  would  continue  to  be eligible to receive a vested retirement
 benefit payable at age 63.
   FINANCIAL IMPACT - PRESENT VALUES: Based on the anticipated  group  of
 members  benefiting  from  the change in the eligibility requirement and
 the actuarial assumptions and methods described herein, the enactment of
 this proposed legislation would increase the  Present  Value  of  Future
 Benefits (PVFB) by approximately $5.6 million for TBTA.
   Under  the Entry Age Normal cost method used to determine the employer
 contributions to NYCERS, there would be  an  increase  in  the  Unfunded
 Accrued  Liability  (UAL)  of  approximately  $7.0  million  offset by a
 decrease in the Present Value of future employer  Normal  Cost  of  $1.4
 million.
   FINANCIAL  IMPACT  -  ANNUAL  EMPLOYER CONTRIBUTIONS: The enactment of
 this proposed legislation would result in an initial increase in  annual
 employer  contributions  for TBTA of approximately $1.7 million which is
 the result of an increase in the Normal Cost  in  addition  to  the  UAL
 payment.
   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 92 NYCERS Tier 4 members as of June 30, 2022 who could potentially
 benefit  from  the  change in the eligibility requirement for retirement
 had an average age of  approximately  42.5  years,  average  service  of
 approximately  16.8  years,  and  an  average  salary  of  approximately
 $115,400. As of June 30, 2022, there are no active members in the Tier 6
 TBTA 20/50 Plan.
   ACTUARIAL ASSUMPTIONS AND METHODS: The estimates presented herein have
 been calculated based on the actuarial assumptions and methods in effect
 for the Preliminary Fiscal Year 2024 employer contributions  of  NYCERS.
 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.
 A. 6571                             8
 
   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 of NYCERS and other New
 York City agencies to implement the proposed legislation.
   * The impact of this  proposed  legislation  on  Other  Postemployment
 Benefit (OPEB) costs.
   *  The  amendment  to include enumerated titles in the Criminal Proce-
 dural law.
   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 2023-30 dated  April  13,
 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.