S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7311
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 17, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to  dual  retirement  system membership in the New York city
   teachers' retirement system, the New York city  employees'  retirement
   system, and the New York city board of education retirement system
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The administrative code of the city of New York is  amended
 by adding a new section 13-638.7 to read as follows:
   §  13-638.7  DUAL  MEMBERSHIPS.  A.  NOTWITHSTANDING  ANY INCONSISTENT
 PROVISION OF THIS CHAPTER,  INCLUDING SECTION 13-184, OR ANY OTHER  LAW,
 ANY  PERSON  WHO  IS  OTHERWISE  A MEMBER OF THE NEW YORK CITY TEACHERS'
 RETIREMENT SYSTEM, THE NEW YORK CITY EMPLOYEES'  RETIREMENT  SYSTEM,  OR
 THE  NEW  YORK  CITY  BOARD  OF  EDUCATION RETIREMENT SYSTEM, BUT WHO IS
 ELIGIBLE TO JOIN ANY OTHER RETIREMENT SYSTEM MAINTAINED BY THE CITY  DUE
 TO  A  SEPARATE,  CONCURRENT  ELIGIBLE  EMPLOYMENT  WITH A PARTICIPATING
 EMPLOYER MAY BECOME A MEMBER OF THE SUBSEQUENT  CITY  FUNDED  RETIREMENT
 SYSTEM  PROVIDED  SUCH  BENEFITS  IN  THE FIRST SYSTEM OF MEMBERSHIP ARE
 SUSPENDED DURING THEIR ACTIVE MEMBERSHIP IN  THE  SUBSEQUENT  RETIREMENT
 SYSTEM,  INCLUDING  ANY  PERIOD  OF  RETROACTIVE  MEMBERSHIP PURSUANT TO
 SUBDIVISION B OF THIS SECTION.
   B. ANY SUCH MEMBERSHIP IN THE SUBSEQUENT RETIREMENT  SYSTEM  SHALL  BE
 ELECTED  IN  WRITING  AND  FILED  WITH  BOTH  RETIREMENT SYSTEMS.   SUCH
 ELECTION SHALL BE EFFECTIVE ON THE EARLIER OF THE  DATE  THE  MEMBER  IS
 MANDATED  INTO MEMBERSHIP OR THE DATE THE SYSTEM RECEIVES AN APPLICATION
 FOR MEMBERSHIP, AS APPLICABLE, AND SHALL BE SUBJECT TO THE RIGHTS, BENE-
 FITS, PRIVILEGES, AND OBLIGATIONS OF SUCH MEMBERSHIP, INCLUDING  PAYMENT
 OF  ALL  REQUIRED  MEMBER CONTRIBUTIONS.   SUCH ELECTION SHALL BE IRREV-
 OCABLE SO LONG AS THE MEMBER IS EMPLOYED IN THE  POSITION  ELIGIBLE  FOR
 MEMBERSHIP IN THE SUBSEQUENT SYSTEM.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10861-02-3
              

 A. 7311                             2
 
   C.  SUSPENSION OF MEMBERSHIP SHALL RESULT IN SUSPENSION OF ALL RIGHTS,
 BENEFITS, PRIVILEGES, AND OBLIGATIONS IN THE SUSPENDED SYSTEM, INCLUDING
 LOAN ELIGIBILITY AND THE ACCRUAL OR ABILITY TO PURCHASE  SERVICE  CREDIT
 RELATING  TO  THE SUSPENSION PERIOD.  LOAN PAYMENTS ON OUTSTANDING LOANS
 SHALL  REMAIN IN EFFECT.  CONCURRENT EMPLOYMENT SHALL NOT PROVIDE ELIGI-
 BILITY FOR MULTIPLE DEATH BENEFITS  FROM  MULTIPLE  RETIREMENT  SYSTEMS.
 ANY  APPLICABLE  DEATH  BENEFITS  SHALL  BE FROM THE SYSTEM IN WHICH THE
 MEMBER IS ACTIVE.  THE PREVIOUS SYSTEM SHALL RETURN  CONTRIBUTIONS  PLUS
 INTEREST AS APPLICABLE.
   D.  MEMBERS  IN THE NEW YORK CITY TEACHERS' RETIREMENT SYSTEM, THE NEW
 YORK CITY EMPLOYEES' RETIREMENT SYSTEM, AND THE NEW YORK CITY  BOARD  OF
 EDUCATION RETIREMENT SYSTEM MAY ONLY ACCRUE SERVICE CREDIT IN ONE SYSTEM
 FOR ANY PERIOD OF CONCURRENT EMPLOYMENT.
   E.  NOTHING IN THIS SECTION SHALL BE DEEMED TO MODIFY THE REQUIREMENTS
 OF SECTION FORTY-THREE OR SIX HUNDRED FORTY-FIVE OF THE  RETIREMENT  AND
 SOCIAL SECURITY LAW REGARDING TRANSFER OR REINSTATEMENT OF MEMBERSHIP OR
 THE REQUIREMENTS OF ANY APPLICABLE TRANSFERRED CONTRIBUTOR LAWS.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY OF BILL: This proposed legislation would amend the Administra-
 tive  Code of the City of New York (ACCNY) to add a new Section 13-638.7
 allowing certain employees who have concurrent eligible  employment  for
 participation  in  two  New  York  City  funded retirement systems (City
 System) a one-time chance to suspend their current membership  in  their
 first  City  System and elect to participate in the other City System as
 of the earlier of the date of election, or the date on which the  member
 would  have  been  mandated  into the subsequent system absent the prior
 membership.
   Currently, members of the New York City  Employees  Retirement  System
 (NYCERS),  the  New  York City Teachers Retirement System (TRS), and the
 New York City Board of Education Retirement System (BERS) may  not  join
 another  system  if they already have an active membership in one of the
 other systems without terminating the employment for which  the  initial
 membership was created.
   Under the proposed legislation, a City retirement system member who is
 eligible  to  join a second City retirement system based on dual employ-
 ment would be eligible to elect membership in the  other  eligible  City
 retirement system without the cessation of employment, and would forfeit
 applicable rights, benefits, and privileges of the initial prior member-
 ship  resulting in a return of applicable contributions with interest. A
 member may only accrue service credit in one system for  any  period  of
 concurrent employment.
   This  change  in  legislation would not modify the current transfer or
 reinstatement provisions available to members and therefore the  changes
 would be primarily administrative.
   Effective Date: Upon enactment.
   FINANCIAL IMPACT: There is no data available to estimate the number of
 members who might be eligible to participate in more than one retirement
 system, and potentially benefit from this proposed legislation.
   With  respect  to  an  individual member, the financial impact of this
 proposed legislation could vary greatly depending on the member's length
 of service, age, and salary history.
   Based on the relatively small population anticipated to be impacted by
 this proposed legislation and that these changes are more administrative
 in nature,  the  cost  associated  with  this  proposed  legislation  is
 expected to be de minimis.
 A. 7311                             3
 
   RISK  AND  UNCERTAINTY:  The  costs for this proposed legislation will
 depend on the number and demographics of the impacted population.
   Not measured in this Fiscal Note are the following:
   *  The  initial  additional  administrative  costs  to  implement  the
 proposed legislation.
   * The impact of this  proposed  legislation  on  Other  Postemployment
 Benefit costs.
   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 2023-43 dated May 5, 2023
 was  prepared  by  the  Chief  Actuary  for the New York City Employees'
 Retirement System, the New York City Teachers'  Retirement  System,  and
 the  New  York City Board of Education Retirement System.  This estimate
 is intended for use only during the 2023 Legislative Session.