NY State Assembly Bill 2023-A7344

Assembly Bill A7344

2023-2024 Legislative Session

Provides WTC-related benefits to certain employees who worked at the Verrazano Bridge Toll Facility

download bill text pdf

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 13, 2024	print number 7344b
Mar 13, 2024	amend and recommit to governmental employees
Jan 12, 2024	print number 7344a
Jan 12, 2024	amend and recommit to governmental employees
Jan 03, 2024	referred to governmental employees
May 17, 2023	referred to governmental employees

Bill Amendments

Original

B (Active)

2023-A7344 - Details

Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §2, R & SS L

2023-A7344 - Summary

Provides WTC-related benefits to certain employees who worked at the Verrazano Bridge Toll Facility.

2023-A7344 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7344
 
                        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 retirement and social security law, in  relation  to
   providing  WTC-related benefits to certain employees who worked at the
   Verrazano Bridge Toll Facility

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (e) of subdivision 36 of section 2 of the retire-
 ment  and  social security law, as amended by chapter 424 of the laws of
 2021, is amended to read as follows:
   (e) "Participated in World Trade Center rescue,  recovery  or  cleanup
 operations"  shall  mean any member who: (i) participated in the rescue,
 recovery, or cleanup operations at  the  World  Trade  Center  site,  as
 defined  in  paragraph (f) of this subdivision; (ii) worked at the Fresh
 Kills Land Fill in New York; (iii) worked at the New York city morgue or
 the temporary morgue on pier locations on the west  side  of  Manhattan;
 (iv)  manned the barges between the west side of Manhattan and the Fresh
 Kills Land Fill in New York;  (v)  repaired,  cleaned  or  rehabilitated
 vehicles or equipment, including emergency vehicle radio equipment owned
 by  the  city  of New York that were contaminated by debris in the World
 Trade Center site, as defined in  paragraph  (f)  of  this  subdivision,
 regardless of whether the work on the repair, cleaning or rehabilitation
 of  said  vehicles  and  equipment  was performed within the World Trade
 Center site, provided such work was performed prior  to  decontamination
 of such vehicles or equipment; [or] (vi) worked in the following depart-
 ments,  worksites  and titles: (A) New York City Police Department at 11
 Metrotec Center in Brooklyn or 1 Police Plaza in Manhattan as  a  Police
 Communication  Technician (PCT), Supervisor Police Communication Techni-
 cian (SPCT), Principal  Police  Communication  Technician  I,  Principal
 Police Communication Technician II, Principal Police Communication Tech-
 nician  III,  Administrative  Manager - Communications, or in the Police
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10515-02-3

 A. 7344                             2
 
 Administrative Aide title series; (B) Fire Department of the City of New
 York at 35 Empire Boulevard  in  Brooklyn,  79th  Street  Transverse  in
 Manhattan,  83-98 Woodhaven Boulevard in Queens, 1129 East 180 Street in
 the  Bronx,  65  Slosson  Avenue  in Staten Island, 9 Metrotec Center in
 Brooklyn, or 25 Rockaway Avenue in Brooklyn as  Fire  Alarm  Dispatchers
 (FAD),  Supervising  Fire  Alarm  Dispatchers I (SFAD), Supervising Fire
 Alarm Dispatchers II (Borough Supervisor), Deputy  Director  &  Director
 Fire  Dispatch Operations, or Assistant Commissioner for Communications;
 (C) for the Fire Department of the City of New York's Emergency  Medical
 Service  at  1  or 9 Metrotec Centers in Brooklyn, or 55-30 58 Street in
 Maspeth Queens as Emergency Medical Specialist-Level I (EMT),  Emergency
 Medical  Specialist  Level II-(Paramedic), Supervising Emergency Medical
 Specialist Level I (LT), Supervising Emergency Medical Specialist  Level
 II  (Capt),  Deputy  Chief EMS Communications, or Division Commander EMS
 Communications; OR (VII) WORKED AT THE VERRAZANO BRIDGE  TOLL  FACILITY.
 For  purposes  of  this  paragraph, the term "member" shall include each
 person who during the qualifying period  was  in  the  employment  of  a
 public  employer  which then participated for such employees in a public
 retirement system in this state, irrespective of whether the person  was
 a  participant in such system at that time, provided that the person has
 become a participant in such retirement system and has purchased service
 credit for a period of time that includes some or all of the  qualifying
 period  in accordance with provisions of law applicable to such purchase
 of service credit.
   § 2. This act shall take effect immediately and  shall  be  deemed  to
 have been in full force and effect on and after September 11, 2001.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would expand the definition of a member who participated in
 World Trade Center rescue, recovery or  cleanup  operations  to  include
 those who worked at the Verrazano Bridge Toll Facility.
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System (NYSLERS) and the New York State and Local Police  and
 Fire  Retirement  System  (NYSLPFRS), if this bill is enacted during the
 2023 legislative session, it would reclassify certain current and future
 retirement benefits. The cost of the revised benefit  will  depend  upon
 the  applicant's  age, service, salary, plan, and benefit type otherwise
 payable.
 
 Benefit prior  None        Ordinary     In Performance of   Service
 to enactment:              Disability   Duty Disability
 Cost for       10 times    5.5 times    3 times             2 times
 WTC benefit:   salary      salary       salary              salary
 
   This bill would also lead to more deaths being  classified  as  "acci-
 dental".  For  each death classified as accidental due to this bill, the
 cost would depend on the age, service, salary, plan, and status at  time
 of death. It is estimated that the cost for each NYSLERS member affected
 would  average  approximately  4.5 times final average salary. The esti-
 mated cost for each NYSLPFRS member would average approximately 13 times
 final average salary.
   NYSLERS Costs: Pursuant to Section 25 of  the  Retirement  and  Social
 Security  Law,  these  costs would be borne entirely by the State of New
 York and would require an itemized appropriation sufficient to  pay  the
 cost of the provision.
   NYSLPFRS  Costs:  These costs would be shared by the State of New York
 and the participating employers in the NYSLPFRS.
 A. 7344                             3
 
   The exact number of current members as  well  as  future  members  who
 could be affected by this legislation cannot be readily determined.
   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.
   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 April 12, 2023, and intended for use only  during
 the  2023  Legislative Session, is Fiscal Note No. 2023-133, prepared by
 the Actuary for the New York State and Local Retirement System.

2023-A7344A - Details

Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §2, R & SS L

2023-A7344A - Summary

Provides WTC-related benefits to certain employees who worked at the Verrazano Bridge Toll Facility.

2023-A7344A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7344--A
 
                        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 -- 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
   providing  WTC-related benefits to certain employees who worked at the
   Verrazano Bridge Toll Facility
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (e) of subdivision 36 of section 2 of the retire-
 ment  and  social security law, as amended by chapter 424 of the laws of
 2021, is amended to read as follows:
   (e) "Participated in World Trade Center rescue,  recovery  or  cleanup
 operations"  shall  mean any member who: (i) participated in the rescue,
 recovery, or cleanup operations at  the  World  Trade  Center  site,  as
 defined  in  paragraph (f) of this subdivision; (ii) worked at the Fresh
 Kills Land Fill in New York; (iii) worked at the New York city morgue or
 the temporary morgue on pier locations on the west  side  of  Manhattan;
 (iv)  manned the barges between the west side of Manhattan and the Fresh
 Kills Land Fill in New York;  (v)  repaired,  cleaned  or  rehabilitated
 vehicles or equipment, including emergency vehicle radio equipment owned
 by  the  city  of New York that were contaminated by debris in the World
 Trade Center site, as defined in  paragraph  (f)  of  this  subdivision,
 regardless of whether the work on the repair, cleaning or rehabilitation
 of  said  vehicles  and  equipment  was performed within the World Trade
 Center site, provided such work was performed prior  to  decontamination
 of such vehicles or equipment; [or] (vi) worked in the following depart-
 ments,  worksites  and titles: (A) New York City Police Department at 11
 Metrotec Center in Brooklyn or 1 Police Plaza in Manhattan as  a  Police
 Communication  Technician (PCT), Supervisor Police Communication Techni-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10515-04-4

 A. 7344--A                          2
 
 cian (SPCT), Principal  Police  Communication  Technician  I,  Principal
 Police Communication Technician II, Principal Police Communication Tech-
 nician  III,  Administrative  Manager - Communications, or in the Police
 Administrative Aide title series; (B) Fire Department of the City of New
 York  at  35  Empire  Boulevard  in  Brooklyn, 79th Street Transverse in
 Manhattan, 83-98 Woodhaven Boulevard in Queens, 1129 East 180 Street  in
 the  Bronx,  65  Slosson  Avenue  in Staten Island, 9 Metrotec Center in
 Brooklyn, or 25 Rockaway Avenue in Brooklyn as  Fire  Alarm  Dispatchers
 (FAD),  Supervising  Fire  Alarm  Dispatchers I (SFAD), Supervising Fire
 Alarm Dispatchers II (Borough Supervisor), Deputy  Director  &  Director
 Fire  Dispatch Operations, or Assistant Commissioner for Communications;
 (C) for the Fire Department of the City of New York's Emergency  Medical
 Service  at  1  or 9 Metrotec Centers in Brooklyn, or 55-30 58 Street in
 Maspeth Queens as Emergency Medical Specialist-Level I (EMT),  Emergency
 Medical  Specialist  Level II-(Paramedic), Supervising Emergency Medical
 Specialist Level I (LT), Supervising Emergency Medical Specialist  Level
 II  (Capt),  Deputy  Chief EMS Communications, or Division Commander EMS
 Communications; OR (VII) WORKED AT THE VERRAZANO BRIDGE  TOLL  FACILITY.
 For  purposes  of  this  paragraph, the term "member" shall include each
 person who during the qualifying period  was  in  the  employment  of  a
 public  employer  which then participated for such employees in a public
 retirement system in this state, irrespective of whether the person  was
 a  participant in such system at that time, provided that the person has
 become a participant in such retirement system and has purchased service
 credit for a period of time that includes some or all of the  qualifying
 period  in accordance with provisions of law applicable to such purchase
 of service credit.
   § 2. This act shall take effect immediately and  shall  be  deemed  to
 have been in full force and effect on and after September 11, 2001.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would expand the definition of a member who participated in
 World Trade Center (WTC)  rescue,  recovery  or  cleanup  operations  to
 include those who worked at the Verrazano Bridge Toll Facility.
   Insofar as this bill would affect the New York State and Local Employ-
 ees' Retirement System (NYSLERS) and the New York State and Local Police
 and  Fire  Retirement  System (NYSLPFRS), if this bill is enacted during
 the 2024 Legislative Session, it would (a)  reclassify  certain  retiree
 benefits  as  accidental  disability, (b) lead to an increased number of
 accidental disability benefits for future retirees, and (c) also lead to
 more deaths being classified as "accidental". The cost  of  the  revised
 benefit  will depend upon the applicant's age, service, salary, plan and
 benefit type otherwise payable.
 
 Benefit prior                  Ordinary      Performance
 to enactment:        None     Disability       of Duty
 
 NYSLERS cost for   10 times    5.5 times       3 times
 proposed benefit:   salary      salary          salary
 
 NYSLPFRS cost for  10 times    5.5 times       3 times
 proposed benefit:   salary      salary          salary
 
 Benefit prior       Service    Ordinary
 to enactment:     Retirement    Death
 A. 7344--A                          3
 
 NYSLERS cost for    2 times    4.5 times
 proposed benefit:   salary      salary
 
 NYSLPFRS cost for   2 times    13 times
 proposed benefit:   salary      salary
 
   The  exact  number  of  current  members as well as future members who
 could be affected by this  legislation  cannot  be  readily  determined.
 Pursuant  to  Section  25 of the Retirement and Social Security Law, the
 costs arising in the NYSLERS will be borne entirely by the State of  New
 York  and  will  require an itemized appropriation sufficient to pay the
 cost of the provision. The costs arising in the NYSLPFRS will be  shared
 by  the  State  of New York and the local participating employers of the
 NYSLPFRS.
   Further, we anticipate additional administrative  costs  to  implement
 the provisions of this legislation.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 Annual  Report  to  the  Comptroller  on  Actuarial Assumptions, 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, 2023
 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 January 3, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No.  2024-18,  prepared  by
 the Actuary for the New York State and Local Retirement System.

2023-A7344B (ACTIVE) - Details

Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §2, R & SS L

2023-A7344B (ACTIVE) - Summary

Provides WTC-related benefits to certain employees who worked at the Verrazano Bridge Toll Facility.

2023-A7344B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7344--B
 
                        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 -- 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  --  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
   providing WTC-related benefits to certain employees who worked at  the
   Verrazano Bridge Toll Facility
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (e) of subdivision 36 of section 2 of the retire-
 ment and social security law, as amended by chapter 424 of the  laws  of
 2021, is amended to read as follows:
   (e)  "Participated  in  World Trade Center rescue, recovery or cleanup
 operations" shall mean any member who: (i) participated in  the  rescue,
 recovery,  or  cleanup  operations  at  the  World Trade Center site, as
 defined in paragraph (f) of this subdivision; (ii) worked at  the  Fresh
 Kills Land Fill in New York; (iii) worked at the New York city morgue or
 the  temporary  morgue  on pier locations on the west side of Manhattan;
 (iv) manned the barges between the west side of Manhattan and the  Fresh
 Kills  Land  Fill  in  New  York; (v) repaired, cleaned or rehabilitated
 vehicles or equipment, including emergency vehicle radio equipment owned
 by the city of New York that were contaminated by debris  in  the  World
 Trade  Center  site,  as  defined  in paragraph (f) of this subdivision,
 regardless of whether the work on the repair, cleaning or rehabilitation
 of said vehicles and equipment was  performed  within  the  World  Trade
 Center  site,  provided such work was performed prior to decontamination
 of such vehicles or equipment; [or] (vi) worked in the following depart-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10515-06-4

 A. 7344--B                          2
 
 ments, worksites and titles: (A) New York City Police Department  at  11
 Metrotec  Center  in Brooklyn or 1 Police Plaza in Manhattan as a Police
 Communication Technician (PCT), Supervisor Police Communication  Techni-
 cian  (SPCT),  Principal  Police  Communication  Technician I, Principal
 Police Communication Technician II, Principal Police Communication Tech-
 nician III, Administrative Manager - Communications, or  in  the  Police
 Administrative Aide title series; (B) Fire Department of the City of New
 York  at  35  Empire  Boulevard  in  Brooklyn, 79th Street Transverse in
 Manhattan, 83-98 Woodhaven Boulevard in Queens, 1129 East 180 Street  in
 the  Bronx,  65  Slosson  Avenue  in Staten Island, 9 Metrotec Center in
 Brooklyn, or 25 Rockaway Avenue in Brooklyn as  Fire  Alarm  Dispatchers
 (FAD),  Supervising  Fire  Alarm  Dispatchers I (SFAD), Supervising Fire
 Alarm Dispatchers II (Borough Supervisor), Deputy  Director  &  Director
 Fire  Dispatch Operations, or Assistant Commissioner for Communications;
 (C) for the Fire Department of the City of New York's Emergency  Medical
 Service  at  1  or 9 Metrotec Centers in Brooklyn, or 55-30 58 Street in
 Maspeth Queens as Emergency Medical Specialist-Level I (EMT),  Emergency
 Medical  Specialist  Level II-(Paramedic), Supervising Emergency Medical
 Specialist Level I (LT), Supervising Emergency Medical Specialist  Level
 II  (Capt),  Deputy  Chief EMS Communications, or Division Commander EMS
 Communications; OR (VII) WORKED AT THE VERRAZANO BRIDGE  TOLL  FACILITY.
 For  purposes  of  this  paragraph, the term "member" shall include each
 person who during the qualifying period  was  in  the  employment  of  a
 public  employer  which then participated for such employees in a public
 retirement system in this state, irrespective of whether the person  was
 a  participant in such system at that time, provided that the person has
 become a participant in such retirement system and has purchased service
 credit for a period of time that includes some or all of the  qualifying
 period  in accordance with provisions of law applicable to such purchase
 of service credit.
   § 2. This act shall take effect immediately and  shall  be  deemed  to
 have been in full force and effect on and after September 11, 2001.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would expand the definition of a member who participated in
 World Trade Center (WTC)  rescue,  recovery  or  cleanup  operations  to
 include those who worked at the Verrazano Bridge Toll Facility.
   Insofar as this bill would affect the New York State and Local Employ-
 ees' Retirement System (NYSLERS) and the New York State and Local Police
 and  Fire  Retirement  System (NYSLPFRS), if this bill is enacted during
 the 2024 Legislative Session, it would (a)  reclassify  certain  retiree
 benefits  as  accidental  disability, (b) lead to an increased number of
 accidental disability benefits for future retirees, and (c) also lead to
 more deaths being classified as "accidental". The cost  of  the  revised
 benefit  will depend upon the applicant's age, service, salary, plan and
 benefit type otherwise payable.
 
 Benefit prior                  Ordinary      Performance
 to enactment:        None     Disability       of Duty
 
 NYSLERS cost for   10 times    5.5 times       3 times
 proposed benefit:   salary      salary          salary
 
 NYSLPFRS cost for  10 times    5.5 times       3 times
 proposed benefit:   salary      salary          salary
 A. 7344--B                          3
 
 Benefit prior       Service    Ordinary
 to enactment:     Retirement    Death
 
 NYSLERS cost for    2 times    4.5 times
 proposed benefit:   salary      salary
 
 NYSLPFRS cost for   2 times    13 times
 proposed benefit:   salary      salary
 
   The  exact  number  of  current  members as well as future members who
 could be affected by this  legislation  cannot  be  readily  determined.
 Pursuant  to  Section  25 of the Retirement and Social Security Law, the
 costs arising in the NYSLERS will be borne entirely by the State of  New
 York  and  will  require an itemized appropriation sufficient to pay the
 cost of the provision. The costs arising in the NYSLPFRS will be  shared
 by  the  State  of New York and the local participating employers of the
 NYSLPFRS.
   Further, we anticipate additional administrative  costs  to  implement
 the provisions of this legislation.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 Annual  Report  to  the  Comptroller  on  Actuarial Assumptions, 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, 2023
 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 January 3, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No.  2024-18,  prepared  by
 the Actuary for the New York State and Local Retirement System.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY:  This  proposed  legislation would expand the definition of a
 member who participated in  World  Trade  Center  rescue,  recovery,  or
 cleanup  operations  to include those who worked at the Verrazano Bridge
 Toll Facility.
 
       ILLUSTRATION - INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
          by Fiscal Year for the first 25 years ($ in Thousands)
                                         Per Incident
                Year                Disability     Death
                2025                        30        116
                2026                        30        116
                2027                        30        116
                2028                        30        116
                2029                        30        116
                2030                        30        116
 A. 7344--B                          4
 
                2031                        30        116
                2032                        30        116
                2033                        30        116
                2034                        30        116
                2035                        30        116
                2036                        30        116
                2037                        30        116
                2038                        30        116
                2039                         0          0
                2040                         0          0
                2041                         0          0
                2042                         0          0
                2043                         0          0
                2044                         0          0
                2045                         0          0
                2046                         0          0
                2047                         0          0
                2048                         0          0
                2049                         0          0
    Employer contribution impact beyond Fiscal Year 2049 is not shown.
   The potential increases in employer contributions will be allocated to
 the Triborough Bridge and Tunnel Authority.
 
           EXPECTED INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                   as of June 30, 2023 ($ in Thousands)
      Present Value (PV)            Per Disability  Per Death
      PV of Benefits:                    254            983
      PV of Employee Contributions:      0              0
      PV of Employer Contributions:      254            983
      Unfunded Accrued Liabilities:      254            983
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
      Recognized as Ongoing         Per Disability      Per Death
      Gain/Loss
      Number of Payments:                14                  14
      Amortization Payment:              30 K                116 K
 
   CENSUS DATA: The number of members and eligible retirees who worked at
 the  Verrazano bridge during the applicable period is unknown. The esti-
 mates presented herein are based on preliminary census data collected as
 of June 30, 2023. The census data for  the  potentially  impacted  popu-
 lation used to develop the average costs in this Fiscal Note is based on
 TBTA  members  active  during  the  applicable  period and is summarized
 below.
 
                                              NYCERS
                     Active Members
                     - Number Count:              220
                     - Average Age:               56.0
                     - Average Service:           25.1
                     - Average Salary:          119,300
 
                     Term. Vested Members
                     - Number Count:              31
                     - Average Age:               58.0
 A. 7344--B                          5
 
                     Receiving Members
                     - Number Count:              902
                     - Average Age:                68.2
 
   IMPACT  ON  MEMBER  BENEFITS: Currently, a member who becomes disabled
 would be eligible for  an  applicable  ordinary  disability  retirement,
 generally  a  lifetime  payment  of  1/3 of salary or service benefit if
 greater. The ordinary death benefit is  a  lump  sum  payment  generally
 equal  to  three times the member's salary for active members or a frac-
 tion of the retirement benefit for retirees.
   Under the proposed legislation, the  accidental  death  benefit  would
 generally  be  equal  to  a  lifetime  benefit of 50%, or 100% for those
 eligible for Special Accidental Death  Benefits,  of  a  member's  wages
 earned during the last year of service.
   ASSUMPTIONS  AND  METHODS:  The  estimates  presented herein have been
 calculated based on the Revised 2021 Actuarial Assumptions  and  Methods
 of NYCERS.
   The  cost of this proposed legislation could vary greatly depending on
 the number of future members who benefit and on their length of service,
 age, and salary history.
   The estimated financial impact for disabled members  has  been  calcu-
 lated assuming 50% would have retired under an Ordinary Disability bene-
 fit,  and  50%  would have continued working if the proposed legislation
 were not passed.
   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).
   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
 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 2024-22 dated March 11,
 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.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Assembly Bill A7344

Share this bill

Sponsored By

PHEFFER AMATO

Current Bill Status - In Assembly Committee

Bill Amendments

2023-A7344 - Details

2023-A7344 - Summary

2023-A7344 - Bill Text download pdf

2023-A7344A - Details

2023-A7344A - Summary

2023-A7344A - Bill Text download pdf

2023-A7344B (ACTIVE) - Details

2023-A7344B (ACTIVE) - Summary

2023-A7344B (ACTIVE) - Bill Text download pdf

Comments