Senate Bill S5832A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5832--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 17, 2023
                                ___________
 
 Introduced  by  Sens. JACKSON, THOMAS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Civil Service and
   Pensions -- recommitted to the Committee on Civil Service and Pensions
   in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT to amend the parks, recreation and historic preservation law, in
   relation to increasing the mandatory retirement age of New York  state
   regional park police
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 13.17 of the parks, recreation and
 historic preservation law, as amended by chapter  662  of  the  laws  of
 1972, is amended to read as follows:
   4.  Any  member  appointed  on  or after April first, nineteen hundred
 sixty-five shall be separated from such service upon  attaining  [sixty-
 two] SIXTY-FIVE years of age.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  increase the mandatory retirement age from 62 to 65
 for members of the New York State and Local Police and  Fire  Retirement
 System  (NYSLPFRS)  covered under the provisions of section 383-a of the
 Retirement and Social Security Law.
   If this bill is enacted during the  2024  Legislative  Session,  there
 would  be  additional  benefits  for certain members who remain employed
 beyond age 62 which would be funded  by  the  normal  employer  contrib-
 utions.  If  members delay retirement due to the enactment of this bill,
 we do not anticipate any increases in the annual contribution rates  for
 any of the participating employers in the NYSLPFRS.
   Summary of relevant resources:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08529-03-4
 S. 5832--A                          2
              

 
   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  25,  2024,  and intended for use only
 during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-86,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.