NY State Senate Bill 2023-S9593

Senate Bill S9593

2023-2024 Legislative Session

Affords certain uniformed members of the fire department pension fund with an increased pension benefit for each year of additional service beyond their required minimum service

download bill text pdf

Current Bill Status - In Senate Committee Civil Service And Pensions 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 16, 2024	referred to civil service and pensions

2023-S9593 (ACTIVE) - Details

See Assembly Version of this Bill:: A10500
Current Committee:: Senate Civil Service And Pensions
Law Section:: New York City Administrative Code
Laws Affected:: Amd §13-359, NYC Ad Cd

2023-S9593 (ACTIVE) - Summary

Affords certain uniformed members of the fire department pension fund with an increased pension benefit of one-fortieth of their average annual earnings for each year of additional service beyond his or her required minimum service.

2023-S9593 (ACTIVE) - Sponsor Memo

2023-S9593 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9593
 
                             I N  S E N A T E
 
                               May 16, 2024
                                ___________
 
 Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation to affording certain uniformed members of the fire department
   pension  fund with an increased pension benefit for each year of addi-
   tional service beyond their required minimum service

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (a) of paragraph 2 of subdivision a of section
 13-359  of the administrative code of the city of New York is amended to
 read as follows:
   (a) a pension of [one-sixtieth] ONE-FORTIETH  of  [his  or  her]  SUCH
 MEMBER'S  average annual earnings from [his or her] THEIR date of eligi-
 bility for retirement to the actual date of retirement; and
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation would increase the additional annu-
 al pension for Tier 2 New York City Fire Pension Fund (FIRE) members who
 retire with more than 20 years of service from 1/60th to 1/40th of total
 annual earnings after reaching 20 years of credited service.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
           by Fiscal Year for the first 25 years ($ in Millions)
 
                     Year       FIRE
 
                     2025       94.2
                     2026       93.6
                     2027       93.2
                     2028       92.7
                     2029       92.0
                     2030       91.4
                     2031       90.7
                     2032       90.0
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14129-02-4
 S. 9593                             2
 
                     2033       10.8
                     2034       10.0
                     2035       9.2
                     2036       8.3
                     2037       7.4
                     2038       6.6
                     2039       5.7
                     2040       4.9
                     2041       4.1
                     2042       3.3
                     2043       2.6
                     2044       2.0
                     2045       1.5
                     2046       1.1
                     2047       0.7
                     2048       0.5
                     2049       0.3
     Employer Contribution impact beyond Fiscal Year 2049 is not shown.
 
   The  increase  in employer contributions will be allocated to New York
 City.

           INITIAL INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                    as of June 30, 2023 ($ in Millions)
 
      Present Value (PV)                  FIRE
 
      PV of Benefits:                     565.3
      PV of Employee Contributions:       0.0
      PV of Employer Contributions:       565.3
      Unfunded Accrued Liabilities:       452.6
 
                 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                          FIRE
 
      Number of Payments:                 8
      Fiscal Year of Last Payment:        2032
      Amortization Payment:               78.4 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.
 
                                          FIRE
      Active Members
      - Number Count:                     5,690
      - Average Age:                      47.3
      - Average Service:                  21.3
      - Average Salary:                   163,500
 
   IMPACT ON MEMBER BENEFITS: This proposed  legislation  would  increase
 the  annual  pension for certain members who retire for service or acci-
 S. 9593                             3
 
 dental disability from 1/60th to 1/40th of average annual earnings  from
 the  date of eligibility for retirement to the actual date of retirement
 for each additional year  of  credited  service,  or  fraction  thereof,
 exceeding 20 years.
   ASSUMPTIONS  AND  METHODS:  The  estimates  presented herein have been
 calculated based on the Revised 2021 Actuarial Assumptions  and  Methods
 of the impacted retirement systems.
   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  2024-59  dated  May  14,
 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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