S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7403
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 25, 2025
                                ___________
 
 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  for  the transfer of service credit between certain retire-
   ment systems
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision c of section 446 of the retirement and social
 security law, as amended by chapter 426 of  the  laws  of  1974  and  as
 relettered  by  chapter  465  of the laws of 1980, is amended to read as
 follows:
   c. Creditable service.
   1. A member of a retirement system who is subject to the provisions of
 this article shall not be  eligible  to  obtain  retirement  credit  for
 service with a public employer other than the state of New York, a poli-
 tical  subdivision  thereof,  a public benefit corporation, or a partic-
 ipating employer; provided, however, military service with  the  federal
 government  may  be credited pursuant to section two hundred forty-three
 of the military law up to a maximum of four years; and further  provided
 that retirement credit may be granted for service with an agency located
 within the state of New York currently specified in the law as providing
 retirement credit for service.
   2.  (A)  NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, A
 MEMBER OF THE NEW YORK CITY POLICE PENSION FUND SUBJECT TO THIS  ARTICLE
 SHALL BE ELIGIBLE TO OBTAIN CREDIT FOR ANY PERIOD OF SERVICE RENDERED AS
 AN  ASSISTANT  DISTRICT ATTORNEY OF A COUNTY WITHIN THE CITY OF NEW YORK
 AND/OR AS AN EXAMINING ATTORNEY FOR THE  NEW  YORK  CITY  COMMISSION  TO
 COMBAT  POLICE  CORRUPTION WHICH PRECEDES SERVICE IN THE UNIFORMED FORCE
 OF THE NEW YORK CITY POLICE DEPARTMENT, AND SUCH SERVICE SHALL BE DEEMED
 TO BE IN SERVICE OF THE UNIFORMED FORCE OF  THE  NEW  YORK  CITY  POLICE
 DEPARTMENT FOR PURPOSES OF ELIGIBILITY FOR BENEFITS AND TO DETERMINE THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04861-03-5
              

 A. 7403                             2
 
 AMOUNT OF BENEFITS UNDER THE NEW YORK CITY POLICE PENSION FUND, PROVIDED
 THAT SUCH MEMBER PAYS OR TRANSFERS INTO THE NEW YORK CITY POLICE PENSION
 FUND  ALL  MEMBER CONTRIBUTIONS SET FORTH IN THIS ARTICLE PLUS INTEREST,
 AT A RATE OF FIVE PERCENT PER ANNUM.
   (B)  FOR  A  MEMBER WHO TRANSFERS SUCH CONTRIBUTIONS FROM THE NEW YORK
 CITY EMPLOYEES' RETIREMENT SYSTEM TO THE NEW YORK  CITY  POLICE  PENSION
 FUND  OR FOR A MEMBER WHO WITHDRAWS SUCH CONTRIBUTIONS FROM THE NEW YORK
 CITY EMPLOYEES' RETIREMENT SYSTEM, SUCH MEMBER'S MEMBERSHIP IN  THE  NEW
 YORK CITY EMPLOYEES' RETIREMENT SYSTEM SHALL CEASE UPON SUCH TRANSFER OR
 WITHDRAWAL  AND  SUCH  MEMBER  SHALL  RETAIN NO CREDITED SERVICE IN SUCH
 SYSTEM.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation would deem  certain  prior  service
 rendered as an assistant district attorney or examining attorney for the
 NYC  Commission  to  Combat  Police  Corruption as uniformed service for
 purposes of determining the eligibility and amount of POLICE  retirement
 benefits for Tier 2 members.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
                 by Fiscal Year for the first 25 years ($)
                          Year          POLICE
                          2026         340,000
                          2027         315,000
                          2028        (52,000)
                          2029        (60,000)
                          2030        (67,000)
                          2031        (74,000)
                          2032        (80,000)
                          2033        (84,000)
                          2034        (89,000)
                          2035        (92,000)
                          2036        (71,000)
                          2037        (41,000)
                          2038        (32,000)
                          2039        (22,000)
                          2040        (11,000)
                          2041               0
                          2042               0
                          2043               0
                          2044               0
                          2045               0
                          2046               0
                          2047               0
                          2048               0
                          2049               0
                          2050               0
    Employer contribution impact beyond Fiscal Year 2050 is not shown.
 
   The entire increase in employer contributions will be allocated to New
 York City.
   PRESENT  VALUE  OF  BENEFITS:  The  Present  Value  of Benefits is the
 discounted expected value of benefits paid to  current  members  if  all
 assumptions are met, including future service accrual and pay increases.
 Future new hires are not included in this present value.
 A. 7403                             3
 
          INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
                          as of June 30, 2024 ($)
              Present Value (PV)                 POLICE
              (1) PV of Employer Contributions:  132,000
              (2) PV of Employee Contributions:  (1,000)
              Total PV of Benefits (1) + (2):    131,000
 
   UNFUNDED  ACCRUED  LIABILITY  (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past  service.
 Changes  in UAL were amortized over the expected remaining working life-
 time of those impacted using level dollar payments.
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
                                                 POLICE
              Increase (Decrease) in UAL:        628,000
              Number of Payments:                   2
              Amortization Payment:              359,000
 
   CENSUS DATA: The estimates presented herein are based  on  preliminary
 census  data  collected  as  of  June  30, 2024. The census data for the
 impacted population is summarized below.
 
                                                     POLICE
             Active Members
             - Number Count:                         1
             - Average Age:                          48.0
             - Average Current Uniform Service:      10.0
             - Average Eligible Attorney Service:    10.0
             - Average Salary:                       165,200
 
   For purposes of this Fiscal Note and  based  on  the  limited  set  of
 historical  data  available, we have identified one Tier 2 POLICE member
 who would be impacted by the proposed legislation. To  the  extent  that
 there are additional impacted members, the costs of this proposed legis-
 lation would be larger than those disclosed in this Fiscal Note.
   IMPACT ON MEMBER BENEFITS: Currently, Tier 2 members of POLICE receive
 a  benefit  based  on  75% of 1/60th times the member's average earnings
 over their last five years of service for  each  year  of  non-uniformed
 civilian service, such as prior attorney service.
   Under  the  proposed legislation, periods of qualifying prior non-uni-
 formed service rendered as either an assistant district  attorney  of  a
 county  within NYC or as an examining attorney for the NYC Commission to
 Combat Police Corruption, that are purchased or transferred into  POLICE
 will  be  classified  as  Allowable  Service in the police force.   Such
 service would therefore be included in the minimum service required  for
 eligibility  and  payment of an unreduced service retirement benefit for
 eligible Tier 2 members.
   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
 A. 7403                             4
 
 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). This Fiscal Note does not reflect any chapter
 laws that may have been enacted during the current legislative session.
   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 2025-21 dated February
 27, 2025 was prepared by the Chief Actuary for the New York City Retire-
 ment Systems and Pension Funds and is intended for use only  during  the
 2025 Legislative Session.