Bill Text: NY S02447 | 2015-2016 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Increases the amount of money a retiree may earn in a position of public service in the year 2017 and thereafter to $35,000.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2016-05-11 - referred to governmental employees [S02447 Detail]

Download: New_York-2015-S02447-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2447--C
           Cal. No. 1092
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 23, 2015
                                      ___________
       Introduced  by  Sens.  FARLEY, MURPHY -- read twice and ordered printed,
         and when printed to be committed to the Committee on Civil Service and
         Pensions -- committee discharged, bill amended, ordered  reprinted  as
         amended  and  recommitted  to  said committee -- committee discharged,
         bill amended, ordered reprinted as amended  and  recommitted  to  said
         committee  -- reported favorably from said committee, ordered to first
         report, amended on first  report,  ordered  to  a  second  report  and
         ordered reprinted, retaining its place in the order of second report
       AN  ACT  to amend the retirement and social security law, in relation to
         increasing the retiree earnings cap
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision 2 of section 212 of the retirement and social
    2  security law, as amended by chapter 74 of the laws of 2006,  is  amended
    3  to read as follows:
    4    2.  The earning limitations for retired persons in positions of public
    5  service under this section shall be in  accordance  with  the  following
    6  table:
    7          For the year                               Earnings limitation
    8          1996                                       $12,500
    9          1997                                       $13,500
   10          1998                                       $14,500
   11          1999                                       $15,500
   12          2000                                       $17,000
   13          2001                                       $18,500
   14          2002                                       $20,000
   15          2003                                       $25,000
   16          2004                                       $27,500
   17          2005 and 2006                              $27,500
   18          2007 [and thereafter] THROUGH 2015         $30,000
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07830-07-5
       S. 2447--C                          2
    1          2016 AND THEREAFTER                        $35,000
    2    S 2. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill would amend Section 212 of the Retirement and Social Securi-
       ty  Law to set the amount a retired person may earn in public employment
       without reduction in retirement allowance during the year 2016 and ther-
       eafter, to $35,000.
         If this bill is enacted, insofar as it would affect the New York State
       and Local Employees' Retirement System and the New York State and  Local
       Police and Fire Retirement System, the resulting 16.7% increase over the
       current  $30,000  limit,  in  place  since  2007, which is less than the
       increase in the consumer price index over  the  same  period  would  not
       affect  retirement  patterns. Therefore, the annual cost is estimated to
       be negligible.
         Summary of relevant resources:
         The membership data used in  measuring  the  impact  of  the  proposed
       change  was  the same as that used in the March 31, 2014 actuarial valu-
       ation. Distributions and other statistics  can  be  found  in  the  2014
       Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
       Report.
         The actuarial assumptions and methods used are described in the  2010,
       2011,  2012, 2013 and 2014 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, 2014
       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 estimate, dated June 1, 2015 and intended for use only during the
       2015 Legislative Session, is Fiscal Note No. 2015-127, prepared  by  the
       Actuary  for  the  New York State and Local Employees' Retirement System
       and the New York State and Local Police and Fire Retirement System.