BILL NUMBER: S8140
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the retirement and social security law, relating to the
transfer of reserves between public employee retirement systems of the
state
 
PURPOSE OF THE BILL:
The bill amends Retirement and Social Security Law Section 343 to allow
a member of the MTA Police retirement program to transfer his or her
membership to the New York state and local police and fire retirement
system and/or the New York city police pension fund. Current law allows
only transfers from the New York state and local police and fire retire-
ment system and/or the New York city police pension fund into the MTA
Police retirement program.
 
SUMMARY AND JUSTIFICATION:
PURSUANT TO CHAPTER 647 OF THE LAWS OF 2004, THE TRANSFER PROVISIONS
ALLOW FOR RECIPROCAL TRANSFERS OF SERVICE CREDIT AND SALARY BETWEEN NEW
YORK STATE PUBLIC RETIREMENT SYSTEMS WITHOUT THE TRANSFER OF EMPLOYER
RESERVES. IN ESSENCE, THE TRANSFER PROVISIONS ALLOW FOR PUBLIC EMPLOYEES
TO MOVE BETWEEN POSITIONS OF PUBLIC EMPLOYMENT AND TRANSFER THEIR
MEMBERSHIP OF CREDITED SERVICE, SALARY, ANNUITY, IF ANY, AND ANY ACCUMU-
LATED MEMBER CONTRIBUTIONS, IN ORDER TO OBTAIN A SINGLE COMBINED PENSION
BASED UPON ALL THEIR PUBLIC SERVICE WITHIN NEW YORK STATE AT THE TIME OF
RETIREMENT.
IN 2004, ONE OF THE REASONS FOR ELIMINATING THE TRANSFER OF EMPLOYER
RESERVES REQUIREMENT WAS TO STREAMLINE THE PROCESS TO BENEFIT PUBLIC
EMPLOYEES TRANSFERRING BETWEEN RETIREMENT SYSTEMS. THIS BILL SEEKS TO
CONTINUE THE "PORTABILITY"; ASSURED TO PUBLIC EMPLOYEES WHO MOVE TO
DIFFERENT POSITIONS IN PUBLIC EMPLOYMENT WITHIN NEW YORK. THIS PROPOSAL
DOES NOT CHANGE THE REQUIREMENTS FOR EACH PUBLIC RETIREMENT SYSTEM FROM
WHICH A PUBLIC EMPLOYEE IS TRANSFERRING (THE "TRANSFERRING SYSTEM") TO
CALCULATE THE "RESERVE"; FOR SAID PUBLIC EMPLOYEE TRANSFERRING AT
THE'TIME THE TRANSFER IS INITIATED.
 
EFFECTIVE DATE OF THE BILL:
THIS ACT SHALL TAKE EFFECT IMMEDIATELY AND SHALL APPLY TO ANY COVERED
MEMBERSHIP TRANSFER INITIATED ON OR AFTER JANUARY 1, 2023 FOR WHICH
NOTICE IS RECEIVED BY THE AFFECTED RETIREMENT SYSTEMS OR FUNDS ON THE
DATE LATER THAN WITHIN ONE YEAR ON OR AFTER THE EFFECTIVE DATE OF THIS
CHAPTER OR WITHIN ONE YEAR ON OR AFTER THE DATE OF THE MEMBERSHIP TRANS-
FER.
 
OTHER AGENCIES TO WHOM THE BILL MAY BE OF INTEREST:
UNKNOWN.
 
BUDGETARY IMPLICATIONS OF THE BILL:
FISCAL NOTE REQUESTED