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reserves,

accumulated member contributions and service credit to BERS using a method which is calculated, as certified by the actuary, to produce results which are reasonably equivalent to the results which would be produced by using the method required by section forty-three of the RSSL. For all persons who elect to remain a member of NYCERS and to void & transfer from NYCERS to BERS pursuant to paragraph three of this subdivision, BERS shall make a transfer of reserves, accumulated member contributions and service credit to NYCERS using a method which is calculated, as certified by the actuary, to produce results which are reasonably equivalent to the results which would be produced by using the method required by section forty-three of the RSSL.

(5) Notwithstanding the provisions of subparagraph (i) of paragraph
two of subdivision f of this section, or any other provision of law
the contrary,

where a person's membership in NYCERS was transferred to BERS pursuant to paragraph two of this subdivision, the service rendered by such member in the title of school crossing guard prior to such transfer for which credit was transferred to BERS, as well as the service rendered by such member in such position while a member of BERS after such transfer to BERS, shall be deemed to be education service for all purposes including, but not limited to, the determination of such member's rights pursuant to the provisions of paragraphs one through seven of subdivision f of this section.

(6) Notwithstanding any other provision of law to the contrary, where a person's credit for service in the title of school crossing guard transferred from NYCERS to BERS pursuant to paragraph four of this subdivision, and the transferred credit for such service prorated by NYCERS pursuant to paragraph one of subdivision c of this section on the basis of one year of service credit for eighteen hundred twenty-seven hours of such service rendered in a calendar year, the transferred credit for such service in such position shall be recomputed by BERS and prorated pursuant to paragraph two of subdivision ċ of this section on the basis of one year of service credit for fourteen hundred seventy hours of such service rendered in a calendar year, provided that such service meets all of the requirements of such paragraph two for proraton such basis.

Section 13-638. 2 of the administrative code of the city of New York is amended by adding a new subdivision 88 to read as follows:

88: (1) On the basis of the valuation rate of interest and the actuarial tables in effect as of June thirtieth, nineteen hundred ninetythree, the actuary

of each retirement system shall, as of such June thirtieth, determine : (i) the additional accrued employer

employer cost of providing the rights, benefits and privileges conferred by the provisions of the act which added this subdivision upon members of NYCERS; and

(ii) the additional accrued employer cost of providing the rights, benefits and privileges conferred by such provisions upon

members of BERS.

(2) Subject to the provisions of section 13-130 and 13-131 of the code, the city shall pay to the contingent reserve fund of NYCERS in seventeen equal annual installments, commencing with payment of a first installment in the city's nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year, amount which, when paid in such installments, is the actuarial equivalent of the amount determined pursuant to subparagraph (i) of paragraph one of this subdivision.

(3) Subject to the provisions of subparagraphs one and two of paragraph (J) of subdivision sixteen of section twenty-five hundred seventyfive, of the education law, the board of education of the city shall pay to the contingent reserve fund of BERS in seventeen equal annual installments, commencing with payment of a first installment in the city's nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year, an amount which, when paid in such installments, is the actuarial equivalent of the amount determined pursuant to subparagraph (11) of paragraph one of this subdivision.

(4) The additional employer cost of providing the rights, benefits and privileges conferred by the provisions of the act which added this subdivision upon members of NYCERS and BERS, other than the additional accrued employer cost of providing such rights, benefits and privileges to be funded in accordance with paragraphs two and three of this subdivision, shall be funded through the normal contributions to NYCERS and EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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BERS, commencing with the normal contributions for the city's nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year.

§ 15. Section 443 of the retirement and social security law is amended by adding a new subdivision e to read as follows:

Subject to the provisions of subdivision d of this section, and notwithstanding the provisions of subdivision a of this section, with respect to members of the New York city employees' retirement system and the New York city board of education retirement system who subject to the provisions

of

this article, the final average salary shall be determined pursuant to the provisions of paragraph twelve of subdivision e of section 13-638.4 of the administrative code of the city of New York.

§ 16. Section 446 of the retirement and social security law is amended by adding a new subdivision h to read as follows:

h. The provisions of paragraph one of subdivision a of this section shall not apply to members of the New York city employees' retirement system or the New York city board of education retirement system who are subject to the provisions of this article. The çrediting of service for such members of such retirement systems shall be governed by the applicable provisions of subdivision c of section 13-638.4 of the administrative code of the city of New York, and the other applicable provisions of such code and of the rules and regulations of such board of education retirement system.

§ 17. Section 512 of the retirement and social security law is amended by adding a new subdivision d to read as follows:

d. Subject to the provisions of subdivision c of this section, and notwithstanding the provisions of subdivision a of this

section, with respect to members of the New York city employees' retirement system and the New York city board of education retirement system who subject to the provisions of this article, a member's final average salary shall be determined pursuant to the provisions of paragraph thirteen of subdivision e of section 13-638.4 of the administrative code of the city of New York.

§ 18. Section 513 of the retirement and social security law is amended by adding a new subdivision g to read as follows:

The provisions of paragraph one of subdivision a of this section shall not apply to members of the New York city employees' retirement system or the New York city board of education retirement system who are subject to the provisions of this article. The crediting of service for such members of such retirement systems shall be governed by the applicable provisions of subdivision c of section 13-638.4 of the administrative code of the city of New York, and the other applicable provisions of such code and of the rules and regulations of such board of education retirement system.

§ 19. Section 608 of the retirement and social security law is amended by adding a new subdivision d to read as follows:

d. Subject to the provisions of subdivision c of this section, and notwithstanding the provisions of subdivision a of this

section, with respect to members of the New York city employees' retirement system and the New York city board of education retirement system who subject to the provisions of this article, a member's final average salary shall be determined pursuant to the provisions of paragraph fourteen of section 13-638.4 of the administrative code of the city of New York.

§ 20. Section 609 of the retirement and social security law is amended by adding a new subdivision g to read as follows:

8 The provisions of paragraph one of subdivision a of this section shall not apply to members of the New York City employees' retirement system or the New York city board of education retirement system who are subject to the provisions of this article. The crediting of service for such

members of such retirement systems shall be governed by the applicable provisions of subdivision c of section 13-638.4 of the administrative code the city of New York, and other applicable provisions of such code and of the rules and regulations of such board of education retirement system.

5 21. Subdivision 18 of section 2575 of the education law is amended by adding a new paragraph (f) to read as follows:

(f) Notwithstanding the provisions of paragraph (a) of subdivision one of this section or any provision of the rules and regulations

any other provision of law to the contrary, membership in the board of education retirement system shall include any person employed by the New York city police department in the title of school crossing guard who becomes a member in the manner prescribed by the provisions of subdivi

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sion & of section 13-638.4 of the administrative code of the city of New York.

§ 22. The provisions of section 430 of the retirement and social security law shall not apply to any benefit benefit improvement provided by this act. The pension costs of this act shall be funded in accordance with the provisions of subdivision gg of section 13-638. 2 of the administrative code of the city of New York.

§ 23. Nothing in this act shall be construed to impair or diminish in violation of article five, section seven of the state constitution existing right or benefit of a member of the New York city employees retirement system or the New York city board of education retirement system.

$ 24. This act shall take effect immediately; provided, however, that nothing contained herein shall be deemed to affect the application, qualification, expiration or repeal of any provision of law amended by any section of this act and such provisions shall be applied qualis fied shall expire or be deemed repealed in the same manner, to the same extent and on the same date

the

may
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otherwise provided by law.

FISCAL NOTE. - This proposed legislation sets forth the pension rights of part-time employees who become members of the New York City Employees' Retirement System ("NYCERS") and the New York City Board of Education Retirement System ("BÈRS") as a result of the 1988 décision by the New York State Court of Appeals ("Court") in the case of Doctors Council Versus New York City Employees Retirement System ("Doctors Council Decision" or "Court Decision").

Prior to the Doctors Council Decision part-time employees were not permitted to join NYCERS or BERS. Full-time members of NYCERS and BERS were not entitled to service credit for most periods of part-time employment. The Doctors Council Decision established the concept that part-time employees may become members of NYCERS and BERS.

This proposed legislation provides, for members with part-time service, a methodology for crediting, part-time service and computing,..pension benefits; allows certain members retroactive Tier membership ("Tier Shift"); permits certain members to purchase service credits for previous part-time service an accelerated basis ("Hardship"); and also transfers School Crossing Guards employed by the New York City Police Department from NYCERS to BERS.

The minimum, additional Present Value of Benefits ("PVB") attributable to the Doctors Council Decision equals approximately $370 million as of June 30, 1991, of which approximately $188 million is attributable to NYCERS and approximately $182 million to BERS. This minimum, additional PVB represents the Actuary's interpretation of the minimum impact of the Court Decision, and is assumed to exist regardless of any legislation.

The additional PVB attributable to this proposed legislation equals approximately $90 million as of June 30, 1991, of which approximately $39 million is attributable to NYCERS and $53 million to BERS. This ad ditional PVB represents the impact of this proposed legislation, which provides greater benefits than the Actuary's interpretation of the minimum impact of the Court Decision and also transfers School Crossing Guards from NYCERS to BERS.

This proposed legislation provides that payments of additional employer contributions are to commence Fiscal Year 1994. The Fiscal Year 1994 additional annual employer contributions are estimated to equal approximately $11 million, of which approximately $5 million is attributable to NYCERS and approximately $6 million to BERS.

The estimates of additional PVB and employer contributions provided herein are imprecise. More precise estimates require more accurate information on the actual number of part-time employees who become members, the actual amount of additional service with which all members are credited, the number of members who choose the Hardship and/or Tier Shift provisions of the proposed legislation, the calculation of benefits based upon service rendered concurrently in two or more positions, etc. The

census data used in these calculations includes information on salaries and annual full-time/part-time status from a data base prepared by the New York City Office of Management and Budget that includes approximately one million people employed at some time between 1972 and EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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1989 by the City of New York and certain other participating obligors of NYCERS. In addition, certain calculations were based on the member data used in the June 30, 1991 actuarial valuations of NYCERS and BERS.

The actuarial assumptions and methods used to determine additional PVB and employer contributions include the actuarial assumptions used for the June 30, 1991 actuarial valuations of NYCERS and BERS, as well as multiple approximating techniques.

The PVB attributable to the Court Decision has been based upon the assumption that all previously ineligible part-time employees actively employed and after May 1, 1988 join NYCERS or BERS as Tier IV members and that all members of NYCÉRS and BERS receive credit for part-time service.

The PVB attributable to this proposed legislation is based upon the assumption that all previously ineligible part-time employees actively employed on and after May 1, 1988 join NYCERS or BERS,' that all members receive credit for part-time service, that School Crossing Guards transferred from NYCERS to BERS, and that certain members benefit from the Tier Shift and Hardship provisions.

Additional annual employer contributions for Fiscal Year 1994 have been estimated as 12% of the additional Present Values of Benefits puted as of June 30, 1991. In practice, an additional unfunded accrued liability will be established as of June 30, 1993 and additional ployer contributions will include both normal contribution and unfunded accrued liability contribution components.

In addition to the increases in employer contributions shown previously, the enactment of this proposed legislation will probably, increase employer contributions during the next few Fiscal Years as member data, particularly credited service histories, are reviewed and updated and additional, previously unrecognized service credits attributable to the impact of the Doctors Council Decision, the proposed legislation and/or other sources

then included in the actuarial valuations of NYCERS and BERS.

The enactment of this proposed legislation would also increase employer expenses for post-employment medical benefits.

In addition, the enactment of this proposed legislation would increase the administrative expenses of NYCERS, BERS and the participating employers.

This estimate is intended for use only during the 1992 Legislative Session. It is Fiscal Note No. 92-29, dated May 8, 1992, prepared by the Chief Actuary for the New York City Émployees' Retirement system and the New York City Board of Education Retirement System with the

assistance of the actuarial consulting firm of Milliman & Robertson, Inc.

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CHAPTER 750

the

state of New

AN ACT to amend the tax law, in relation to deleting the authorization

for Rockland and St. Lawrence counties to request
York to collect their locally imposed hotel and motel occupancy taxes
Became a law July 31, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assen-
bly, do enact as follows:

Section 1. Subdivision 2 of section 1202-k of the tax law, as added by finance or other fiscal officer of the county of Rockland by such (2) Such tax may be collected and administered by the commissioner ans

such manner as other taxes which are now collected and adminis; otherwise may be provided by such focal law. E Nothing herein shall pork administer that coifertikhand this reguest ingrohaantee with the tax lawat

§ 2. Subdivision 2 of Section 1262 of the oras Law, as added by chap ter 522 of the laws of 1991, is amended to read as follows:

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(2) Such tax may be collected and administered by the commissioner of finance or other fiscal officer of the county of St. Lawrence by such means and in such manner as other taxes which are now collected and administered by such officers in accordance with the county charter or otherwise may be provided by such local law. [Nothing herein shall preclude the county of St. Lawrence from requesting that the state of New York administer the collection of this tax in conformance with the tax law.]

53. . This act shall take effect immediately provided, however, that section one of this act shall be deemed to have been in full forcé and effect the same day as chapter 734 of the laws of 1990 took effect, and section two of this act shall be deemed to have been in full forcé and effect the

day as chapter 522 of the laws of 1991 took effect.

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AN ACT to amend the state finance law, in relation to authorizing the
sale of state variable interest rate bonds by the state comptroller
Became a law July 31, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. Subdivision 4 of section 57 of the state finance law, as
amended by chapter 142 of the laws of 1990, is amended to read
follows:

4. a. Such bonds shall be sold at par, at par plus a premium not to exceed five percent in the case of refunding bonds or five-tenths of one percent in the case of all other bonds, or at a discount not to exceed three percent to the bidder offering the lowest interest cost to the

taking into consideration any premium or discount and, in the case of refunding bonds, the bona fide initial public offering price, not less than four nor more than fifteen days, Sundays excepted, after a notice of such sale has been published at least once in definitive trade publication of the municipal bond industry published on each business day in the state of New York which is generally available to

participants in the municipal bond industry, which notice shall state the terms of the sale. The comptroller may not change the terms of the sale unless notice of such change is sent via a definitive trade wire service of the municipal bond industry which, in general, makes available information regarding activity and sales of municipal bonds and is generally available to participants in the municipal bond industry, at least one day prior to the date of the sale as set forth in the original notice of sale. In so changing the terms or conditions of a sale the comptroller may send notice by such wire service that the sale will be delayed by up to thirty days, provided that wire notice of the new sale date will be given at least one business day prior to the new time when bids will be accepted. In such event, no new notice of sale shall be required to be published. Advertisements shall contain a provision to the effect that the state comptroller,, in his discretion, may reject any of all bids made in pursuance of such advertisements, and in the event of such rejection, the state comptroller is authorized' to negotiate a private sale or readvertise for bids

in the form and manner above described as many times as, in his judgment, may be necessary to effect à satisfactory sale. Notwithstanding the foregoing provisions of this [subdivision] paragraph, whenever in the judgment of the comptroller the interests of the state will be served thereby, he may sell state bonds at private sale at par, at par plus a premium not to exceed five percent in the case of refunding bonds or five-tenths of one percent in the case of all other bonds, or at a discount not to exceed three

The comptroller shall promulgate regulations governing the terms and condiEXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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