NY S08789

Deputy sheriffs transferring from the New York State and Local Employees' Retirement System (ERS) to the New York State and Local Police and Fire Retirement System (PFRS) may elect to have their ERS service credit counted toward a 20-year or 25-year retirement plan in PFRS, if the election is made within one year of joining PFRS or within one year of the bill's effective date.

Service credit transferred to PFRS is calculated by multiplying eligible ERS service by a salary multiplier and billing rate multiplier, determined by actuaries from both retirement systems, but cannot exceed the amount of service credited in the ERS plan.

If a member subsequently transfers back to ERS or retires under an age-based plan instead of a 20 or 25-year plan, the full amount of deputy sheriff service credit earned is granted.

Members receiving service credit under this provision are ineligible for additional service credit under section 384-e subdivision b if their employer has elected to provide such credit.

The bill takes effect 60 days after the Internal Revenue Service rules that the service credit transfer does not jeopardize the PFRS plan's tax-qualified status, and remains effective only while authorized by the IRS.