STATE OF NEW YORK ________________________________________________________________________ 7206--A 2023-2024 Regular Sessions IN SENATE May 18, 2023 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- recommitted to the Committee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the retirement and social security law, in relation to a twenty-five year retirement plan for New York city probation officers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The retirement and social security law is amended by adding 2 a new section 604-k to read as follows: 3 § 604-k. Twenty-five year retirement plan for New York city probation 4 officers. a. Definitions. The following words and phrases as used in 5 this section shall have the following meanings unless a different mean- 6 ing is plainly required by the context. 7 1. "Probation officer" shall mean a member (as defined in subdivision 8 e of section six hundred one of this article) who is a peace officer 9 employed by the New York city department of probation. 10 2. "Twenty-five year retirement program" shall mean all the terms and 11 conditions of this section. 12 3. "Starting date of the twenty-five year retirement program" shall 13 mean the effective date of this section, as such date is certified 14 pursuant to section forty-one of the legislative law. 15 4. "Participant in the twenty-five year retirement program" shall mean 16 any probation officer member who, under the applicable provisions of 17 subdivision b of this section, is entitled to the rights, benefits and 18 privileges and is subject to the obligations of the twenty-five year 19 retirement program, as applicable to such probation officer. 20 5. "Discontinued member" shall mean a participant in the twenty-five 21 year retirement program who, while such participant was a probation EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08355-03-4
S. 7206--A 2 1 officer member, discontinued service as such a member and has a right to 2 a deferred vested benefit under subdivision d of this section. 3 6. "Administrative code" shall mean the administrative code of the 4 city of New York. 5 b. Participation in twenty-five year retirement program. 1. Subject to 6 the provisions of paragraphs six and seven of this subdivision, any 7 person who is a probation officer member on the starting date of the 8 twenty-five year retirement program and who, as such a probation officer 9 member or otherwise, last became subject to the provisions of this arti- 10 cle prior to such starting date, may elect to become a participant in 11 the twenty-five year retirement program by filing, within one hundred 12 eighty days after the starting date of the twenty-five year retirement 13 program, a duly executed application for such participation with the 14 retirement system of which such person is a member, provided such person 15 is such a probation officer member on the date such application is 16 filed. 17 2. Subject to the provisions of paragraphs six and seven of this 18 subdivision, any person who becomes a probation officer member after the 19 starting date of the twenty-five year retirement program and who, as 20 such a probation officer member or otherwise, last became subject to the 21 provisions of this article prior to such starting date, may elect to 22 become a participant in the twenty-five year retirement program by 23 filing, within one hundred eighty days after becoming such a probation 24 officer member, a duly executed application for such participation with 25 the retirement system for which such person is a member, provided such 26 person is such a probation officer member on the date such application 27 is filed. 28 3. Any election to be a participant in the twenty-five year retirement 29 program shall be irrevocable. 30 4. Each probation officer member who becomes subject to any of the 31 provisions of this article on or after the starting date of the twenty- 32 five year retirement program shall become a participant in the twenty- 33 five year retirement program on the date such probation officer becomes 34 such a probation officer member. 35 5. Where any participant in the twenty-five year retirement program 36 shall cease to be employed by the city of New York as a probation offi- 37 cer member, such person shall cease to be such a participant and, during 38 any period in which such person is not so employed, such person shall 39 not be a participant in the twenty-five year retirement program and 40 shall not be eligible for the benefits of subdivision c of this section. 41 6. Where any participant in the twenty-five year retirement program 42 terminates service as a probation officer member and returns to such 43 service as a probation officer member at a later date, such person shall 44 again become such a participant on that date. 45 7. Notwithstanding any other provision of law to the contrary, any 46 person who is eligible to elect to become a participant in the twenty- 47 five year retirement program pursuant to paragraph one or two of this 48 subdivision for the full one hundred eighty day period provided for in 49 such applicable paragraph and who fails to timely file a duly executed 50 application for such participation with the retirement system, shall not 51 thereafter be eligible to become a participant in such program. 52 c. Service retirement benefits. 1. A participant in the twenty-five 53 year retirement program: 54 (i) who has completed twenty-five or more years of credited service; 55 and
S. 7206--A 3 1 (ii) who has paid, before the effective date of retirement, all addi- 2 tional member contributions and interest (if any) required by subdivi- 3 sion e of this section; and 4 (iii) who files with the retirement system of which such person is a 5 member an application for service retirement setting forth at what time, 6 not less than thirty days subsequent to the execution and filing there- 7 of, such person desires to be retired; and 8 (iv) who shall be a participant in the twenty-five year retirement 9 program at the time so specified for such person retirement; shall be 10 retired pursuant to the provisions of this section affording early 11 service retirement. 12 2. (i) Notwithstanding any other provision of law to the contrary, and 13 subject to the provisions of paragraph six of subdivision e of this 14 section, the early service retirement benefit for participants in the 15 twenty-five year retirement program who retire pursuant to paragraph one 16 of this subdivision shall be a retirement allowance consisting of: 17 (A) an amount, on account of the required minimum period of service, 18 equal to fifty-five percent of such person's final average salary; plus 19 (B) an amount on account of credited service, or fraction thereof, 20 beyond such required minimum period of service equal to one and seven- 21 tenths percent of such person's final salary; 22 (ii) The maximum retirement allowance computed without optional 23 modification payable pursuant to subparagraph (i) of this paragraph 24 shall equal that payable upon completion of thirty years of service. 25 d. Vesting. 1. A participant in the twenty-five year retirement 26 program: 27 (i) who discontinues service as such a participant, other than by 28 death or retirement; and 29 (ii) in the case of a participant who is not a New York city revised 30 plan member, who prior to such discontinuance, completed five but less 31 than twenty-five years of credited service or, in the case of a partic- 32 ipant who is a New York city revised plan member, who prior to such 33 discontinuance, completed ten but less than twenty-five years of credit- 34 ed service; and 35 (iii) who, subject to the provisions of paragraph seven of subdivision 36 e of this section, has paid, prior to such discontinuance, all addi- 37 tional member contributions and interest (if any) required by subdivi- 38 sion e of this section; and 39 (iv) who does not withdraw in whole or in part such participant's 40 accumulated member contributions pursuant to section six hundred thir- 41 teen of this article unless such participant thereafter returns to 42 public service and repays the amounts so withdrawn, together with inter- 43 est, pursuant to such section six hundred thirteen; shall be entitled to 44 receive a deferred vested benefit as provided in this subdivision. 45 2. (i) Upon such discontinuance under the conditions and in compliance 46 with the provisions of paragraph one of this subdivision, such deferred 47 vested benefit shall vest automatically. 48 (ii) In the case of a participant who is not a New York city revised 49 plan member, such vested benefit shall become payable on the earliest 50 date on which such discontinued member could have retired for service if 51 such discontinuance had not occurred or, in the case of a participant 52 who is a New York city revised plan member, such vested benefit shall 53 become payable at age sixty-three. 54 3. Subject to the provisions of paragraph seven of subdivision e of 55 this section, such deferred vested benefit shall be a retirement allow- 56 ance consisting of an amount equal to two and two-tenths percent of such
S. 7206--A 4 1 discontinued member's final average salary, multiplied by the number of 2 years of credited service. 3 e. Additional member contributions. 1. In addition to the member 4 contributions required by section six hundred thirteen of this article, 5 each participant in the twenty-five year retirement program shall 6 contribute to the retirement system of which such participant is a 7 member (subject to the applicable provisions of subdivision d of section 8 six hundred thirteen of this article) an additional six and three-quar- 9 ters percent of such participant's compensation earned from (i) all 10 credited service, as a participant in the twenty-five year retirement 11 program, rendered on or after the starting date of the twenty-five year 12 retirement program, and (ii) all credited service after such person 13 ceases to be a participant, but before such person again becomes a 14 participant pursuant to paragraph six of subdivision b of this section. 15 The additional contributions required by this subdivision shall be in 16 lieu of additional member contributions required by (i) subdivision d of 17 section six hundred four-c of this article, as added by chapter ninety- 18 six of the laws of nineteen hundred ninety-five, or (ii) subdivision f 19 of section six hundred four-d of this article, and no member making 20 contributions pursuant to this section shall be required to make 21 contributions pursuant to either such subdivision d of section six 22 hundred four-c of this article, or such subdivision f of section six 23 hundred four-d of this article. 24 2. A participant in the twenty-five year retirement program shall 25 contribute additional member contributions until the later of (i) the 26 first anniversary of the starting date of the twenty-five year retire- 27 ment program, or (ii) the date on which such participant completes thir- 28 ty years of credited service as a probation officer member. 29 3. Commencing with the first full payroll period after each person 30 becomes a participant in the twenty-five year retirement program, addi- 31 tional member contributions at the rate specified in paragraph one of 32 this subdivision shall be deducted (subject to the applicable provisions 33 of subdivision d of section six hundred thirteen of this article) from 34 the compensation of such participant on each and every payroll of such 35 participant for each and every payroll period for which such person is 36 such a participant. 37 4. (i) Each participant in the twenty-five year retirement program 38 shall be charged with a contribution deficiency consisting of the total 39 amounts of additional member contributions such person is required to 40 make pursuant to paragraphs one and two of this subdivision which are 41 not deducted from such participant's compensation pursuant to paragraph 42 three of this subdivision, if any, together with interest thereon, 43 compounded annually, and computed in accordance with the provisions of 44 subparagraphs (ii) and (iii) of this paragraph. 45 (ii) (A) The interest required to be paid on each such amount speci- 46 fied in subparagraph (i) of this paragraph shall accrue from the end of 47 the payroll period for which such amount would have been deducted from 48 compensation if such person had been a participant at the beginning of 49 that payroll period and such deduction had been required for such 50 payroll period, until such amount is paid to the retirement system. 51 (B) The rate of interest to be applied to each such amount during the 52 period for which interest accrues on that amount shall be equal to the 53 rate or rates of interest required by law to be used during that same 54 period to credit interest on the accumulated deductions of retirement 55 system members.
S. 7206--A 5 1 (iii) Except as otherwise provided in paragraph five of this subdivi- 2 sion, no interest shall be due on any unpaid additional member contrib- 3 utions which are not attributable to a period prior to the first full 4 payroll period referred to in paragraph three of this subdivision. 5 5. (i) Should any person who, pursuant to subparagraph (ii) of para- 6 graph ten of this subdivision, has received a refund of such person's 7 additional member contributions including any interest paid on such 8 contributions, again become a participant in the twenty-five year 9 retirement program pursuant to paragraph six of subdivision b of this 10 section, an appropriate amount shall be included in such participant's 11 contribution deficiency (including interest thereon as calculated pursu- 12 ant to subparagraph (ii) of this paragraph) for any credited service for 13 which such person received a refund of such additional member contrib- 14 utions (including any amount of an unpaid loan balance deemed to have 15 been returned to such person pursuant to this subdivision), as if such 16 additional member contributions never had been paid. 17 (ii)(A) Interest on a participant's additional member contributions 18 included in such participant's contribution deficiency pursuant to 19 subparagraph (i) of this paragraph shall be calculated as if such addi- 20 tional member contributions had never been paid by such participant, and 21 such interest shall accrue from the end of the payroll period to which 22 an amount of such additional member contributions is attributable, until 23 such amount is paid to the retirement system. 24 (B) The rate of interest to be applied to each such amount during the 25 period for which interest accrues on that amount shall be five percent 26 per annum, compounded annually. 27 6. Where a participant who is otherwise eligible for service retire- 28 ment pursuant to subdivision c of this section did not, prior to the 29 effective date of retirement, pay the entire amount of a contribution 30 deficiency chargeable to such participant pursuant to paragraphs four 31 and five of this subdivision, that participant, nevertheless, shall be 32 eligible to retire pursuant to subdivision c of this section, provided, 33 however, that such participant's service retirement benefit calculated 34 pursuant to paragraph two of such subdivision c shall be reduced by a 35 life annuity (calculated in accordance with the method set forth in 36 subdivision i of section six hundred thirteen-b of this article) which 37 is actuarially equivalent to the amount of any unpaid contribution defi- 38 ciency chargeable to such member pursuant to paragraphs four and five of 39 this subdivision. 40 7. Where a participant who is otherwise eligible for a vested right to 41 a deferred benefit pursuant to subdivision d of this section did not, 42 prior to the date of discontinuance of service, pay the entire amount of 43 a contribution deficiency chargeable to such participant pursuant to 44 paragraphs four and five of this subdivision, such participant neverthe- 45 less, shall be eligible for a vested right to a deferred benefit pursu- 46 ant to subdivision d of this section, provided, however, that the 47 deferred vested benefit calculated pursuant to paragraph three of such 48 subdivision d shall be reduced by a life annuity (calculated in accord- 49 ance with the method set forth in subdivision i of section six hundred 50 thirteen-b of this article) which is actuarially equivalent to the 51 amount of any unpaid contribution deficiency chargeable to such member 52 pursuant to paragraphs four and five of this subdivision. 53 8. The head of a retirement system which includes participants in the 54 twenty-five year retirement program in its membership may, consistent 55 with the provisions of this subdivision, promulgate regulations for the 56 payment of such additional member contributions, and any interest there-
S. 7206--A 6 1 on, by such participants (including the deduction of such contributions, 2 and any interest thereon, from the participant's compensation). 3 9. Subject to the provisions of paragraphs six and seven of this 4 subdivision, where a participant has not paid in full any contribution 5 deficiency chargeable to such participant pursuant to paragraphs four 6 and five of this subdivision, and a benefit, other than a refund of 7 member contributions pursuant to section six hundred thirteen of this 8 article or a refund of additional member contributions pursuant to 9 subparagraph (ii) of paragraph ten of this subdivision, becomes payable 10 under this article to the participant or to such participant's desig- 11 nated beneficiary or estate, the actuarial equivalent of any such unpaid 12 amount shall be deducted from the benefit otherwise payable. 13 10. (i) Such additional member contributions (and any interest there- 14 on) shall be paid into the contingent reserve fund of the retirement 15 system of which the participant is a member and shall not for any 16 purpose be deemed to be member contributions or accumulated contrib- 17 utions of a member under section six hundred thirteen of this article or 18 otherwise while such member is a participant in the twenty-five year 19 retirement program or otherwise. 20 (ii) Should a participant in the twenty-five year retirement program 21 who has rendered less than fifteen years of credited service cease to 22 hold a position as a probation officer member for any reason whatsoever, 23 such participant's accumulated additional member contributions made 24 pursuant to this subdivision (together with any interest thereon paid to 25 the retirement system) may be withdrawn pursuant to procedures promul- 26 gated in regulations of the board of trustees of the retirement system, 27 together with interest thereon at the rate of five percent per annum, 28 compounded annually. 29 (iii) Notwithstanding any other provision of law to the contrary, (A) 30 no person shall be permitted to withdraw from the retirement system any 31 additional member contributions paid pursuant to this subdivision or any 32 interest paid thereon, except pursuant to and in accordance with the 33 preceding subparagraphs of this paragraph; and (B) no person, while a 34 participant in the twenty-five year retirement program, shall be permit- 35 ted to withdraw any such additional member contributions or any interest 36 paid thereon pursuant to any of the preceding subparagraphs of this 37 paragraph or otherwise. 38 11. No member of a public retirement system shall be permitted to 39 borrow any portion of the additional member contributions (including any 40 interest paid thereon by the participant) which are subject to this 41 subdivision. 42 § 2. Subdivision a of section 603 of the retirement and social securi- 43 ty law, as amended by section 3 of part EE chapter 55 of the laws of 44 2024, is amended to read as follows: 45 a. The service retirement benefit specified in section six hundred 46 four of this article shall be payable to members who have met the mini- 47 mum service requirements upon retirement and attainment of age sixty- 48 two, other than members who are eligible for early service retirement 49 pursuant to subdivision c of section six hundred four-b of this article, 50 subdivision c of section six hundred four-c of this article, subdivision 51 d of section six hundred four-d of this article, subdivision c of 52 section six hundred four-e of this article, subdivision c of section six 53 hundred four-f of this article, subdivision c of section six hundred 54 four-g of this article, subdivision c of section six hundred four-h of 55 this article, subdivision c of section six hundred four-i of this arti- 56 cle, [or] subdivision c of section six hundred four-j of this article,
S. 7206--A 7 1 or subdivision d of section six hundred four-k of this article provided, 2 however, a member of a teachers' retirement system or the New York state 3 and local employees' retirement system who first joins such system 4 before January first, two thousand ten or a member who is a uniformed 5 court officer or peace officer employed by the unified court system who 6 first becomes a member of the New York state and local employees' 7 retirement system before April first, two thousand twelve may retire 8 without reduction of [their] such member's retirement benefit upon 9 attainment of at least fifty-five years of age and completion of thirty 10 or more years of service, provided, however, that a uniformed court 11 officer or peace officer employed by the unified court system who first 12 becomes a member of the New York state and local employees' retirement 13 system on or after January first, two thousand ten and retires without 14 reduction of [their] such member's retirement benefit upon attainment of 15 at least fifty-five years of age and completion of thirty or more years 16 of service pursuant to this section shall be required to make the member 17 contributions required by subdivision f of section six hundred thirteen 18 of this article for all years of credited and creditable service, 19 provided further that the preceding provisions of this subdivision shall 20 not apply to a New York city revised plan member. 21 § 3. Subdivision a of section 603 of the retirement and social securi- 22 ty law, as amended by chapter 19 of the laws of 2008, is amended to read 23 as follows: 24 a. The service retirement benefit specified in section six hundred 25 four of this article shall be payable to members who have met the mini- 26 mum service requirements upon retirement and attainment of age sixty- 27 two, other than members who are eligible for early service retirement 28 pursuant to subdivision c of section six hundred four-b of this article, 29 subdivision c of section six hundred four-c of this article, subdivision 30 d of section six hundred four-d of this article, subdivision c of 31 section six hundred four-e of this article, subdivision c of section six 32 hundred four-f of this article, subdivision c of section six hundred 33 four-g of this article, subdivision c of section six hundred four-h of 34 this article [or], subdivision c of section six hundred four-i of this 35 article or subdivision d of section six hundred four-k of this article 36 provided, however, a member who is a peace officer employed by the 37 unified court system or a member of a teachers' retirement system or the 38 New York state and local employees' retirement system may retire without 39 reduction of [his or her] such member's retirement benefit upon attain- 40 ment of at least fifty-five years of age and completion of thirty or 41 more years of service. 42 § 4. This act shall take effect immediately, provided that the amend- 43 ments to subdivision a of section 603 of the retirement and social secu- 44 rity law made by section two of this act shall not affect the expiration 45 and reversion of such subdivision pursuant to subdivision (b) of section 46 13 of chapter 682 of the laws of 2003, as amended, when upon such date 47 the provisions of section three of this act shall take effect. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: SUMMARY: This proposed legislation would establish 25-Year Retirement Programs for NYCERS Tier 4 and Tier 6 Probation Officers (PO 25-Year Plans). Participation is optional for current members, mandatory for Probation Officers hired after the enactment date, and require Addi- tional Member Contributions equal to 6.75% of compensation. EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS by Fiscal Year for the first 25 years ($ in Millions)
S. 7206--A 8 Year Current New NYCERS Members Entrants Total 2025 2.5 0.0 2.5 2026 2.3 (0.1) 2.2 2027 2.1 (0.2) 1.9 2028 1.9 (0.3) 1.6 2029 1.8 (0.4) 1.3 2030 1.7 (0.6) 1.1 2031 (0.1) (0.7) (0.8) 2032 (0.1) (0.9) (1.0) 2033 (0.2) (1.0) (1.2) 2034 (0.2) (1.2) (1.4) 2035 (0.2) (1.3) (1.6) 2036 (0.3) (1.5) (1.7) 2037 (0.3) (1.6) (1.9) 2038 (0.3) (1.8) (2.0) 2039 (0.3) (1.9) (2.2) 2040 (0.3) (2.1) (2.4) 2041 (0.3) (2.2) (2.5) 2042 (0.3) (2.4) (2.7) 2043 (0.3) (2.5) (2.8) 2044 (0.3) (2.7) (3.0) 2045 (0.3) (2.9) (3.1) 2046 (0.2) (3.1) (3.3) 2047 (0.2) (3.2) (3.5) 2048 (0.2) (3.4) (3.6) 2049 (0.2) (3.6) (3.8) Employer Contribution impact beyond Fiscal Year 2049 is not shown. Projected contributions include future new hires that are projected to be impacted. Additional Member Contributions for new hires reduce total Employer Contributions after the increase in Unfunded Accrued Liabil- ities is amortized. The entire increase (decrease) in employer contributions will be allo- cated to New York City. INITIAL INCREASE (DECREASE) IN ACTUARIAL LIABILITIES as of June 30, 2023 ($ in Millions) Present Value (PV) NYCERS PV of Benefits: 11.6 PV of Employee Contributions: 3.6 PV of Employer Contributions: 8.0 Unfunded Accrued Liabilities: 7.7 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY NYCERS Number of Payments: 6 Fiscal Year of Last Payment: 2030 Amortization Payment: 1.7M Unfunded Accrued Liability increases were amortized over the expected remaining working lifetime of those impacted by the benefit changes using level dollar payments. CENSUS DATA: The estimates presented herein are based on preliminary census data collected as of June 30, 2023. The census data for the
S. 7206--A 9 probation officers assumed to elect one of the PO 25-Year Plans is summarized below. NYCERS Active Members - Number Count: 233 - Average Age: 52.6 - Average Service: 25.4 - Average Salary: 88,200 IMPACT ON MEMBER BENEFITS AND CONTRIBUTIONS: The proposed legislation would provide the following benefits to Probation Officers who partic- ipate in the PO 25-Year Plans: o Service retirement benefit equal to 55% of Final Average Salary (FAS) for the first 25 years of Allowable Service, plus 1.7% of FAS for each additional year of Allowable Service exceeding 25 years up to a maximum of 30 years. o Vested benefit equal to 2.2% of FAS for each year of Credited Service. The FAS is based on a three-year average for Tier 4 members and a five-year average for Tier 6 members. Members of the PO 25-Year Plans would be required to pay Additional Member Contributions (AMC) equal to 6.75% of compensation for all service as a Plan participant on and after the starting date of the Plan until the later of the one-year anniversary of the effective date of the Plans or 30 years of Credited Service. ASSUMPTIONS AND METHODS: The estimates presented herein have been calculated based on the Revised 2021 Actuarial Assumptions and Methods of the impacted retirement system. In addition: o The rates of retirement for the PO 25-Year Plans were assigned based on members' eligibility to elect or opt out of the plan. The PO 25-Year Plan will be optional for current probation officers. Future members would be mandated into the PO 25-Year Plan. o New entrants were assumed to replace exiting members so that total payroll for probation officers increases by 3% each year. New entrant demographics were developed based on data for recent new hires and actu- arial judgement. Future members would be mandated into the PO 25-Year Plan. To determine the impact of the elective nature of the proposed legis- lation, a subgroup of NYCERS Probation Officers was developed based on who is assumed to benefit actuarially by comparing the net present value of future employer costs of each member's benefit under their current plan and under the applicable PO 25-Year Plan. 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 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). 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
S. 7206--A 10 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 2024-46 dated April 19, 2024 was prepared by the Chief Actuary for the New York City Retirement Systems and Pension Funds. This estimate is intended for use only during the 2024 Legislative Session.