] is old law to be omitted. LBD03695-02-5S. 6956 2 In NYSLERS, pursuant to Section 25 of the Retirement and Social Secu- rity Law, the increased costs would be borne entirely by the State of New York and would require an itemized appropriation sufficient to pay the cost of the provision. For each retiree rehired pursuant to this proposal, an annual cost of $11,250 is expected. Insofar as this bill affects the New York State and Local Police and Fire Retirement System (NYSLPFRS), if this bill were enacted during the 2025 Legislative Session, the direct cost incurred would be the retiree's pension benefit paid while post-retirement earnings are between $35,000 and $50,000 each calendar year. The pension benefit expected to be paid by NYSLPFRS during that 1-month period is estimated to be $7,500 per person. In addition to the direct cost quoted above, there would be additional costs in the form of lost employer contributions due to non-billable post-retirement earnings, which are estimated to be $4,500 per person. All costs will be shared by the State of New York and all participat- ing employers in NYSLPFRS and spread over future billing cycles. For each retiree rehired pursuant to this proposal, an annual cost of $12,000 is expected. In addition to the direct costs quoted above, insofar as this proposal disrupts the usual pattern and timing of employee turnover (that is, if members retire earlier than assumed and participating employers hire a retiree instead of a new billable member), shifts in member behavior could generate losses that increase the average billing rate in 20-year and 25-year service-based plans from 33.7% to 43.3%. In age-based plans, average billing rates could increase from 16.5% to 19.9%. The actual increase in billing rates will depend upon member and employer utiliza- tion, with the rates above representing an upper maximum. Because this proposal exclusively benefits retirees, the increased costs are primarily attributable to retirees from Tiers 1-4. Approxi- mately half the contributions required to fund this proposal will be collected on salary reported for current members of Tier 6. Summary of relevant resources: Membership data as of March 31, 2024 was used in measuring the impact of the proposed change, the same data used in the April 1, 2024 actuari- al valuation. Distributions and other statistics can be found in the 2024 Report of the Actuary and the 2024 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2024 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, 2024 New York State and Local Retirement System Financial Statements and Supplementary Information. This fiscal note does not constitute a legal opinion on the viability of the proposed change nor is it intended to serve as a substitute for the professional judgment of an attorney. This estimate, dated March 12, 2025, and intended for use only during the 2025 Legislative Session, is Fiscal Note No. 2025-71. As Chief Actu- ary of the New York State and Local Retirement System, I, Aaron Schottin Young, hereby certify that this analysis complies with applicable Actu- arial Standards of Practice as well as the Code of Professional Conduct and Qualification Standards for Actuaries Issuing Statements of Actuari- al Opinion of the American Academy of Actuaries, of which I am a member.