S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
March 26, 2013
Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT in relation to allowing John R. Panichi to join the special
retirement plan for sheriffs, undersheriffs and deputy sheriffs
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any other provision of law, John R. Pani-
chi, who is employed as a deputy sheriff in the county of Rensselaer,
and who is a member of the New York state and local employees' retire-
ment system, and who was eligible to make the election pursuant to
section 553 of the retirement and social security law to join the
special retirement plan for sheriffs, undersheriffs and deputy sheriffs
engaged in law enforcement activities, shall be eligible to individually
join such special retirement plan if the county of Rensselaer so elects
by filing with the state comptroller, on or before December 31, 2013, a
resolution of its governing body together with certification that such
deputy sheriff did not bar himself from participation in such retirement
plan as a result of his own negligence. Thereafter such deputy sheriff
may elect to be covered by the provisions of section 553 of the retire-
ment and social security law, and shall be entitled to the full rights
and benefits associated with coverage under such section for the service
rendered with the county of Rensselaer only, by filing a request to that
effect with the state comptroller on or before June 30, 2014.
S 2. All costs incurred by the implementation of this act shall be
borne by the county of Rensselaer.
S 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will allow Rensselaer County to reopen section 553 of the
Retirement and Social Security Law for deputy sheriff John R. Panichi.
If this bill is enacted during the 2013 legislative session and deputy
sheriff John R. Panichi becomes covered under the provisions of section
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 4389 2
553, we anticipate that there will be an increase of approximately
$8,100 in the annual contributions of Rensselaer County for the fiscal
year ending March 31, 2014.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $51,600 which would be
borne by Rensselaer County as a one-time payment. This estimate is based
on the assumption that payment will be made on February 1, 2014.
Summary of relevant resources:
Data: March 31, 2012 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 Actuarial Valuations report.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
This estimate, dated March 20, 2013 and intended for used only during
the 2013 Legislative Session, is Fiscal Note No. 2013-102, prepared by
the Actuary for the New York State and Local Employees' Retirement