S T A T E   O F   N E W   Y O R K
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                                  7604

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2015
                               ___________

Introduced  by M. of A. LOPEZ -- read once and referred to the Committee
  on Governmental Employees

AN ACT to authorize the county of Greene to  offer  an  optional  twenty
  year retirement plan to deputy sheriff John Del Vecchio

  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 to the contrary,
John Del Vecchio, a member of the New York state  and  local  employees'
retirement  system  and  the  New  York  state and local police and fire
retirement system, who is employed as a deputy sheriff with  the  county
of  Greene  with a start date of June 6, 1994, and who, through no fault
of his own, failed to file a timely application to  participate  in  the
special  twenty  year  retirement  plan  contained in section 552 of the
retirement and social security law resulting in  the  crediting  of  his
service  with  the  county of Greene in the general retirement plan. The
county of Greene may so elect by filing a resolution of its local legis-
lative 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, John Del Vecchio may elect to be covered
by  the  provisions of section 552 of the retirement and social security
law and shall be entitled to the full  rights  and  benefits  associated
with  coverage  under  such  section, by filing a request to that effect
with the state comptroller on or before June 30, 2016.
  S 2. All employer past service costs associated with implementing  the
provisions of this act shall be borne by the county of Greene.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This  bill  will  allow John Del Vecchio, a deputy sheriff employed by
Greene County, to elect to be covered by the  20  year  retirement  plan
contained in Section 552 of the Retirement and Social Security Law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10687-04-5

              

A. 7604                             2

  If this bill is enacted and deputy sheriff Del Vecchio becomes covered
under the provisions of Section 552, we anticipate that there will be an
increase  of  approximately $6,900 in the annual contributions of Greene
County for the fiscal year ending March 31, 2016. In future years,  this
cost  will  vary  as  the billing rates and salary of deputy sheriff Del
Vecchio change.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $40,600 which  would  be
borne  by Greene County as a one-time payment. This estimate is based on
the assumption that payment will be made on February 1, 2016.
  Summary of relevant resources:
  The membership data used in  measuring  the  impact  of  the  proposed
change  was  the same as that used in the March 31, 2014 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2014
Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012, 2013 and 2014 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, 2014
New  York  State  and  Local  Retirement System Financial Statements and
Supplementary Information.
  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 May 12, 2015, and intended for  use  only  during
the  2015 Legislative Session, is Fiscal Note No.  2015-108, prepared by
the Actuary for the  New  York  State  and  Local  Employees  Retirement
System.