S T A T E   O F   N E W   Y O R K
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                                 5379--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

AN  ACT  to  allow Jack Harb to join the optional twenty year retirement
  plan, county of Sullivan

  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,
the  county  of Sullivan, a participating employer in the New York state
employees' retirement system, which  previously  elected  to  offer  the
optional twenty-five year retirement plan, established pursuant to arti-
cle 14-B of the retirement and social security law, is hereby authorized
to  make  participation  in  such  plan available to Jack Harb, a deputy
sheriff employed by the county of Sullivan, who, for reasons not ascrib-
able to his own negligence  failed  to  make  a  timely  application  to
participate in such optional twenty-five year retirement plan. The coun-
ty  of Sullivan may so elect by filing with the state comptroller, on or
before December 31, 2015, a resolution of its  governing  body  together
with  certification  that  such  deputy sheriff did not bar himself from
participation in such retirement plan. Thereafter, Jack Harb, may  elect
to  be  covered  by  the provisions of section 551 of the retirement and
social security law, and shall be entitled to the full rights and  bene-
fits associated with coverage under such section, by filing a request to
that effect with the state comptroller on or before December 31, 2015.
  S   2.  All  past  service  costs  associated  with  implementing  the
provisions of this act shall be borne by the county of Sullivan and  may
be amortized over a period of five years.
  S 3. This act shall take effect immediately.
  FISCAL  NOTE.--This  bill  will  allow  Jack  Harb,  a  deputy sheriff
employed by Sullivan County, to elect to  be  covered  by  the  25  year

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10823-09-5
              

S. 5379--A                          2

retirement  plan  contained  in Section 551 of the Retirement and Social
Security Law.
  If  this bill is enacted and deputy sheriff Harb becomes covered under
the provisions of Section 551, we  anticipate  that  there  will  be  an
increase of approximately $2,260 in the annual contributions of Sullivan
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  Harb
change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service cost of approximately $1,650 which would be
borne by Sullivan County as a one-time payment. This estimate  is  based
on  the  assumption  that  payment will be made on February 1, 2016.  If
Sullivan County elects to amortize this cost over a 5 year  period,  the
cost for the first year would be $380.
  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  June 2, 2015, and intended for use only during
the 2015 Legislative Session, is Fiscal Note No. 2015-128,  prepared  by
the  Actuary  for  the  New  York  State  and Local Employees Retirement
System.