S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6321
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 2, 2017
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  to amend the retirement and social security law, in relation to
   providing  equal  retirement  benefits  for  persons  who  have   been
   appointed  to  the  title  of  superintendent  in  the  department  of
   corrections and community supervision

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Clause (ii) of subparagraph (b) of paragraph 2 of subdivi-
 sion a of section 600 of the retirement  and  social  security  law,  as
 amended  by section 149 of subpart B of part C of chapter 62 of the laws
 of 2011, is amended and two new clauses (iii) and (iv) are added to read
 as follows:
   (ii) a person who serves in the title of superintendent  as  of  April
 first,  two  thousand  six,  who has had at least seven years of service
 credited toward the retirement plan established pursuant to this article
 while employed by the department of  corrections  and  community  super-
 vision  and  who elects the retirement plan established pursuant to this
 article on  or  before  September  thirtieth,  two  thousand  six.  Such
 election  shall be in writing, shall be duly executed and filed with the
 comptroller and shall be irrevocable as long as such person  is  in  the
 title of superintendent[.]; OR
   (III)  A  PERSON  WHO  IS  APPOINTED TO THE TITLE OF SUPERINTENDENT IN
 INSTITUTIONS UNDER THE JURISDICTION OF THE DEPARTMENT OF CORRECTIONS AND
 COMMUNITY SUPERVISION AND WHO ELECTS  THE  RETIREMENT  PLAN  ESTABLISHED
 PURSUANT  TO  THIS ARTICLE WITHIN NINETY DAYS OF HIS OR HER APPOINTMENT.
 SUCH ELECTION SHALL BE IN WRITING, SHALL BE DULY EXECUTED AND FILED WITH
 THE COMPTROLLER AND SHALL BE IRREVOCABLE AS LONG AS SUCH  PERSON  IS  IN
 THE TITLE OF SUPERINTENDENT; OR
   (IV)  A PERSON WHO SERVES IN THE TITLE OF SUPERINTENDENT ON THE EFFEC-
 TIVE DATE OF THIS CLAUSE AND WHO ELECTS THE RETIREMENT PLAN  ESTABLISHED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD01310-04-7

 A. 6321                             2
 
 PURSUANT  TO  THIS  ARTICLE  WITHIN NINETY DAYS OF THE EFFECTIVE DATE OF
 THIS CLAUSE. SUCH ELECTION SHALL BE IN WRITING, SHALL BE  DULY  EXECUTED
 AND  FILED WITH THE COMPTROLLER AND SHALL BE IRREVOCABLE AS LONG AS SUCH
 PERSON IS IN THE TITLE OF SUPERINTENDENT.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow certain Tier 3, 5 and 6 superintendents under
 the jurisdiction of the department of corrections and  community  super-
 vision  of  New  York State to become eligible to receive benefits under
 the provisions of Article 15 of the Retirement and Social  Security  Law
 in  addition  to the half-pay plan at 25 years benefit. Current affected
 members would have 90 days from the later of the effective date of  this
 bill  and  their date of being appointed to a superintendent position to
 file for this benefit.
   If this bill is enacted, we anticipate that there will be an immediate
 past service cost of approximately $2.93 million which would be borne by
 the State of New York as a one-time payment. This estimate is  based  on
 the assumption that payment would be made on March 1, 2018.
   In  addition to this cost, there would also be costs for future super-
 intendents who elect this benefit. These costs would depend on the  age,
 service,  salary  and tier of the affected members, and would be paid by
 the State of New York as one time payments as they occur.
   These estimated costs are based on 20  superintendents  with  a  total
 annual  salary  of approximately $2.8 million for the fiscal year ending
 March 31, 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, 2016 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2016
 Report  of  the  Actuary  and  the  2016  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2015
 and  2016 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, 2016
 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 February 16, 2017, and intended for the use  only
 during  the  2017  Legislative  Session,  is  Fiscal  Note  No. 2017-56,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.