S T A T E O F N E W Y O R K
________________________________________________________________________
7796
I N S E N A T E
May 12, 2010
___________
Introduced by Sen. McDONALD -- 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 551 of the retirement and social security law to join the
special retirement plan for sheriffs, undersheriffs and deputy sheriffs
engaged in law enforcement activities, but who, for reasons not ascriba-
ble to his own negligence, failed to make such election to join such
special retirement plan, shall be eligible to individually join such
special retirement plan if on or before December 31, 2010 he files a
written request with the state comptroller to that effect.
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.-- In estimating this cost, we have assumed the following:
1. The legislation, when drafted, would affect only John R. Panichi,
who is currently covered by Article 15 of the Retirement and Social
Security Law.
2. There are no other deputy sheriffs who are similarly situated who
would benefit by reopening Section 553.
3. The legislation would specify that all costs incurred due to its
enactment would be borne by Rensselaer County:
If this legislation is enacted during the 2010 legislative session, we
anticipate that there would be an increase of approximately $4,800 in
the annual contributions of Rensselaer County for the fiscal year ending
March 31, 2011.
In addition to the annual contributions discussed above, there would
be an immediate past service cost of approximately $27,600, which would
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17159-03-0
S. 7796 2
be borne by Rensselaer County as a one-time payment. This estimate is
based on the assumption that payment would be made on February 1, 2011.
If the legislation so specifies and the past service cost were amortized
over a period of five (5) or ten (10) years, the past service costs for
the first year, including interest, would be approximately $6,410 or
$3,810 respectively.