S T A T E O F N E W Y O R K
________________________________________________________________________
5926
2013-2014 Regular Sessions
I N A S S E M B L Y
March 8, 2013
___________
Introduced by M. of A. STEVENSON -- 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 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, WHO
HAS SERVED AT LEAST TWENTY-FIVE YEARS AS A MEMBER IN THE UNIFORMED
PERSONNEL 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 WHEN THIS
SUBPARAGRAPH IS ENACTED, WHO HAS SERVED AT LEAST TWENTY-FIVE YEARS AS A
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05749-02-3
A. 5926 2
MEMBER IN THE UNIFORMED PERSONNEL 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 THE ENACTMENT OF THIS SUBPARAGRAPH. 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 SUPER-
INTENDENT; OR
(V) A PERSON WHO HAS RETIRED WHILE SERVING IN THE TITLE OF SUPERINTEN-
DENT, WHO HAS SERVED AT LEAST TWENTY-FIVE YEARS AS A MEMBER IN THE
UNIFORMED PERSONNEL 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 THE ENACTMENT OF THIS SUBPARAGRAPH. SUCH ELECTION SHALL BE IN WRIT-
ING, SHALL BE DULY EXECUTED AND FILED WITH THE COMPTROLLER AND SHALL BE
IRREVOCABLE.
S 2. This act shall take effect immediately.
FISCAL NOTE.--This bill would allow Tier 3, 5 and 6 superintendents
under the jurisdiction of the department of corrections and community
supervision 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. This bill
would also cover retired superintendents. Current and future affected
members and retirees 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 $3.34 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 will be made on March 1, 2014.
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 a one-time payments as they occur.
These estimated costs are based on twenty-three (23) superintendents
with a total annual salary of approximately $2.1 million for the fiscal
year ending March 31, 2012.
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-
tion.
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 February 12, 2013 and intended for use only
during the 2013 Legislative Session, is Fiscal Note No. 2013-75,
prepared by the Actuary for the New York State and Local Employees'
Retirement System.