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

                                  7754

                            I N  S E N A T E

                              May 12, 2016
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to allow Jack Harb to join the optional twenty-five year  retire-
  ment 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  one year after this act shall have become a law, a resolution of
its governing body together with certification that such deputy  sheriff
did  not  bar himself from participation in such retirement plan. There-
after, 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  benefits  associated  with  coverage  under  such
section,  by  filing a request to that effect with the state comptroller
on or before one year after this act shall have become a law.
  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. -- Pursuant to Legislative Law, Section 50:
  This bill will allow Jack Harb, a deputy sheriff employed by  Sullivan
County,  to elect to be covered by the 25 year 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

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

                                                           LBD15025-03-6

S. 7754                             2

increase of approximately $1,980 in the annual contributions of Sullivan
County for the fiscal year ending March 31, 2017. 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
in  immediate  past  service cost of approximately $2,410 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, 2017. If
Sullivan County elects to amortize this cost over a 5 year  period,  the
cost for the first year would be $550.
  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, 2015  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2015
Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
Report.
  The  actuarial  assumptions and methods used are described in the 2015
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, 2015
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 11, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No.  2016-93,  prepared  by
the  Actuary  for  the  New  York  State  and Local Employees Retirement
System.