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

                                  4001

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 25, 2015
                               ___________

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

AN ACT to amend the retirement and social security law, in  relation  to
  providing  county  correction  officers with a special optional twenty
  year retirement plan

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The retirement and social security law is amended by adding
a new article 14-C to read as follows:
                              ARTICLE 14-C
    OPTIONAL RETIREMENT PLAN FOR COUNTY CORRECTION OFFICERS OR DEPUTY
               SHERIFFS PERFORMING AS CORRECTION OFFICERS
SECTION 561. DEFINITIONS.
        562. OPTIONAL  TWENTY  YEAR  RETIREMENT PLAN FOR CERTAIN MEMBERS
               WHOSE EMPLOYER ELECTS TO PROVIDE SAME.
        563. ADDITIONAL PENSION BENEFIT FOR MEMBERS OF  OPTIONAL  TWENTY
               YEAR RETIREMENT PLAN.
        564. CONSISTENT PROVISIONS.
  S 561. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE:
  (A)  "MEMBER"  SHALL  MEAN  A  PERSON  WHO  IS  EMPLOYED  AS  A COUNTY
CORRECTION OFFICER OR A  DEPUTY  SHERIFF  WHO  IS  ENGAGED  DIRECTLY  IN
CORRECTION  OFFICER  DUTIES  THAT  AGGREGATE  FIFTY  PER CENTUM OF THEIR
SERVICE BY A COUNTY WHICH ELECTS BY RESOLUTION, DULY ADOPTED, TO PROVIDE
THE BENEFITS AS AUTHORIZED BY THIS ARTICLE.
  (B) "RETIREMENT SYSTEM" SHALL  MEAN  THE  NEW  YORK  STATE  AND  LOCAL
EMPLOYEES' RETIREMENT SYSTEM.
  (C)  "CREDITABLE SERVICE" SHALL INCLUDE ANY AND ALL SERVICES PERFORMED
AS A SHERIFF, UNDERSHERIFF OR DEPUTY  SHERIFF,  OR  CORRECTION  OFFICER.
CREDIT  FOR  SERVICE  AS A MEMBER OR OFFICER OF THE STATE POLICE OR AS A
PAID FIREMAN, POLICEMAN OR OFFICER OF ANY ORGANIZED FIRE  DEPARTMENT  OR
POLICE  FORCE  OR  DEPARTMENT  OF  ANY COUNTY, CITY, VILLAGE, TOWN, FIRE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09277-02-5
              

S. 4001                             2

DISTRICT OR POLICE DISTRICT, SHALL  ALSO  BE  DEEMED  TO  BE  CREDITABLE
SERVICE  AND  SHALL  BE INCLUDED IN COMPUTING YEARS OF TOTAL SERVICE FOR
RETIREMENT PURSUANT TO THIS SECTION, PROVIDED SUCH SERVICE WAS PERFORMED
BY  THE  MEMBER  WHILE CONTRIBUTING TO THE RETIREMENT SYSTEM PURSUANT TO
THE PROVISIONS OF THIS ARTICLE OR ARTICLE EIGHT OF THIS CHAPTER.
  S 562. OPTIONAL TWENTY YEAR RETIREMENT PLAN FOR CERTAIN MEMBERS  WHOSE
EMPLOYER ELECTS TO PROVIDE SAME. (A) ANY MEMBER OF THE RETIREMENT SYSTEM
MAY  ELECT TO BECOME A MEMBER PURSUANT TO THE PROVISIONS OF THIS SECTION
WITHIN ONE YEAR AFTER HE OR SHE BECOMES A MEMBER, IF HIS OR HER EMPLOYER
HAS ELECTED TO MAKE THE BENEFITS PROVIDED BY THIS SECTION  AVAILABLE  TO
MEMBERS, OR WITHIN ONE YEAR AFTER HIS OR HER EMPLOYER ELECTS TO MAKE THE
BENEFITS PROVIDED BY THIS SECTION AVAILABLE TO ITS MEMBERS.
  (B)  ELECTIONS  MADE  PURSUANT TO THIS SECTION SHALL BE IN WRITING AND
SHALL BE DULY ACKNOWLEDGED AND FILED WITH THE  COMPTROLLER.  ANY  MEMBER
WHO  FILES  SUCH  AN  ELECTION  PURSUANT TO THIS SECTION MAY WITHDRAW IT
AFTER IT HAS BEEN FILED FOR AT LEAST A YEAR. SUCH WITHDRAWAL SHALL BE BY
WRITTEN NOTICE DULY ACKNOWLEDGED AND FILED WITH THE COMPTROLLER.
  (C) A MEMBER PARTICIPATING ON THE BASIS OF THIS SECTION AT THE TIME OF
RETIREMENT SHALL BE ENTITLED TO RETIRE AFTER THE  COMPLETION  OF  TWENTY
YEARS  OF  TOTAL  CREDITABLE  SERVICE  OR  UPON  THE  ATTAINMENT  OF AGE
SIXTY-TWO, BY FILING AN APPLICATION THEREFOR IN A MANNER SIMILAR TO THAT
PROVIDED IN THIS CHAPTER.
  (I) UPON COMPLETION OF TWENTY YEARS OF SUCH SERVICE AND  UPON  RETIRE-
MENT, EACH SUCH MEMBER SHALL RECEIVE A PENSION SUFFICIENT TO PROVIDE HIM
OR  HER  WITH A RETIREMENT ALLOWANCE EQUAL TO ONE-FORTIETH OF HIS OR HER
FINAL AVERAGE SALARY FOR EACH YEAR  OF  TOTAL  CREDITABLE  SERVICES  FOR
WHICH HE OR SHE IS OTHERWISE ENTITLED BUT NOT EXCEEDING IN THE AGGREGATE
ONE-HALF OF HIS OR HER FINAL AVERAGE SALARY.
  (II)  UPON  ATTAINMENT  OF  AGE  SIXTY-TWO AND UPON RETIREMENT WITHOUT
COMPLETION OF TWENTY YEARS OF  SUCH  SERVICE,  EACH  SUCH  MEMBER  SHALL
RECEIVE  A  PENSION  SUFFICIENT  TO PROVIDE HIM OR HER WITH A RETIREMENT
ALLOWANCE EQUAL TO ONE-FORTIETH OF HIS OR HER FINAL AVERAGE  SALARY  FOR
EACH  YEAR  OF CREDITABLE SERVICE. EVERY SUCH MEMBER SHALL ALSO BE ENTI-
TLED TO AN ADDITIONAL PENSION EQUAL TO THE PENSION FOR ANY OTHER CREDIT-
ABLE SERVICE RENDERED AS OTHERWISE PROVIDED FOR IN THIS CHAPTER.    THIS
LATTER  PENSION SHALL NOT INCREASE THE TOTAL ALLOWANCE TO MORE THAN ONE-
HALF OF HIS OR HER FINAL AVERAGE SALARY.
  (D) THE INCREASED PENSIONS  TO  SUCH  MEMBERS,  AS  PROVIDED  BY  THIS
SECTION, SHALL BE PAID FROM ADDITIONAL CONTRIBUTIONS MADE BY THE PARTIC-
IPATING  EMPLOYER ON ACCOUNT OF SUCH MEMBERS. THE ACTUARY OF THE RETIRE-
MENT SYSTEM SHALL COMPUTE THE ADDITIONAL CONTRIBUTION REQUIRED FOR  EACH
MEMBER  WHO  ELECTS  TO RECEIVE THE SPECIAL BENEFITS PROVIDED UNDER THIS
SECTION. SUCH ADDITIONAL CONTRIBUTIONS SHALL BE COMPUTED ON THE BASIS OF
CONTRIBUTIONS DURING THE PROSPECTIVE SERVICE OF SUCH MEMBER  WHICH  WILL
COVER  THE  LIABILITY  OF THE RETIREMENT SYSTEM FOR SUCH EXTRA PENSIONS.
UPON APPROVAL OF THE COMPTROLLER, SUCH ADDITIONAL CONTRIBUTIONS SHALL BE
CERTIFIED BY HIM OR HER TO THE CHIEF FISCAL OFFICER OR THE PARTICIPATING
EMPLOYER. THE AMOUNT THEREOF SHALL BE INCLUDED IN THE  ANNUAL  APPROPRI-
ATION  OF  THE  PARTICIPATING EMPLOYER. SUCH AMOUNT SHALL BE PAID ON THE
WARRANT OF THE CHIEF FISCAL OFFICER OF THE PARTICIPATING EMPLOYER TO THE
PENSION ACCUMULATION FUND OF THE RETIREMENT SYSTEM.
  (E) IN COMPUTING THE TWENTY YEARS OF COMPLETED SERVICE  OF  A  MEMBER,
FULL  CREDIT  SHALL BE GIVEN FOR MILITARY SERVICE AS DEFINED IN SUBDIVI-
SIONS TWENTY-NINE-A AND THIRTY OF SECTION  THREE  HUNDRED  TWO  OF  THIS
CHAPTER.

S. 4001                             3

  (F)  EVERY  MEMBER PARTICIPATING ON THE BASIS OF THIS SECTION SHALL BE
SEPARATED FROM THE SERVICE ON THE LAST DAY OF THE  CALENDAR  MONTH  NEXT
SUCCEEDING  THE CALENDAR MONTH IN WHICH HE OR SHE ATTAINS AGE SIXTY-TWO,
PROVIDED, HOWEVER, THAT SUCH A MEMBER WHO ATTAINED THE AGE OF  SIXTY-TWO
BEFORE HIS OR HER EMPLOYER ELECTED TO MAKE THE BENEFITS PROVIDED BY THIS
SECTION  AVAILABLE  TO  HIM  OR HER, OR WHO ATTAINS THE AGE OF SIXTY-TWO
WITHIN ONE MONTH AFTER HIS OR HER EMPLOYER MAKES  SUCH  BENEFITS  AVAIL-
ABLE,  TO  BE  ELIGIBLE  FOR  A  PENSION COMPUTED IN ACCORDANCE WITH THE
PROVISIONS OF THIS SECTION, SHALL BE SEPARATED FROM THE  SERVICE  WITHIN
THREE MONTHS AFTER HIS OR HER EMPLOYER MAKES SUCH BENEFITS AVAILABLE.
  (G)  THE PROVISIONS OF THIS SECTION SHALL BE CONTROLLING NOTWITHSTAND-
ING ANY OTHER PROVISION OF THIS ARTICLE TO THE CONTRARY.
  (H) THE BENEFITS OF THIS SECTION SHALL  BE  AVAILABLE  ONLY  TO  THOSE
MEMBERS  WHOSE  EMPLOYER  ELECTS  TO PROVIDE SUCH BENEFITS BY ADOPTING A
RESOLUTION TO SUCH EFFECT AND FILING A CERTIFIED COPY THEREOF  WITH  THE
COMPTROLLER.
  (I)  THE  BENEFITS  PROVIDED  BY  THIS  SECTION  SHALL BE PAYABLE TO A
MEMBER, UNLESS AT THE DATE OF RETIREMENT SUCH MEMBER WOULD OTHERWISE  BE
ENTITLED TO A GREATER BENEFIT UNDER OTHER PROVISIONS OF THIS CHAPTER HAD
HE OR SHE WITHDRAWN FROM THIS SECTION, IN WHICH EVENT SUCH GREATER BENE-
FITS SHALL BE PAYABLE.
  S  563. ADDITIONAL PENSION BENEFIT FOR MEMBERS OF OPTIONAL TWENTY YEAR
RETIREMENT PLAN. (A) A PARTICIPATING  EMPLOYER  WHICH  HAS  ELECTED,  OR
WHICH ELECTS TO PROVIDE THE BENEFITS OF THE OPTIONAL TWENTY YEAR RETIRE-
MENT  PLAN  FOR  ITS EMPLOYEES AS SPECIFIED IN THIS ARTICLE MAY ELECT TO
MAKE CONTRIBUTIONS FOR THE PURPOSE OF PROVIDING  AN  ADDITIONAL  PENSION
PURSUANT TO THIS SECTION FOR MEMBERS IN ITS EMPLOY WHO ARE ENTITLED TO A
PENSION  PURSUANT  TO  SECTION  FIVE  HUNDRED SIXTY-TWO OF THIS ARTICLE.
EVERY MEMBER EMPLOYED BY AN EMPLOYER WHICH HAS ELECTED THE PROVISIONS OF
SECTION FIVE HUNDRED SIXTY-TWO OF THIS  ARTICLE  AND  THIS  SECTION  MAY
ELECT TO BE COVERED BY THE PROVISIONS OF THIS SECTION BY FILING WITH THE
COMPTROLLER, A DULY EXECUTED AND ACKNOWLEDGED FORM PREPARED BY THE COMP-
TROLLER FOR THAT PURPOSE.
  (B)  UPON RETIREMENT, EACH SUCH MEMBER SHALL RECEIVE, FOR EACH YEAR OF
SERVICE IN EXCESS OF TWENTY, AN ADDITIONAL PENSION WHICH SHALL BE  EQUAL
TO  ONE-SIXTIETH  OF HIS OR HER FINAL AVERAGE SALARY; PROVIDED, HOWEVER,
THAT THE TOTAL ALLOWANCE PAYABLE PURSUANT  TO  THIS  SECTION  SHALL  NOT
EXCEED THREE-QUARTERS OF SUCH MEMBER'S FINAL AVERAGE SALARY.
  S  564. CONSISTENT PROVISIONS. NOTHING CONTAINED IN THIS ARTICLE SHALL
BE CONSTRUED TO OTHERWISE AFFECT THE APPLICABILITY  OF  ARTICLE  ELEVEN,
FOURTEEN  OR FIFTEEN OF THIS CHAPTER. ANY OTHER PROVISIONS OF THIS CHAP-
TER RELATING TO MANDATORY CONTRIBUTION TO THE  RETIREMENT  SYSTEM  BASED
UPON A MEMBER'S DATE OF MEMBERSHIP IN SUCH SYSTEM SHALL NOT BE DEEMED TO
BE AFFECTED BY THE PROVISIONS OF THIS ARTICLE, AND ANY MEMBER WHO ON THE
EFFECTIVE  DATE  OF THIS ARTICLE IS NOT REQUIRED TO CONTRIBUTE SHALL NOT
BE REQUIRED TO MAKE ANY CONTRIBUTIONS AS A RESULT OF THIS  SECTION.  FOR
THOSE  MEMBERS  REQUIRED  TO  CONTRIBUTE  TO THE RETIREMENT SYSTEM, SUCH
CONTRIBUTION SHALL BE TREATED IN THE SAME MANNER AS SPECIFIED  FOR  SUCH
MEMBERS IN ARTICLE FOURTEEN OR FIFTEEN OF THIS CHAPTER.
  S 2. Any past service payments required of a county as a result of the
adoption  of  the benefits permitted by this act may be amortized over a
period of up to ten years at the option of such county.
  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This bill will allow the county to elect to provide  their  correction
officers  and  deputy  sheriffs  who  are  engaged in correction officer

S. 4001                             4

duties to become covered by the provisions of a special 20 year  retire-
ment  plan,  which  will  provide a benefit of one-half of final average
salary upon retirement.  The county may also elect an additional benefit
of  one  sixtieth  of  final  average salary for each year of service in
excess of 20 years, not to exceed 15 such years.
  If this bill is enacted, the increase in the annual contributions of a
county electing to provide these benefits will  depend  on  the  current
salary  and plan coverage of the affected members in its employ, as well
as on the proposed plan elected by such  county.  For  the  fiscal  year
ending  March  31, 2016, the additional annual cost for the 20 year plan
will be 5.6% of the affected correction  officers'  salaries  for  those
currently covered by a 25 year plan, and 7.0% of the affected correction
officers'  salaries  for  those currently covered by an age 55 plan. The
additional annual cost for the 20 year plan  with  additional  sixtieths
will  be  an  additional 0.3% of the affected salaries. In future years,
this annual cost will vary as the billing rates of these plans change.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost for the  affected  officers  which  would
depend  on  the  current  salary, plan, age and length of service of the
officers, as well as on their proposed plan. This cost may be  amortized
over  a  period  of up to 10 years as determined by the employing county
which elects this benefit.
  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 February 18, 2015,  and  intended  for  use  only
during  the  2015  Legislative  Session,  is  Fiscal  Note  No. 2015-68,
prepared by the Actuary for the New  York  State  and  Local  Employees'
Retirement System.

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

                                 4001--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 25, 2015
                               ___________

Introduced  by  Sens.  ORTT,  GALLIVAN, SAVINO -- read twice and ordered
  printed, and when printed to be committed to the  Committee  on  Civil
  Service  and Pensions -- recommitted to the Committee on Civil Service
  and Pensions in accordance with Senate Rule 6,  sec.  8  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to amend the retirement and social security law, in relation to
  providing county correction officers with a  special  optional  twenty
  year retirement plan

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The retirement and social security law is amended by adding
a new article 14-C to read as follows:
                              ARTICLE 14-C
    OPTIONAL RETIREMENT PLAN FOR COUNTY CORRECTION OFFICERS OR DEPUTY
               SHERIFFS PERFORMING AS CORRECTION OFFICERS
SECTION 561. DEFINITIONS.
        562. OPTIONAL TWENTY YEAR RETIREMENT PLAN  FOR  CERTAIN  MEMBERS
               WHOSE EMPLOYER ELECTS TO PROVIDE SAME.
        563. ADDITIONAL  PENSION  BENEFIT FOR MEMBERS OF OPTIONAL TWENTY
               YEAR RETIREMENT PLAN.
        564. CONSISTENT PROVISIONS.
  S 561. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE:
  (A) "MEMBER"  SHALL  MEAN  A  PERSON  WHO  IS  EMPLOYED  AS  A  COUNTY
CORRECTION  OFFICER  OR  A  DEPUTY  SHERIFF  WHO  IS ENGAGED DIRECTLY IN
CORRECTION OFFICER DUTIES THAT  AGGREGATE  FIFTY  PER  CENTUM  OF  THEIR
SERVICE BY A COUNTY WHICH ELECTS BY RESOLUTION, DULY ADOPTED, TO PROVIDE
THE BENEFITS AS AUTHORIZED BY THIS ARTICLE.
  (B)  "RETIREMENT  SYSTEM"  SHALL  MEAN  THE  NEW  YORK STATE AND LOCAL
EMPLOYEES' RETIREMENT SYSTEM.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09277-04-6

              

S. 4001--A                          2

  (C) "CREDITABLE SERVICE" SHALL INCLUDE ANY AND ALL SERVICES  PERFORMED
AS  A  SHERIFF,  UNDERSHERIFF  OR DEPUTY SHERIFF, OR CORRECTION OFFICER.
CREDIT FOR SERVICE AS A MEMBER OR OFFICER OF THE STATE POLICE  OR  AS  A
PAID  FIREMAN,  POLICEMAN OR OFFICER OF ANY ORGANIZED FIRE DEPARTMENT OR
POLICE  FORCE  OR  DEPARTMENT  OF  ANY COUNTY, CITY, VILLAGE, TOWN, FIRE
DISTRICT OR POLICE DISTRICT, SHALL  ALSO  BE  DEEMED  TO  BE  CREDITABLE
SERVICE  AND  SHALL  BE INCLUDED IN COMPUTING YEARS OF TOTAL SERVICE FOR
RETIREMENT PURSUANT TO THIS SECTION, PROVIDED SUCH SERVICE WAS PERFORMED
BY THE MEMBER WHILE CONTRIBUTING TO THE RETIREMENT  SYSTEM  PURSUANT  TO
THE PROVISIONS OF THIS ARTICLE OR ARTICLE EIGHT OF THIS CHAPTER.
  S  562. OPTIONAL TWENTY YEAR RETIREMENT PLAN FOR CERTAIN MEMBERS WHOSE
EMPLOYER ELECTS TO PROVIDE SAME. (A) ANY MEMBER OF THE RETIREMENT SYSTEM
MAY ELECT TO BECOME A MEMBER PURSUANT TO THE PROVISIONS OF THIS  SECTION
WITHIN ONE YEAR AFTER HE OR SHE BECOMES A MEMBER, IF HIS OR HER EMPLOYER
HAS  ELECTED  TO MAKE THE BENEFITS PROVIDED BY THIS SECTION AVAILABLE TO
MEMBERS, OR WITHIN ONE YEAR AFTER HIS OR HER EMPLOYER ELECTS TO MAKE THE
BENEFITS PROVIDED BY THIS SECTION AVAILABLE TO ITS MEMBERS.
  (B) ELECTIONS MADE PURSUANT TO THIS SECTION SHALL BE  IN  WRITING  AND
SHALL  BE  DULY  ACKNOWLEDGED AND FILED WITH THE COMPTROLLER. ANY MEMBER
WHO FILES SUCH AN ELECTION PURSUANT TO  THIS  SECTION  MAY  WITHDRAW  IT
AFTER IT HAS BEEN FILED FOR AT LEAST A YEAR. SUCH WITHDRAWAL SHALL BE BY
WRITTEN NOTICE DULY ACKNOWLEDGED AND FILED WITH THE COMPTROLLER.
  (C) A MEMBER PARTICIPATING ON THE BASIS OF THIS SECTION AT THE TIME OF
RETIREMENT  SHALL  BE  ENTITLED TO RETIRE AFTER THE COMPLETION OF TWENTY
YEARS OF  TOTAL  CREDITABLE  SERVICE  OR  UPON  THE  ATTAINMENT  OF  AGE
SIXTY-TWO, BY FILING AN APPLICATION THEREFOR IN A MANNER SIMILAR TO THAT
PROVIDED IN THIS CHAPTER.
  (I)  UPON  COMPLETION OF TWENTY YEARS OF SUCH SERVICE AND UPON RETIRE-
MENT, EACH SUCH MEMBER SHALL RECEIVE A PENSION SUFFICIENT TO PROVIDE HIM
OR HER WITH A RETIREMENT ALLOWANCE EQUAL TO ONE-FORTIETH OF HIS  OR  HER
FINAL  AVERAGE  SALARY  FOR  EACH  YEAR OF TOTAL CREDITABLE SERVICES FOR
WHICH HE OR SHE IS OTHERWISE ENTITLED BUT NOT EXCEEDING IN THE AGGREGATE
ONE-HALF OF HIS OR HER FINAL AVERAGE SALARY.
  (II) UPON ATTAINMENT OF AGE  SIXTY-TWO  AND  UPON  RETIREMENT  WITHOUT
COMPLETION  OF  TWENTY  YEARS  OF  SUCH  SERVICE, EACH SUCH MEMBER SHALL
RECEIVE A PENSION SUFFICIENT TO PROVIDE HIM OR  HER  WITH  A  RETIREMENT
ALLOWANCE  EQUAL  TO ONE-FORTIETH OF HIS OR HER FINAL AVERAGE SALARY FOR
EACH YEAR OF CREDITABLE SERVICE. EVERY SUCH MEMBER SHALL ALSO  BE  ENTI-
TLED TO AN ADDITIONAL PENSION EQUAL TO THE PENSION FOR ANY OTHER CREDIT-
ABLE  SERVICE  RENDERED AS OTHERWISE PROVIDED FOR IN THIS CHAPTER.  THIS
LATTER PENSION SHALL NOT INCREASE THE TOTAL ALLOWANCE TO MORE THAN  ONE-
HALF OF HIS OR HER FINAL AVERAGE SALARY.
  (D)  THE  INCREASED  PENSIONS  TO  SUCH  MEMBERS,  AS PROVIDED BY THIS
SECTION, SHALL BE PAID FROM ADDITIONAL CONTRIBUTIONS MADE BY THE PARTIC-
IPATING EMPLOYER ON ACCOUNT OF SUCH MEMBERS. THE ACTUARY OF THE  RETIRE-
MENT  SYSTEM SHALL COMPUTE THE ADDITIONAL CONTRIBUTION REQUIRED FOR EACH
MEMBER WHO ELECTS TO RECEIVE THE SPECIAL BENEFITS  PROVIDED  UNDER  THIS
SECTION. SUCH ADDITIONAL CONTRIBUTIONS SHALL BE COMPUTED ON THE BASIS OF
CONTRIBUTIONS  DURING  THE PROSPECTIVE SERVICE OF SUCH MEMBER WHICH WILL
COVER THE LIABILITY OF THE RETIREMENT SYSTEM FOR  SUCH  EXTRA  PENSIONS.
UPON APPROVAL OF THE COMPTROLLER, SUCH ADDITIONAL CONTRIBUTIONS SHALL BE
CERTIFIED BY HIM OR HER TO THE CHIEF FISCAL OFFICER OR THE PARTICIPATING
EMPLOYER.  THE  AMOUNT THEREOF SHALL BE INCLUDED IN THE ANNUAL APPROPRI-
ATION OF THE PARTICIPATING EMPLOYER. SUCH AMOUNT SHALL BE  PAID  ON  THE
WARRANT OF THE CHIEF FISCAL OFFICER OF THE PARTICIPATING EMPLOYER TO THE
PENSION ACCUMULATION FUND OF THE RETIREMENT SYSTEM.

S. 4001--A                          3

  (E)  IN  COMPUTING  THE TWENTY YEARS OF COMPLETED SERVICE OF A MEMBER,
FULL CREDIT SHALL BE GIVEN FOR MILITARY SERVICE AS DEFINED  IN  SUBDIVI-
SIONS  TWENTY-NINE-A  AND  THIRTY  OF  SECTION THREE HUNDRED TWO OF THIS
CHAPTER.
  (F)  EVERY  MEMBER PARTICIPATING ON THE BASIS OF THIS SECTION SHALL BE
SEPARATED FROM THE SERVICE ON THE LAST DAY OF THE  CALENDAR  MONTH  NEXT
SUCCEEDING  THE CALENDAR MONTH IN WHICH HE OR SHE ATTAINS AGE SIXTY-TWO,
PROVIDED, HOWEVER, THAT SUCH A MEMBER WHO ATTAINED THE AGE OF  SIXTY-TWO
BEFORE HIS OR HER EMPLOYER ELECTED TO MAKE THE BENEFITS PROVIDED BY THIS
SECTION  AVAILABLE  TO  HIM  OR HER, OR WHO ATTAINS THE AGE OF SIXTY-TWO
WITHIN ONE MONTH AFTER HIS OR HER EMPLOYER MAKES  SUCH  BENEFITS  AVAIL-
ABLE,  TO  BE  ELIGIBLE  FOR  A  PENSION COMPUTED IN ACCORDANCE WITH THE
PROVISIONS OF THIS SECTION, SHALL BE SEPARATED FROM THE  SERVICE  WITHIN
THREE MONTHS AFTER HIS OR HER EMPLOYER MAKES SUCH BENEFITS AVAILABLE.
  (G)  THE PROVISIONS OF THIS SECTION SHALL BE CONTROLLING NOTWITHSTAND-
ING ANY OTHER PROVISION OF THIS ARTICLE TO THE CONTRARY.
  (H) THE BENEFITS OF THIS SECTION SHALL  BE  AVAILABLE  ONLY  TO  THOSE
MEMBERS  WHOSE  EMPLOYER  ELECTS  TO PROVIDE SUCH BENEFITS BY ADOPTING A
RESOLUTION TO SUCH EFFECT AND FILING A CERTIFIED COPY THEREOF  WITH  THE
COMPTROLLER.
  (I)  THE  BENEFITS  PROVIDED  BY  THIS  SECTION  SHALL BE PAYABLE TO A
MEMBER, UNLESS AT THE DATE OF RETIREMENT SUCH MEMBER WOULD OTHERWISE  BE
ENTITLED TO A GREATER BENEFIT UNDER OTHER PROVISIONS OF THIS CHAPTER HAD
HE OR SHE WITHDRAWN FROM THIS SECTION, IN WHICH EVENT SUCH GREATER BENE-
FITS SHALL BE PAYABLE.
  S  563. ADDITIONAL PENSION BENEFIT FOR MEMBERS OF OPTIONAL TWENTY YEAR
RETIREMENT PLAN. (A) A PARTICIPATING  EMPLOYER  WHICH  HAS  ELECTED,  OR
WHICH ELECTS TO PROVIDE THE BENEFITS OF THE OPTIONAL TWENTY YEAR RETIRE-
MENT  PLAN  FOR  ITS EMPLOYEES AS SPECIFIED IN THIS ARTICLE MAY ELECT TO
MAKE CONTRIBUTIONS FOR THE PURPOSE OF PROVIDING  AN  ADDITIONAL  PENSION
PURSUANT TO THIS SECTION FOR MEMBERS IN ITS EMPLOY WHO ARE ENTITLED TO A
PENSION  PURSUANT  TO  SECTION  FIVE  HUNDRED SIXTY-TWO OF THIS ARTICLE.
EVERY MEMBER EMPLOYED BY AN EMPLOYER WHICH HAS ELECTED THE PROVISIONS OF
SECTION FIVE HUNDRED SIXTY-TWO OF THIS  ARTICLE  AND  THIS  SECTION  MAY
ELECT TO BE COVERED BY THE PROVISIONS OF THIS SECTION BY FILING WITH THE
COMPTROLLER, A DULY EXECUTED AND ACKNOWLEDGED FORM PREPARED BY THE COMP-
TROLLER FOR THAT PURPOSE.
  (B)  UPON RETIREMENT, EACH SUCH MEMBER SHALL RECEIVE, FOR EACH YEAR OF
SERVICE IN EXCESS OF TWENTY, AN ADDITIONAL PENSION WHICH SHALL BE  EQUAL
TO  ONE-SIXTIETH  OF HIS OR HER FINAL AVERAGE SALARY; PROVIDED, HOWEVER,
THAT THE TOTAL ALLOWANCE PAYABLE PURSUANT  TO  THIS  SECTION  SHALL  NOT
EXCEED THREE-QUARTERS OF SUCH MEMBER'S FINAL AVERAGE SALARY.
  S  564. CONSISTENT PROVISIONS. NOTHING CONTAINED IN THIS ARTICLE SHALL
BE CONSTRUED TO OTHERWISE AFFECT THE APPLICABILITY  OF  ARTICLE  ELEVEN,
FOURTEEN  OR FIFTEEN OF THIS CHAPTER. ANY OTHER PROVISIONS OF THIS CHAP-
TER RELATING TO MANDATORY CONTRIBUTION TO THE  RETIREMENT  SYSTEM  BASED
UPON A MEMBER'S DATE OF MEMBERSHIP IN SUCH SYSTEM SHALL NOT BE DEEMED TO
BE AFFECTED BY THE PROVISIONS OF THIS ARTICLE, AND ANY MEMBER WHO ON THE
EFFECTIVE  DATE  OF THIS ARTICLE IS NOT REQUIRED TO CONTRIBUTE SHALL NOT
BE REQUIRED TO MAKE ANY CONTRIBUTIONS AS A RESULT OF THIS  SECTION.  FOR
THOSE  MEMBERS  REQUIRED  TO  CONTRIBUTE  TO THE RETIREMENT SYSTEM, SUCH
CONTRIBUTION SHALL BE TREATED IN THE SAME MANNER AS SPECIFIED  FOR  SUCH
MEMBERS IN ARTICLE FOURTEEN OR FIFTEEN OF THIS CHAPTER.
  S 2. Any past service payments required of a county as a result of the
adoption  of  the benefits permitted by this act may be amortized over a
period of up to ten years at the option of such county.

S. 4001--A                          4

  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This  bill  will allow any county to elect to provide their correction
officers and deputy sheriffs  who  are  engaged  in  correction  officer
duties  to become covered by the provisions of a special 20 year retire-
ment plan, which will provide a benefit of  one-half  of  final  average
salary upon retirement.  The county may also elect an additional benefit
of  one  sixtieth  of  final  average salary for each year of service in
excess of 20 years, not to exceed 15 such years.
  If this bill is enacted, the increase in the annual contributions of a
county electing to provide these benefits will  depend  on  the  current
salary  and plan coverage of the affected members in its employ, as well
as on the proposed plan elected by such  county.  For  the  fiscal  year
ending  March  31, 2017, the additional annual cost for the 20 year plan
will be 4.8% of the affected correction  officers'  salaries  for  those
currently covered by a 25 year plan, and 7.3% of the affected correction
officers'  salaries  for  those currently covered by an age 55 plan. The
additional annual cost for the 20 year plan  with  additional  sixtieths
will  be  an  additional 0.5% of the affected salaries. In future years,
this annual cost will vary as the billing rates of these plans change.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost for the  affected  officers  which  would
depend  on  the  current  salary, plan, age and length of service of the
officers, as well as on their proposed plan. This cost may be  amortized
over  a  period  of up to 10 years as determined by the employing county
which elects this benefit.
  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 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 January 14,  2016,  and  intended  for  use  only
during  the  2016  Legislative  Session,  is  Fiscal  Note  No. 2016-34,
prepared by the Actuary for the New  York  State  and  Local  Retirement
System.