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.