Senate Bill S8012

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8012
 
                             I N  S E N A T E
 
                              March 19, 2018
                                ___________
 
 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
   retirement  benefits  for  certain  employees;  and  providing for the
   repeal of such provisions upon the expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision c of section 700 of the retirement and social
 security law, as added by chapter 578 of the laws of 1989, is amended to
 read as follows:
   c. Such election shall be in writing, shall be duly executed and filed
 with the comptroller and, SUBJECT TO THE PROVISIONS OF SUBDIVISION D  OF
 THIS  SECTION, shall be irrevocable as long as such member is in a title
 defined in subdivision i of section eighty-nine  of  this  chapter.  The
 election  shall  be  filed  on or before December thirty-first, nineteen
 hundred eighty-nine  or  within  one  year  after  such  person  becomes
 employed in such title, whichever date is later.
   §  2. Section 700 of the retirement and social security law is amended
 by adding a new subdivision d to read as follows:
   D. NOTWITHSTANDING THE PROVISIONS OF ANY SECTION OF LAW TO THE CONTRA-
 RY, A MEMBER EMPLOYED BY THE OFFICE OF MENTAL HEALTH HOLDING  THE  TITLE
 OF  SECURITY  HOSPITAL  TREATMENT  ASSISTANT,  SENIOR  SECURITY HOSPITAL
 TREATMENT  ASSISTANT,  SECURITY  HOSPITAL  TREATMENT  ASSISTANT  SPANISH
 LANGUAGE, SECURITY HOSPITAL SENIOR TREATMENT ASSISTANT SPANISH LANGUAGE,
 SECURITY  HOSPITAL  TREATMENT ASSISTANT SUPERVISOR, OR SECURITY HOSPITAL
 TREATMENT ASSISTANT CHIEF SHALL BE ENTITLED TO FILE AN  ELECTION  TO  BE
 SUBJECT TO EITHER ARTICLE FOURTEEN OR ARTICLE FIFTEEN OF THIS CHAPTER IN
 ITS ENTIRETY AND BE SUBJECT TO NONE OF THE PROVISIONS OF THE ARTICLE NOT
 SELECTED  BY  THE  MEMBER.   SUCH ELECTION SHALL BE IN WRITING, SHALL BE
 DULY EXECUTED AND FILED WITH THE COMPTROLLER AND SHALL BE IRREVOCABLE.
   § 3. This act shall take effect immediately and shall  expire  and  be
 deemed repealed on the sixtieth day after it shall have become a law.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15003-03-8

 S. 8012                             2
 
   Currently,  security hospital treatment assistants (SHTAs) employed by
 the office of mental health must elect within one year of being employed
 in such a title to become covered under either an age-55 based plan or a
 25-year service based plan. This bill will  permit  members  a  one-time
 election to switch from his/her current plan in favor of the other plan.
 The election to switch plans is irrevocable, and the member gives up all
 rights  and  privileges  of  his/her current plan. The bill has a sunset
 provision of 60 days.
   If this bill is enacted, the estimated increase in the annual contrib-
 utions of the state of New York for the fiscal  year  ending  March  31,
 2019 would be approximately $860,000.
   In addition to the annual contributions discussed above, there will be
 an  immediate past service cost of $9.97 million, which will 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, 2019.
   These estimated costs are based on 630 members having an annual salary
 for the fiscal year ending March 31, 2017 of approximately $55 million.
   Summary of relevant sources:
   The  membership  data  used  in  measuring  the impact of the proposed
 change was the same as that used in the March 31, 2017  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2017
 Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  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, 2017
 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 March 16, 2018, and intended for use only during
 the 2018 Legislative Session, is Fiscal Note No.  2018-72,  prepared  by
 the Actuary for the New York State and Local Retirement System.