Assembly Bill A10616

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 8546                                                 A. 10616
 
                       S E N A T E - A S S E M B L Y
 
                               June 10, 2020
                                ___________
 
 IN SENATE -- Introduced by Sen. METZGER -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Rules
 
 IN  ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M. of
   A. Cahill) -- read once and referred to the Committee on  Governmental
   Employees
 
 AN  ACT  to  authorize  the county of Ulster to offer an optional twenty
   year retirement plan to certain deputy sheriffs employed by such coun-
   ty
 
   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 Ulster, a participating employer in the New York state and
 local  employees'  retirement  system, which previously elected to offer
 the optional twenty year retirement plan established pursuant to section
 552 of the retirement  and  social  security  law,  to  deputy  sheriffs
 employed  by  such county, is hereby authorized to make participation in
 such plan available to Kyle Frano, Joseph Sciutto and Emmett Vedder III,
 deputy sheriffs employed by the county of Ulster, who, for  reasons  not
 ascribable  to their own negligence failed to make timely application to
 participate in such twenty year retirement plan. The  county  of  Ulster
 may  so  elect by filing with the state comptroller within six months of
 the effective date of this act, a resolution of the Ulster county legis-
 lature together with certification that such deputy sheriffs did not bar
 themselves from participation in such retirement plan  as  a  result  of
 their  own  negligence. Thereafter, such deputy sheriffs may elect to be
 covered by the provisions of section 552 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 within one year of the effective  date
 of this act.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the county of Ulster.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD16624-03-0

 S. 8546                             2                           A. 10616
 
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow  the  County of Ulster to elect to reopen the
 provisions of Section 552 of the Retirement and Social Security Law  for
 deputy sheriffs Kyle Frano, Joseph Sciutto and Emmett Vedder III.
   If this bill is enacted during the 2020 legislative session and deputy
 sheriffs  Frano,  Sciutto and Vedder become covered under the provisions
 of Section 552, we anticipate that there will be an increase of approxi-
 mately $19,000 in the annual contributions of the County of  Ulster  for
 the  fiscal  year ending March 31, 2021. In future years, this cost will
 vary as the billing rates  and  salary  of  all  three  deputy  sheriffs
 change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $260,000 which will be
 borne by the County of Ulster as a one-time payment.   This estimate  is
 based on the assumption that payment will be made on February 1, 2021.
   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, 2019  actuarial  valu-
 ation.  Distributions  and  other  statistics  can  be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018, and 2019 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, 2019
 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 fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated June 9, 2020, and intended for  use  only  during
 the  2020  Legislative Session, is Fiscal Note No. 2020-123, prepared by
 the Actuary for the New York State and Local Retirement System.