S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7434
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 3, 2019
                                ___________
 
 Introduced by M. of A. STEC, ASHBY, WOERNER -- read once and referred to
   the Committee on Governmental Employees
 
 AN  ACT  to  allow deputy sheriffs Matthew Ashton, Bradley Hamilton, and
   Joshua Whitney to join the optional twenty-five year retirement  plan,
   county of Washington

   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 Washington, 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 Matthew Ashton, Bradley
 Hamilton, and Joshua Whitney, deputy sheriffs employed by the county  of
 Washington,  who,  for  reasons  not  ascribable to their own negligence
 failed to make a timely application  to  participate  in  such  optional
 twenty-five  year retirement plan. The county of Washington may so elect
 by filing with the state comptroller, on or before 180 days  after  this
 act shall have become a law, a resolution of its governing body together
 with certification that such deputy sheriffs did not bar themselves from
 participation in such retirement plan. Thereafter, such deputy sheriffs,
 may individually 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.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the county  of  Washington  and
 may be amortized over a period of five years.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04995-03-9

 A. 7434                             2
 
   This  bill  will allow the county of Washington to elect to reopen the
 provisions of Section 551 of the Retirement and Social Security Law  for
 deputy sheriffs Matthew Ashton, Bradley Hamilton and Joshua Whitney.
   If  this bill is enacted during the 2019 legislative session and these
 three deputy sheriffs become covered under  the  provisions  of  Section
 551,  we  anticipate  that  there  will  be an increase of approximately
 $9,700 in the annual contributions of Washington County for  the  fiscal
 year  ending March 31, 2020. In future years, this cost will vary as the
 billing rates and salaries of these deputy sheriffs change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of $83,800 which will be borne  by  Wash-
 ington  County  as  a  one-time  payment.  This estimate is based on the
 assumption that payment will be made on February 1, 2020. If  Washington
 County  elects  to amortize this cost over a 5 year period, the cost for
 the first year including interest would be $19,100.
   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, 2018 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2018
 Report  of  the  Actuary  and  the  2018  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016,  2017  and  2018  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, 2018
 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 March 28, 2019, and intended for use only  during
 the  2019  Legislative  Session, is Fiscal Note No. 2019-96, prepared by
 the Actuary for the New York State and Local Retirement System.