S T A T E O F N E W Y O R K
________________________________________________________________________
8443
I N S E N A T E
March 1, 2022
___________
Introduced by Sen. AKSHAR -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the county of Broome to offer an optional twenty
year retirement plan to Joshua Quinn, a deputy sheriff employed by
such county
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,
Joshua Quinn, a member of the optional twenty-five year retirement plan
for certain sheriffs, undersheriffs, deputy sheriffs and correction
officers pursuant to section 89-m of the retirement and social security
law, who was employed by Broome county as a corrections officer as of
February 2, 2015, who was then promoted to deputy sheriff on March 3,
2015, and who through no fault of his own, failed to file a timely
application to participate in the special twenty year retirement plan
contained in section 552 of the retirement and social security law at
the time of his promotion to deputy sheriff resulting in the crediting
of his service with the county of Broome in the retirement plan
contained in section 89-m of such law, shall be given full credit in the
section 552 twenty year retirement plan for such service as a deputy
sheriff upon the election of the county of Broome to assume the addi-
tional cost of such service and his election to participate in such
plan. The county of Broome may so elect within one year of the effective
date of this act, by filing with the state comptroller a resolution of
its local legislative body together with certification that such member
did not bar himself from participation in such retirement plan as a
result of his own negligence.
§ 2. Such deputy sheriff may elect to be covered by the provisions of
section 552 of the retirement and social security law and shall be enti-
tled to the full rights and benefits associated with coverage under such
section by filing a request to that effect with the state comptroller
within eighteen months of the effective date of this act.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14584-03-2
S. 8443 2
§ 3. All employer past service costs associated with the implementa-
tion of this act shall be borne by Broome county, and may be amortized
over a period of five years.
§ 4. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Joshua Quinn, a current member of the New York
State and Local Employees' Retirement System employed as a deputy sher-
iff by Broome County and covered under the 25-year retirement plan of
section 89-M of the Retirement and Social Security Law (RSSL), to elect
to be covered under the 20-year plan of section 552 of the RSSL.
If this bill is enacted during the 2022 legislative session, we antic-
ipate that there will be an increase of approximately $3,600 in the
annual contributions of Broome County for the fiscal year ending March
31, 2023. In future years, this cost will vary as the billing rates and
salary of Joshua Quinn change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $44,500 which will be
borne by Broome County as a one-time payment. This estimate is based on
the assumption that payment will be made on February 1, 2023. If Broome
County elects to amortize this cost over a 5-year period, the cost for
the first year including interest would be $9,940.
Summary of relevant resources:
Membership data as of March 31, 2021 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2021 actuari-
al valuation. Distributions and other statistics can be found in the
2021 Report of the Actuary and the 2021 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
and 2021 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, 2021
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 February 18, 2022, and intended for use only
during the 2022 Legislative Session, is Fiscal Note No. 2022-80,
prepared by the Actuary for the New York State and Local Retirement
System.
