Senate Bill S8946

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8946
 
                             I N  S E N A T E
 
                              April 29, 2022
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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 ANY PROVISION OF LAW  TO  THE  CONTRARY,  A  MEMBER
 EMPLOYED  BY  THE  OFFICE OF MENTAL HEALTH HOLDING THE TITLE OF SECURITY
 HOSPITAL TREATMENT ASSISTANT, SENIOR SECURITY HOSPITAL TREATMENT ASSIST-
 ANT, 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, SUBJECT TO THE PROVISIONS
 OF ARTICLE FOURTEEN OR ARTICLE FIFTEEN OF THIS CHAPTER, IN ITS ENTIRETY,
 AND SHALL 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 on the thirtieth day after it shall
 have become a law and shall expire and be deemed  repealed  on  the  one
 hundred eightieth 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.
              

                                                            LBD11194-04-2
 S. 8946                             2
 
   This bill would permit members employed as security hospital treatment
 assistants  by the office of mental health a one-time election to switch
 their current plan from an age-55 based plan to a 25-year  service-based
 plan,  or  vice  versa.  Currently,  members so employed must elect plan
 coverage  within  one  year  from  their  employment  in such title. The
 election to switch plans will be irrevocable and the member will forfeit
 all rights and privileges of their current plan. This bill has a  sunset
 provision of 180 days.
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate  that  there  will be an increase of approximately $1.5 million in
 the annual contributions of the State of New York for  the  fiscal  year
 ending March 31, 2023. In future years, this cost will vary as the bill-
 ing rates and salary of the affected members change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $15.8 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, 2023.
   These estimated costs are based on 696 affected  members  with  annual
 salary of approximately $62 million as of March 31, 2021.
   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 January 5, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No.  2022-33,  prepared  by
 the Actuary for the New York State and Local Retirement System.