Senate Bill S9368

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9368
 
                             I N  S E N A T E
 
                               May 20, 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
   establishing  an  accidental  disability retirement pension for deputy
   sheriffs employed by Nassau County
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph 3 of subdivision e of section 556 of the retire-
 ment and social security law, as added by chapter 165  of  the  laws  of
 1995, is amended to read as follows:
   3. (A) A pension of two-thirds of his or her final average salary. The
 payment  of  such  pension shall be subject to the provisions of section
 three hundred sixty-four of this chapter.
   (B) NOTWITHSTANDING THE PROVISIONS OF SUBPARAGRAPH (A) OF  THIS  PARA-
 GRAPH,  A  DEPUTY  SHERIFF  EMPLOYED  BY  NASSAU  COUNTY SHALL RECEIVE A
 PENSION OF THREE-QUARTERS OF  HIS  OR  HER  FINAL  AVERAGE  SALARY.  THE
 PAYMENT  OF  SUCH  PENSION SHALL BE SUBJECT TO THE PROVISIONS OF SECTION
 SIXTY-FOUR OF THIS CHAPTER.
   § 2. Notwithstanding any provision of law to the contrary, none of the
 provisions of this act shall be subject to the appropriation requirement
 of section 25 of the retirement and social security law.
   §  3.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the county of Nassau.
   § 4. This act shall take effect immediately.
 
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  provide  improved accidental disability pensions to
 deputy sheriffs employed  by  Nassau  County  who  are  covered  by  the
 provisions  of  Article  14-B of the Retirement and Social Security Law.
 The benefit for an accidental  disability  would  be  three-quarters  of
 final average salary minus workers' compensation. The current benefit is
 two-thirds of final average salary minus workers' compensation.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15080-03-2
 S. 9368                             2
              

 
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate  that  there  will  be  an increase in the annual contributions of
 Nassau County of approximately $10,000 for the fiscal year ending  March
 31,  2023. In future years, this cost will vary as the billing rates and
 salary of the affected deputy sheriffs change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $58,800 which will be
 borne by Nassau County as a one-time payment.  This estimate is based on
 the assumption that payment will be made on February 1, 2023.
   These estimated costs are based on  57  deputy  sheriffs  employed  by
 Nassau  County  with  annual  salary of approximately $5.8 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  May 12, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No. 2022-115,  prepared  by
 the Actuary for the New York State and Local Retirement System.