Senate Bill S4436A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4436
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 5, 2025
                                ___________
 
 Introduced  by Sen. GALLIVAN -- 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
   providing   equal  retirement  benefits  for  persons  who  have  been
   appointed to the title of correction lieutenant,  correction  captain,
   deputy assistant superintendent or superintendent in the department of
   corrections and community supervision
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Clause (ii) of subparagraph (b) of paragraph 2 of  subdivi-
 sion  a  of  section  600  of the retirement and social security law, as
 amended by section 149 of subpart B of part C of chapter 62 of the  laws
 of 2011, is amended and two new clauses (iii) and (iv) are added to read
 as follows:
   (ii)  a  person  who serves in the title of superintendent as of April
 first, two thousand six, who has had at least  seven  years  of  service
 credited toward the retirement plan established pursuant to this article
 while  employed  by  the  department of corrections and community super-
 vision and who elects the retirement plan established pursuant  to  this
 article  on  or  before  September  thirtieth,  two  thousand  six. Such
 election shall be in writing, shall be duly executed and filed with  the
 comptroller  and  shall  be irrevocable as long as such person is in the
 title of superintendent[.]; OR
   (III) A PERSON WHO IS APPOINTED TO THE TITLE OF CORRECTION LIEUTENANT,
 CORRECTION CAPTAIN, DEPUTY ASSISTANT SUPERINTENDENT OR SUPERINTENDENT IN
 INSTITUTIONS UNDER THE JURISDICTION OF THE DEPARTMENT OF CORRECTIONS AND
 COMMUNITY SUPERVISION AND WHO ELECTS  THE  RETIREMENT  PLAN  ESTABLISHED
 PURSUANT  TO  THIS  ARTICLE  WITHIN  NINETY  DAYS OF APPOINTMENT.   SUCH
 ELECTION SHALL BE IN WRITING, SHALL BE DULY EXECUTED AND FILED WITH  THE
 COMPTROLLER  AND  SHALL  BE IRREVOCABLE AS LONG AS SUCH PERSON IS IN THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02513-02-5
 S. 4436                             2
              

 
 TITLE OF CORRECTION LIEUTENANT,  CORRECTION  CAPTAIN,  DEPUTY  ASSISTANT
 SUPERINTENDENT OR SUPERINTENDENT; OR
   (IV)  A  PERSON  WHO  SERVES  IN  THE  TITLE OF CORRECTION LIEUTENANT,
 CORRECTION CAPTAIN, DEPUTY ASSISTANT SUPERINTENDENT OR SUPERINTENDENT ON
 THE EFFECTIVE DATE OF THIS CLAUSE AND WHO  ELECTS  THE  RETIREMENT  PLAN
 ESTABLISHED PURSUANT TO THIS ARTICLE WITHIN NINETY DAYS OF THE EFFECTIVE
 DATE  OF  THIS  CLAUSE. SUCH ELECTION SHALL BE IN WRITING, SHALL BE DULY
 EXECUTED AND FILED WITH THE COMPTROLLER AND SHALL BE IRREVOCABLE AS LONG
 AS SUCH PERSON IS IN THE  TITLE  OF  CORRECTION  LIEUTENANT,  CORRECTION
 CAPTAIN, DEPUTY ASSISTANT SUPERINTENDENT OR SUPERINTENDENT.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would allow certain Tier 3, 5 and 6 correction lieutenants,
 correction captains, deputy assistant superintendents,  and  superinten-
 dents under the jurisdiction of the department of corrections and commu-
 nity  supervision  of New York State to become eligible to receive bene-
 fits under the provisions of Article 15 of  the  Retirement  and  Social
 Security  Law  instead  of  the special plan giving 50% of final average
 salary at 25 years of service.  Current  law  requires  seven  years  of
 service in the superintendent title to elect coverage under Article 15.
   Affected  members  would  have 90 days from the later of the effective
 date of this bill or their date of being appointed to one of the  titles
 to make an irrevocable election to switch to Article 15.
   If  this  bill  is  enacted during the 2025 Legislative Session, there
 will be an immediate past service cost of  approximately  $31.6  million
 which will be borne by the State of New York as a one-time payment. This
 estimate assumes that payment will be made on March 1, 2026.
   This  bill  will  not  increase the future annual contributions of the
 State of New York.
   These estimated costs are based on 547 affected  members  employed  by
 the  State  of New York, with annual salary of approximately $71 million
 as of March 31, 2024.
   Summary of relevant resources:
   Membership data as of March 31, 2024 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2024 Report of the Actuary and the 2024 Annual  Comprehensive  Financial
 Report.  The actuarial assumptions and methods used are described in the
 2024  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, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
   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 3,  2025,  and  intended  for  use  only
 during  the  2025  Legislative  Session,  is Fiscal Note No. 2025-23. As
 Chief Actuary of the New York State  and  Local  Retirement  System,  I,
 Aaron  Schottin  Young,  hereby certify that this analysis complies with
 applicable Actuarial Standards of  Practice  as  well  as  the  Code  of
 Professional  Conduct  and Qualification Standards for Actuaries Issuing
 Statements of Actuarial Opinion of the American Academy of Actuaries, of
 which I am a member.