Authorizes the reopening of the twenty-five year retirement benefit plan to Jack Harb of Sullivan County who failed to make a timely election thereof due to a clerical error on the part of the County.
STATE OF NEW YORK
________________________________________________________________________
7754
IN SENATE
May 12, 2016
___________
Introduced by Sen. BONACIC -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to allow Jack Harb to join the optional twenty-five year retire-
ment plan, county of Sullivan
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other provision of law to the contrary,
2 the county of Sullivan, a participating employer in the New York state
3 employees' retirement system, which previously elected to offer the
4 optional twenty-five year retirement plan, established pursuant to arti-
5 cle 14-B of the retirement and social security law, is hereby authorized
6 to make participation in such plan available to Jack Harb, a deputy
7 sheriff employed by the county of Sullivan, who, for reasons not ascrib-
8 able to his own negligence failed to make a timely application to
9 participate in such optional twenty-five year retirement plan. The coun-
10 ty of Sullivan may so elect by filing with the state comptroller, on or
11 before one year after this act shall have become a law, a resolution of
12 its governing body together with certification that such deputy sheriff
13 did not bar himself from participation in such retirement plan. There-
14 after, Jack Harb, may elect to be covered by the provisions of section
15 551 of the retirement and social security law, and shall be entitled to
16 the full rights and benefits associated with coverage under such
17 section, by filing a request to that effect with the state comptroller
18 on or before one year after this act shall have become a law.
19 § 2. All past service costs associated with implementing the
20 provisions of this act shall be borne by the county of Sullivan and may
21 be amortized over a period of five years.
22 § 3. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill will allow Jack Harb, a deputy sheriff employed by Sullivan
County, to elect to be covered by the 25 year retirement plan contained
in Section 551 of the Retirement and Social Security Law.
If this bill is enacted and deputy sheriff Harb becomes covered under
the provisions of Section 551, we anticipate that there will be an
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15025-03-6
S. 7754 2
increase of approximately $1,980 in the annual contributions of Sullivan
County for the fiscal year ending March 31, 2017. In future years, this
cost will vary as the billing rates and salary of deputy sheriff Harb
change.
In addition to the annual contributions discussed above, there will be
in immediate past service cost of approximately $2,410 which would be
borne by Sullivan County as a one-time payment. This estimate is based
on the assumption that payment will be made on February 1, 2017. If
Sullivan County elects to amortize this cost over a 5 year period, the
cost for the first year would be $550.
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, 2015 actuarial valu-
ation. Distributions and other statistics can be found in the 2015
Report of the Actuary and the 2015 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
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, 2015
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 estimate, dated May 11, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-93, prepared by
the Actuary for the New York State and Local Employees Retirement
System.
