Authorizes the county of Ulster to offer an optional twenty year retirement plan to Kyle Frano, Joseph Sciutto and Emmett Vedder III, deputy sheriffs employed by the county of Ulster.
STATE OF NEW YORK
________________________________________________________________________
4343
2021-2022 Regular Sessions
IN SENATE
February 3, 2021
___________
Introduced by Sen. HINCHEY -- 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 Ulster to offer an optional twenty
year retirement plan to certain deputy sheriffs employed by such coun-
ty
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 Ulster, a participating employer in the New York state and
3 local employees' retirement system, which previously elected to offer
4 the optional twenty year retirement plan established pursuant to section
5 552 of the retirement and social security law, to deputy sheriffs
6 employed by such county, is hereby authorized to make participation in
7 such plan available to Kyle Frano, Joseph Sciutto and Emmett Vedder III,
8 deputy sheriffs employed by the county of Ulster, who, for reasons not
9 ascribable to their own negligence failed to make timely application to
10 participate in such twenty year retirement plan. The county of Ulster
11 may so elect by filing with the state comptroller within six months of
12 the effective date of this act, a resolution of the Ulster county legis-
13 lature together with certification that such deputy sheriffs did not bar
14 themselves from participation in such retirement plan as a result of
15 their own negligence. Thereafter, such deputy sheriffs may elect to be
16 covered by the provisions of section 552 of the retirement and social
17 security law, and shall be entitled to the full rights and benefits
18 associated with coverage under such section, by filing a request to that
19 effect with the state comptroller within one year of the effective date
20 of this act.
21 § 2. All past service costs associated with implementing the
22 provisions of this act shall be borne by the county of Ulster.
23 § 3. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04989-02-1
S. 4343 2
This bill would allow the County of Ulster to elect to reopen the
provisions of Section 552 of the Retirement and Social Security Law for
deputy sheriffs Kyle Frano, Joseph Sciutto, and Emmett Vedder III.
If this bill is enacted during the 2021 legislative session, we antic-
ipate that there will be an increase of approximately $22,000 in the
annual contributions of the County of Ulster for the fiscal year ending
March 31, 2022. In future years, this cost will vary as the billing
rates and salary of all three deputy sheriffs change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $302,000 which will be
borne by the County of Ulster as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2022.
Summary of relevant resources:
Membership data as of March 31, 2020 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2020 actuari-
al valuation. Distributions and other statistics can be found in the
2020 Report of the Actuary and the 2020 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
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, 2020
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 4, 2021, and intended for use only during
the 2021 Legislative Session, is Fiscal Note No. 2021-18, prepared by
the Actuary for the New York State and Local Retirement System.
