Authorizes the county of Monroe to offer an optional twenty year retirement plan to Carl J. Zimmerman, a deputy sheriff employed by the county of Monroe.
STATE OF NEW YORK
________________________________________________________________________
9881
IN SENATE
July 19, 2024
___________
Introduced by Sen. COONEY -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to authorize the county of Monroe to offer an optional twenty
year retirement plan to Carl J. Zimmerman, a sergeant employed by such
county
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 Monroe, a participating employer in the New York state
3 employees' retirement system, which has elected to offer the optional
4 twenty year retirement plan, established pursuant to article 14-B of the
5 retirement and social security law, to sergeants employed by such coun-
6 ty, is hereby authorized to make participation in such plan available to
7 Carl J. Zimmerman, a sergeant employed by the county of Monroe with a
8 start date of October 29, 1990, who, for reasons not ascribable to his
9 own negligence, failed to make a timely application to participate in
10 such optional twenty year plan contained in article 14-B of the retire-
11 ment and social security law. The county of Monroe may so elect by
12 filing with the state comptroller, on or before 180 days after this act
13 shall have become a law, a resolution of its governing body together
14 with certification that such sergeant did not bar themself from partic-
15 ipation in the retirement plan as a result of their own negligence.
16 Thereafter, such sergeant may individually elect to be covered by the
17 provisions of sections 552 and 553 of the retirement and social security
18 law, and the retirement system shall credit service from October 29,
19 1990 to present under sections 552 and 553 of the retirement and social
20 security law. Such member may effectuate by filing an election with the
21 retirement system within one year of the effective date of this act.
22 § 2. All employer past service costs associated with implementing the
23 provisions of this act shall be borne by the county of Monroe and may be
24 amortized over a five-year period.
25 § 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.
LBD13963-03-4
S. 9881 2
This bill would allow Carl J. Zimmerman, a current member of the New
York State and Local Employees' Retirement System employed as a sergeant
by the County of Monroe and covered under the 25-year retirement plan of
Section 89-p of the Retirement and Social Security Law (RSSL), to elect
to be covered under the 20-year plan of Sections 552 and 553 of the
RSSL. All past service costs will be borne by the County of Monroe and
may be amortized over a period of five years.
If this bill is enacted during the 2024 Legislative Session, we antic-
ipate that there will be an increase of approximately $11,000 in the
annual contributions of the County of Monroe for the fiscal year ending
March 31, 2025. In future years this cost will vary as the billing rates
and salary of Carl J. Zimmerman change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $141,000 which will be
borne by the County of Monroe as a one-time payment. This estimate
assumes that payment will be made on February 1, 2025. If the County of
Monroe elects to amortize this cost over a five-year period, the cost
for each year including interest would be $31,500.
Summary of relevant resources:
Membership data as of March 31, 2023 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2023 actuari-
al valuation. Distributions and other statistics can be found in the
2023 Report of the Actuary and the 2023 Annual Comprehensive Financial
Report.
The actuarial assumptions and methods used are described in the 2023
Annual Report to the Comptroller on Actuarial Assumptions, and the
Codes, Rules and Regulations of the State of New York: Audit and
Control.
The actuarial assumptions and methods used are described in the 2023
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, 2023
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 24, 2024, and intended for use only during
the 2024 Legislative Session, is Fiscal Note No. 2024-168, prepared by
the Actuary for the New York State and Local Retirement System.
