Authorizes the county of Steuben to offer an optional twenty-five year retirement plan under section 551(e) of the retirement and social security law to deputy sheriffs Kenneth J. Bauch, Brandon L. Brown, Matthew A. Nortarfonzo, Kenneth L. O'Dell, Brooke C. Payne, Michael Z. Ramirez, Matthew L. Sorge and Alan B. Warriner.
STATE OF NEW YORK
________________________________________________________________________
7800
2015-2016 Regular Sessions
IN ASSEMBLY
May 27, 2015
___________
Introduced by M. of A. PALMESANO -- read once and referred to the
Committee on Governmental Employees
AN ACT to authorize the county of Steuben to offer an optional twenty-
five year retirement plan to deputy sheriffs Kenneth J. Bauch, Brandon
L. Brown, Matthew A. Nortarfonzo, Kenneth L. O'Dell, Brooke C. Payne,
Michael Z. Ramirez, Matthew L. Sorge and Alan B. Warriner
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 Steuben, a participating employer in the New York state
3 and local employees retirement system, which previously elected to offer
4 the optional twenty-five year retirement plan established pursuant to
5 subdivision e of section 551 of the retirement and social security law,
6 to sheriffs employed by such county, is hereby authorized to make
7 participation in such plan available to Kenneth J. Bauch, Brandon L.
8 Brown, Matthew A. Nortarfonzo, Kenneth L. O'Dell, Brooke C. Payne,
9 Michael Z. Ramirez, Matthew L. Sorge and Alan B. Warriner, deputy sher-
10 iffs employed by the county of Steuben, who, for reasons not ascribable
11 to their own negligence failed to make timely application to participate
12 in such optional twenty-five year retirement plan. The county of Steuben
13 may so elect by filing with the state comptroller, on or before December
14 31, 2015, a resolution of the Steuben county legislature together with
15 certification that such deputy sheriffs did not bar themselves from
16 participation in such retirement plan as a result of their own negli-
17 gence. Thereafter, such deputy sheriffs may elect to be covered by the
18 provisions of subdivision e of section 551 of the retirement and social
19 security law, and shall be entitled to the full rights and benefits
20 associated with coverage under such subdivision, by filing a request to
21 that effect with the state comptroller on or before June 30, 2016.
22 § 2. All past service costs associated with implementing the
23 provisions of this act shall be borne by the county of Steuben.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10313-05-5
A. 7800 2
1 § 3. This act shall take effect immediately.
FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
This bill will allow Steuben County to reopen the provisions of
Section 551e of the Retirement and Social Security Law for its 8 deputy
sheriffs who currently are not covered thereunder.
If this legislation is enacted during the 2015 legislative session, we
anticipate that there will be an increase of approximately $22,000 in
the annual contributions of Steuben County for the fiscal year ending
March 31, 2016.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $66,700 which would be
borne by Steuben County as a one-time payment, assuming a payment date
of February 1, 2016.
Summary of relevant resources:
Data: March 31, 2014 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2014 Report of the
Actuary and 2014 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011, 2012, 2013 and 2014 Annual Report
to the Comptroller on Actuarial Assumptions, Codes Rules and Regulations
of the State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2014 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2014 Actuarial Valuations report.
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 21, 2015, and intended for use only during
the 2015 Legislative Session, is Fiscal Note No. 2015-115, prepared by
the Actuary for the New York State and Local Employees' Retirement
System.
