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A09566 Summary:

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A09566 Floor Votes:

A09566 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9566
 
                   IN ASSEMBLY
 
                                     March 16, 2012
                                       ___________
 
        Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
          tee on Governmental Employees
 
        AN ACT relating to authorizing the reopening  of  the  twenty-five  year
          retirement  benefit plan to certain deputy sheriffs of Sullivan county
          who failed to make a timely election thereof
 
          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  deputy  sheriffs of Sullivan county, Scott Galligan, Sean Grady and Rose
     3  Ionta-Tocco, who were eligible to elect to participate  in  the  twenty-
     4  five  year  retirement benefit plan established pursuant to article 14-B
     5  of the retirement and social security law, and who failed  to  elect  to
     6  participate  in  such  retirement  benefit  plan  in a timely manner for
     7  reasons not ascribable to their own negligence, shall be deemed to  have
     8  timely  made  such  election  if each such deputy sheriff, respectively,
     9  shall file an election to participate in the twenty-five year retirement
    10  benefit plan with the state comptroller on or before December 31, 2012.
    11    § 2. The past service costs of implementing the provisions of this act
    12  shall be borne by the county of Sullivan.

    13    § 3. This act shall take effect immediately.
          Fiscal Note.--Pursuant to Legislative Law, Section 50:
          This bill would allow Sullivan County to reopen the provisions of  the
        twenty-five year retirement plan established pursuant to article 14-B of
        the  Retirement  and  Social Security Law for Scott Galligan, Sean Grady
        and Rose Ionta-Tocco.
          If this legislation is enacted during the 2012 legislative session, we
        anticipate that there would be an increase of  approximately  $4,500  in
        the  annual  contributions of Sullivan County for the fiscal year ending
        March 31, 2013.
          In addition to the annual contributions discussed above,  there  would
        be  an  immediate past service cost of approximately $7,650, which would
        be borne by Sullivan County as a  one-time  payment.  This  estimate  is
        based on the assumption that payment would be made on February 1, 2013.

          Summary of relevant resources:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14819-02-2
        A. 9566                             2
 
          Data:  March  31,  2011  Actuarial Year End File with distributions of
        membership and other statistics displayed in  the  2011  Report  of  the
        Actuary and 2011 Comprehensive Annual Financial Report.
          Assumptions  and  Methods:  2010  and  2011 Annual Report to the Comp-
        troller on Actuarial Assumptions, Codes Rules  and  Regulations  of  the
        State of New York: Audit and Control.
          Market  Assets and GASB Disclosures: March 31, 2011 New York State and
        Local Retirement System Financial Statements and Supplementary  Informa-
        tion.

          Valuations  of  Benefit Liabilities and Actuarial Assets summarized in
        the 2011 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 March 8, 2012, and intended for use  only  during
        the  2012  Legislative Session, is Fiscal Note No. 2012-108, prepared by
        the Actuary for the New  York  State  and  Local  Employees'  Retirement
        System.