A09930 Summary:

BILL NOA09930
 
SAME ASSAME AS S07786
 
SPONSORStern
 
COSPNSR
 
MLTSPNSR
 
Add 508-b & 606-b, R & SS L
 
Provides that where a deputy sheriff would have been entitled to a service retirement benefit at the time of his or her death, the beneficiary may elect to receive an amount equal to the pension reserve that would have been established had the member retired on the date of his or her death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.
Go to top    

A09930 Actions:

BILL NOA09930
 
02/27/2020referred to governmental employees
Go to top

A09930 Committee Votes:

Go to top

A09930 Floor Votes:

There are no votes for this bill in this legislative session.
Go to top

A09930 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9930
 
                   IN ASSEMBLY
 
                                    February 27, 2020
                                       ___________
 
        Introduced  by M. of A. STERN -- read once and referred to the Committee
          on Governmental Employees
 
        AN ACT to amend the retirement and social security law, in  relation  to
          death benefits for deputy sheriffs employed by Suffolk county
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The retirement and social security law is amended by adding
     2  a new section 508-b to read as follows:
     3    § 508-b. Death benefits for deputy sheriffs employed by Suffolk  coun-
     4  ty. Notwithstanding any provision of law to the contrary, where a deputy
     5  sheriff  would have been entitled to a service retirement benefit at the
     6  time of his or her death and where his or her death occurs on  or  after
     7  the effective date of this section, the beneficiary or beneficiaries may
     8  elect  to receive, in a lump sum, an amount payable which shall be equal
     9  to the pension reserve that would have been established had  the  member
    10  retired on the date of his or her death, or the value of the death bene-
    11  fit  and  the  reserve-for-increased-take-home-pay, if any, whichever is
    12  greater.
    13    § 2. The retirement and social security law is amended by adding a new
    14  section 606-b to read as follows:
    15    § 606-b. Death benefits for deputy sheriffs employed by Suffolk  coun-
    16  ty. Notwithstanding any provision of law to the contrary, where a deputy
    17  sheriff  would have been entitled to a service retirement benefit at the
    18  time of his or her death and where his or her death occurs on  or  after
    19  the effective date of this section, the beneficiary or beneficiaries may
    20  elect  to receive, in a lump sum, an amount payable which shall be equal
    21  to the pension reserve that would have been established had  the  member
    22  retired on the date of his or her death, or the value of the death bene-
    23  fit  and  the  reserve-for-increased-take-home-pay, if any, whichever is
    24  greater.
    25    § 3. Notwithstanding any other provision of law to the contrary,  none
    26  of  the  provisions  of  this  act shall be subject to the appropriation
    27  requirement of section 25 of the retirement and social security law.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15200-02-0

        A. 9930                             2
 
     1    § 4. All past service costs associated with this act shall be paid  by
     2  Suffolk county.
     3    § 5. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would modify the in-service death benefit for Suffolk County
        Deputy  Sheriffs who are retirement eligible in tiers 3 through 6 of the
        New York State and Local Employees' Retirement  System.  The  in-service
        death  benefit will be the value of the pension reserve as if the member
        had retired on their date of death.
          If this legislation is enacted during the 2020 legislative session, we
        anticipate that there will be an increase in the annual contributions of
        Suffolk County of approximately $64,000 for the fiscal year ending March
        31, 2021. In the future, this cost will vary as the  billing  rates  and
        salaries of those affected change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $1.11 million which will
        be borne by Suffolk County as a one-time payment. This estimate is based
        on the assumption that payment will be made on February 1, 2021.
          These  estimated  costs  are based on 263 affected members employed by
        Suffolk County, with annual salary of approximately $45  million  as  of
        March 31, 2019.
          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, 2019  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2019
        Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017, 2018, and 2019 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, 2019
        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 February 10, 2020,  and  intended  for  use  only
        during  the  2020  Legislative  Session,  is  Fiscal  Note  No. 2020-59,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.
Go to top