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S03867 Summary:

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S03867 Floor Votes:

S03867 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3867--A
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                    February 25, 2013
                                       ___________
 
        Introduced  by  Sens.  GOLDEN, GIPSON -- read twice and ordered printed,
          and when printed to be committed to the Committee on Civil Service and
          Pensions -- recommitted to the Committee on Civil Service and Pensions
          in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-

          tee
 
        AN  ACT  to amend the retirement and social security law, in relation to
          the deferral of vacation days for certain members  of  the  retirement
          system
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 89 of the retirement and  social  security  law  is
     2  amended by adding a new subdivision l to read as follows:
     3    l.  Notwithstanding  the  provisions  of any general, special or local
     4  law, code, resolution or charter to  the  contrary,  uniformed  persons,
     5  uniformed  personnel,  or  security  hospital  treatment  assistants  as
     6  defined in subdivision i of this section shall be afforded the option of
     7  postponing the use of up to five vacation days per  year  and  taking  a

     8  monetary  payment  in lieu thereof on the date of retirement, separation
     9  from service, or on the date the member becomes  ineligible  to  receive
    10  the benefits provided by this section by reason of termination, transfer
    11  to  a different title or for any other reason which would otherwise deem
    12  the member ineligible to receive such benefits, at the pay rate applica-
    13  ble to such member on the date of such member's  retirement  or  on  the
    14  date  such member becomes ineligible to receive the benefits provided by
    15  this section by reason of separation of service,  termination,  transfer
    16  to  a  different  title  or for any other reason.  Such monetary payment
    17  shall not be utilized in the determination of final average  salary  for

    18  any such member who so elects to postpone vacation days pursuant to this
    19  subdivision.  Any  such  member  wishing to postpone the use of vacation
    20  days pursuant to this subdivision shall elect such  postponement  on  an
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07379-03-4
        S. 3867--A                          2
 
     1  annual  basis  by  certifying to the director of personnel of his or her
     2  respective employer of his or her intention to do so in such manner  and
     3  form as the respective director shall so require.
     4    § 2. This act shall take effect immediately.

          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill would allow State Correction Officers and Security Hospital
        Treatment Assistants to postpone up to 5 days of vacation per  year  and
        take monetary payment in lieu thereof on the date of retirement.
          If  this  bill  is enacted, affected members would become eligible for
        increased lump sum payments on their  dates  of  retirement,  separation
        from  service,  termination  or transfer to a different title. The addi-
        tional payment may not be included in the members' final average salary.
        Therefore, this legislation does not change any benefit calculations  of
        the  New  York  State  and Local Employees' Retirement System (ERS), and
        there would not be a cost.
          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, 2013 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2013
        Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012  and  2013  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, 2013
        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  statement  of  actuarial   opinion
        contained herein.

          This  estimate,  dated  October  29,  2013,  and intended for use only
        during the  2014  Legislative  Session,  is  Fiscal  Note  No.  2014-29,
        prepared  by  the  Actuary  for  the New York State and Local Employees'
        Retirement System.