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S05456 Summary:

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S05456 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5456--A
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      May 14, 2015
                                       ___________
 
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- committee discharged, bill amended, ordered  reprinted  as  amended
          and recommitted to said committee
 
        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.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10313-06-5
        S. 5456--A                          2
 
     1    §   2.  All  past  service  costs  associated  with  implementing  the
     2  provisions of this act shall be borne by the county  of Steuben.
     3    § 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.