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S05564 Summary:

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S05564 Committee Votes:

S05564 Floor Votes:

S05564 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5564
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      May 14, 2015
                                       ___________
 
        Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT in relation to allowing Jason Hendel to join the special  retire-
          ment plan for sheriffs, undersheriffs and deputy sheriffs
 
          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,  Jason  Hendel,
     2  who  is employed as a deputy sheriff in the county of Monroe, and who is
     3  a member of the New York state and local employees'  retirement  system,
     4  and  who  was  eligible to make the election pursuant to section 89-p of
     5  the retirement and social security law to join the plan  under  subdivi-
     6  sion  b  of section 553 of the retirement and social security law, shall
     7  be eligible to individually  join  such  plan  under  subdivision  b  of
     8  section  553  if the county of Monroe so elects by filing with the state
     9  comptroller, on or before December 31, 2015, a resolution of its govern-
    10  ing body together with certification that such deputy  sheriff  did  not
    11  bar  himself  from  participation in such retirement plan as a result of
    12  his own negligence. Thereafter such  deputy  sheriff  may  elect  to  be
    13  covered by the provisions of subdivision b of section 553 of the retire-
    14  ment  and  social security law, and shall be entitled to the full rights
    15  and benefits associated with coverage under  such  subdivision  for  the
    16  service  rendered with the county of Monroe only, by filing a request to
    17  that effect with the state comptroller on or before June 30, 2016.
    18    § 2. All costs incurred by the implementation of  this  act  shall  be
    19  borne by the county of Monroe.
    20    § 3. This act shall take effect immediately.
          Fiscal Note.--: Pursuant to Legislative Law, Section 50:
          This bill will allow Jason Hendel, a deputy sheriff employed by Monroe
        County,  to  elect  to be covered by the 20 year with additional 1/60ths
        retirement plan contained in Section 553(b) of the Retirement and Social
        Security Law.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11074-02-5
        S. 5564                             2
 
          If this bill is  enacted  and  deputy  sheriff  Jason  Hendel  becomes
        covered under the provisions of Section 553(b), we anticipate that there
        will  be an increase of approximately $9,690 in the annual contributions
        of Monroe County for the fiscal year ending March 31,  2016.  In  future
        years,  this  cost  will  very as the billing rates and salary of deputy
        sheriff Jason Hendel change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $34,400 which  would  be
        born  by  Monroe County as a one-time payment. This estimate is based on
        the assumption that payment will be made on February 1, 2016.
          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, 2014 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2014
        Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012, 2013 and 2014 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, 2014
        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 estimate, dated May 14, 2015, and intended for  use  only  during
        the  2015  Legislative Session, is Fiscal Note No. 2015-114, prepared by
        the Actuary for the  New  York  State  and  Local  Employees  Retirement
        System.