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S05611 Summary:

S05611 Actions:

S05611 Committee Votes:

S05611 Floor Votes:

S05611 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5611
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                       May 8, 2019
                                       ___________
 
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to allow deputy sheriffs Matthew Ashton,  Bradley  Hamilton,  and
          Joshua  Whitney to join the optional twenty-five year retirement plan,
          county of Washington

          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 Washington, a participating employer in the New York state
     3  employees'  retirement  system,  which  previously  elected to offer the
     4  optional twenty-five year retirement plan, established pursuant to arti-
     5  cle 14-B of the retirement and social security law, is hereby authorized
     6  to make participation in such plan available to Matthew Ashton,  Bradley
     7  Hamilton,  and Joshua Whitney, deputy sheriffs employed by the county of
     8  Washington, who, for reasons not  ascribable  to  their  own  negligence
     9  failed  to  make  a  timely  application to participate in such optional
    10  twenty-five year retirement plan. The county of Washington may so  elect
    11  by  filing  with the state comptroller, on or before 180 days after this
    12  act shall have become a law, a resolution of its governing body together
    13  with certification that such deputy sheriffs did not bar themselves from
    14  participation in such retirement plan. Thereafter, such deputy sheriffs,
    15  may individually elect to be covered by the provisions of section 551 of
    16  the retirement and social security law, and shall  be  entitled  to  the
    17  full rights and benefits associated with coverage under such section, by
    18  filing  a request to that effect with the state comptroller on or before
    19  one year after this act shall have become a law.
    20    §  2.  All  past  service  costs  associated  with  implementing   the
    21  provisions  of  this  act shall be borne by the county of Washington and
    22  may be amortized over a period of five years.
    23    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04995-03-9
        S. 5611                             2
 
          This bill will allow the county of Washington to elect to  reopen  the
        provisions  of Section 551 of the Retirement and Social Security Law for
        deputy sheriffs Matthew Ashton, Bradley Hamilton and Joshua Whitney.
          If  this bill is enacted during the 2019 legislative session and these
        three deputy sheriffs become covered under  the  provisions  of  Section
        551,  we  anticipate  that  there  will  be an increase of approximately
        $9,700 in the annual contributions of Washington County for  the  fiscal
        year  ending March 31, 2020. In future years, this cost will vary as the
        billing rates and salaries of these deputy sheriffs change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of $83,800 which will be borne  by  Wash-
        ington  County  as  a  one-time  payment.  This estimate is based on the
        assumption that payment will be made on February 1, 2020. If  Washington
        County  elects  to amortize this cost over a 5 year period, the cost for
        the first year including interest would be $19,100.
          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, 2018 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2018
        Report  of  the  Actuary  and  the  2018  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2015,
        2016,  2017  and  2018  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, 2018
        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 March 28, 2019, and intended for use only  during
        the  2019  Legislative  Session, is Fiscal Note No. 2019-96, prepared by
        the Actuary for the New York State and Local Retirement System.