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S06939 Summary:

S06939 Actions:

S06939 Committee Votes:

S06939 Floor Votes:

S06939 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6939--A
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    November 8, 2017
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules  --  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 committee

        AN  ACT to authorize the county of Erie to offer an optional twenty year
          retirement plan to certain deputy sheriffs employed by such county
 
          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 Erie, a participating employer in the New York state and
     3  local employees' retirement system, which previously  elected  to  offer
     4  the  optional  twenty  year  retirement  plan  established  pursuant  to
     5  sections 552 and 553 of the retirement and social security law, to depu-
     6  ty sheriffs employed by  such  county,  is  hereby  authorized  to  make
     7  participation  in such plan available to Christopher J. Lysy, Kristin M.
     8  Rozycki, Marc J. Bristow, Daniel E. Walczak, Thomas Van Wie  and  Donald
     9  Hoelscher,  deputy  sheriffs  employed  by  the county of Erie, who, for
    10  reasons not ascribable to their own negligence  failed  to  make  timely
    11  application  to  participate  in  such twenty year retirement plan.  The
    12  county of Erie may so elect by filing with the state comptroller  within
    13  three months of the effective date of this act, a resolution of the Erie
    14  county legislature together with certification that such deputy sheriffs
    15  did  not  bar themselves from participation in such retirement plan as a
    16  result of their own negligence. Thereafter,  such  deputy  sheriffs  may
    17  elect  to  be  covered  by the provisions of sections 552 and 553 of the
    18  retirement and social security law, and shall be entitled  to  the  full
    19  rights  and  benefits  associated  with coverage under such sections, by
    20  filing a request to that effect with the state comptroller on or  before
    21  June 30, 2019.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13562-04-8
        S. 6939--A                          2
 
     1    §   2.  All  past  service  costs  associated  with  implementing  the
     2  provisions of this act shall be borne by the county of Erie.
     3    § 3. This act shall take effect immediately.
          FISCAL NOTE.-- This bill will allow Erie County to elect to reopen the
        provisions  of  Section  552 together with Section 553 of the Retirement
        and Social Security Law for deputy sheriffs Christopher J. Lysy, Kristin
        M. Rozycki, Marc J. Bristow, Daniel E.  Walczak,  Thomas  Van  Wie,  and
        Donald Hoelscher.
          If this bill is enacted and these deputy sheriffs become covered under
        the  provisions  of Section 552 together with Section 553, we anticipate
        that there will be an increase of approximately $59,000  in  the  annual
        contributions  of Erie County for the fiscal year ending March 31, 2019.
        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 approximately $381,000 which will be
        borne by Erie County as a one-time payment. This estimate  is  based  on
        the assumption that payment will be made on February 1, 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, 2017  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2017
        Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016 and 2017 Annual Report to the Comptroller on Actuarial Assumptions,
        and the Codes Rules and Regulations of the  State  of  New  York:  Audit
        Control.
          The Market Assets and GASB Disclosures are found in the March 31, 2017
        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 January 22,  2018,  and  intended  for  use  only
        during the 2018 Legislative Session, if Fiscal Note No. 2018-2, prepared
        by the Actuary for the New York State and Local Retirement System.