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S08066 Summary:

S08066 Actions:

S08066 Committee Votes:

S08066 Floor Votes:

S08066 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8066
 
                    IN SENATE
 
                                     March 23, 2018
                                       ___________
 
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to amend the retirement and social security law, in  relation  to
          accidental disability retirement for deputy sheriffs
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph 3 of subdivision e of section 556 of the  retire-
     2  ment  and  social  security  law, as added by chapter 165 of the laws of
     3  1995, is amended to read as follows:
     4    3. A pension of  two-thirds  of  his  or  her  final  average  salary;
     5  provided,  however,  a  deputy sheriff shall receive a pension of three-
     6  quarters of his or her final average salary if such  deputy  sheriff  is
     7  employed  by  an  employer  that  has elected to provide such benefit to
     8  deputy sheriffs. The payment of such pension shall  be  subject  to  the
     9  provisions of section three hundred sixty-four of this chapter.
    10    § 2. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  would allow employers who have elected Article 14-B of the
        Retirement and Social Security Law to elect to provide an improved acci-
        dental disability pension to deputy sheriffs in their employ. The  bene-
        fit  for  an  accidental disability would be 75% of final average salary
        minus worker's compensation. The current benefit is 2/3 of final average
        salary minus worker's compensation.
          If this bill is enacted, the estimated increase in the annual contrib-
        utions of electing counties for the fiscal year ending  March  31,  2019
        would be 0.3% of the compensation of their deputy sheriffs.
          In addition to the annual contributions discussed above, there will be
        a  past service cost of 1.0% of the compensation of such deputy sheriffs
        which will be paid by such counties as a one-time payment.   This  esti-
        mate 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-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11765-06-8
        S. 8066                             2
 
        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  Assump-
        tions,  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, 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 March 22, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No.  2018-76,  prepared  by
        the Actuary for the New York State and Local Retirement System.