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S08102 Summary:

S08102 Actions:

S08102 Committee Votes:

S08102 Floor Votes:

S08102 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8102
 
                    IN SENATE
 
                                     March 28, 2018
                                       ___________
 
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize the county of Yates to offer an optional twenty year
          retirement plan to Megan Morehouse, a deputy sheriff 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 Yates, 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 section
     5  552 of the retirement  and  social  security  law,  to  deputy  sheriffs
     6  employed  by  such county, is hereby authorized to make participation in
     7  such plan available to Megan Morehouse, a deputy sheriff employed by the
     8  county of Yates, who, for reasons not ascribable to her  own  negligence
     9  failed  to  make  timely  application to participate in such twenty year
    10  retirement plan. The county of Yates may so elect  by  filing  with  the
    11  state comptroller within three months of the effective date of this act,
    12  a resolution of the Yates county legislature together with certification
    13  that  such deputy sheriff did not bar herself from participation in such
    14  retirement plan as a result of  her  own  negligence.  Thereafter,  such
    15  deputy  sheriff may elect to be covered by the provisions of section 552
    16  of 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  June 30, 2019.
    20    § 2. All past service costs associated with the implementation of this
    21  act shall be borne by Yates county.
    22    § 3. This act shall take effect immediately.
          Fiscal Note.--
          This bill will allow Yates County to elect to reopen the provisions of
        Section 552 of the Retirement and Social Security Law for deputy sheriff
        Megan Morehouse.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14830-03-8
        S. 8102                             2
 
          If this bill is enacted during the 2018 legislative session and  Megan
        Morehouse becomes covered under the provisions of Section 552, we antic-
        ipate  that  there  will  be  an increase of approximately $5,000 in the
        annual contributions of Yates County for the fiscal  year  ending  March
        31,  2019. In future years, this cost will vary as the billing rates and
        salary of Megan Morehouse change.
          There is no past service cost.
          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 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 1, 2018, and intended for use  only  during
        the  2018  Legislative  Session, is Fiscal Note No. 2018-67, prepared by
        the Actuary for the New York State and Local Retirement System.