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S03759 Summary:

BILL NOS03759
 
SAME ASSAME AS A06511
 
SPONSORKAPLAN
 
COSPNSRGAUGHRAN
 
MLTSPNSR
 
Add §§508-b & 606-b, R & SS L
 
Establishes a death benefit for deputy sheriffs employed by Nassau county entitling the sheriff's beneficiaries to receive in a lump sum an amount payable which shall equal the pension reserve that would have been established had the member retired on the date of his or her death.
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S03759 Actions:

BILL NOS03759
 
01/30/2021REFERRED TO CIVIL SERVICE AND PENSIONS
06/07/2021COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/07/2021ORDERED TO THIRD READING CAL.1534
06/08/2021PASSED SENATE
06/08/2021DELIVERED TO ASSEMBLY
06/08/2021referred to ways and means
06/09/2021substituted for a6511
06/09/2021ordered to third reading rules cal.667
06/09/2021home rule request
06/09/2021passed assembly
06/09/2021returned to senate
10/18/2021DELIVERED TO GOVERNOR
10/29/2021SIGNED CHAP.529
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S03759 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3759
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    January 30, 2021
                                       ___________
 
        Introduced  by  Sen.  KAPLAN -- 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
          establishing  a  death  benefit for deputy sheriffs employed by Nassau
          county

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The retirement and social security law is amended by adding
     2  a new section 508-b to read as follows:
     3    §  508-b. Death benefit for deputy sheriffs employed by Nassau county.
     4  Notwithstanding any provision of law to the  contrary,  where  a  deputy
     5  sheriff  would have been entitled to a service retirement benefit at the
     6  time of his or her death and where his or her death occurs on  or  after
     7  the effective date of this section, the beneficiary or beneficiaries may
     8  elect  to receive, in a lump sum, an amount payable which shall be equal
     9  to the pension reserve that would have been established had  the  member
    10  retired on the date of his or her death, or the value of the death bene-
    11  fit  and  the  reserve-for-increased-take-home-pay, if any, whichever is
    12  greater.
    13    § 2. The retirement and social security law is amended by adding a new
    14  section 606-b to read as follows:
    15    § 606-b. Death benefit for deputy sheriffs employed by Nassau  county.
    16  Notwithstanding  any  provision  of  law to the contrary, where a deputy
    17  sheriff would have been entitled to a service retirement benefit at  the
    18  time  of  his or her death and where his or her death occurs on or after
    19  the effective date of this section, the beneficiary or beneficiaries may
    20  elect to receive, in a lump sum, an amount payable which shall be  equal
    21  to  the  pension reserve that would have been established had the member
    22  retired on the date of his or her death, or the value of the death bene-
    23  fit and the reserve-for-increased-take-home-pay, if  any,  whichever  is
    24  greater.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04830-02-1

        S. 3759                             2
 
     1    §   3.  All  past  service  costs  associated  with  implementing  the
     2  provisions of this act shall be borne by Nassau County and may be  amor-
     3  tized over a period of ten years.
     4    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill would modify the in-service death benefit for Nassau County
        Deputy Sheriffs who are retirement eligible in tiers 3 through 6 of  the
        New  York  State  and Local Employees' Retirement System. The in-service
        death benefit will be the value of the pension reserve as if the  member
        had retired on their date of death.
          If this bill is enacted during the 2021 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $5,000 in the
        annual contributions of Nassau County for the fiscal year  ending  March
        31,  2022. In future years, this cost will vary as the billing rates and
        salary of the affected members change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $67,300  which  will  be
        borne  by Nassau County as a one-time payment. This estimate is based on
        the assumption that payment will be made on February 1, 2022. If  Nassau
        County  elects to amortize this cost over a 10 year period, the cost for
        the first year including interest would be $8,880.
          These estimated costs are based on 57  affected  members  employed  by
        Nassau  County,  with  annual salary of approximately $6.1 million as of
        March 31, 2020.
          Summary of relevant resources:
          Membership data as of March 31, 2020 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        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, 2020
        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 January 8, 2021, and intended for use only during
        the 2021 Legislative Session, is Fiscal Note No. 2021-9, prepared by the
        Actuary for the New York State and Local Retirement System.
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