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S07071 Text:

                STATE OF NEW YORK
                               2023-2024 Regular Sessions
                    IN SENATE
                                      May 17, 2023
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- 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  commit-
        AN  ACT  to authorize the county of Steuben to offer an optional twenty-
          five year retirement plan to Erica M. McCoy, 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  Steuben, a participating employer in the New York state
     3  employees' retirement system, which has elected to  offer  the  optional
     4  twenty-five  year  retirement plan, established pursuant to article 14-B
     5  of the retirement and social security law, to deputy  sheriffs  employed
     6  by  such county, is hereby authorized to make participation in such plan
     7  available to Erica M. McCoy, a deputy sheriff employed by the county  of
     8  Steuben  with  a  start  date of September 6, 2016, who, for reasons not
     9  ascribable to her own negligence, failed to make a timely application to
    10  participate in such optional twenty-five year plan contained in  article
    11  14-B  of  the  retirement and social security law. The county of Steuben
    12  may so elect by filing with the state comptroller, on or before 180 days
    13  after this act shall have become a law, a resolution  of  its  governing
    14  body  together  with  certification that such deputy sheriff did not bar
    15  themself from participation in the retirement plan as a result of  their
    16  own  negligence.  Thereafter, such deputy sheriff may individually elect
    17  to be covered by the provisions of section 551  of  the  retirement  and
    18  social  security law, and shall be entitled to the full rights and bene-
    19  fits associated with coverage under such section, by  filing  a  request
    20  with the state within one year of the effective date of this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 7071--A                          2
     1    §  2. All employer past service costs associated with implementing the
     2  provisions of this act shall be borne by the county of Steuben  and  may
     3  be amortized over a five-year period.
     4    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  allow  the County of Steuben to elect to reopen the
        provisions of Section 551 of Article 14-B of the Retirement  and  Social
        Security Law for deputy sheriff Erica M. McCoy.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate  that  there  will  be  an increase of approximately $4,700 in the
        annual contributions of the County of Steuben for the fiscal year ending
        March 31, 2025. In future years this cost will vary as the billing rates
        and salary of Erica M. McCoy change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $28,600  which  will  be
        borne  by  the  County  of  Steuben as a one-time payment. This estimate
        assumes that payment will be made on February 1, 2025. If the County  of
        Steuben  elects  to amortize this cost over a five-year period, the cost
        for each year including interest would be $6,390.
          Summary of relevant resources:
          Membership data as of March 31, 2023 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
          The  actuarial  assumptions and methods used are described in the 2023
        Annual Report to the  Comptroller  on  Actuarial  Assumptions,  and  the
        Codes,  Rules  and  Regulations  of  the  State  of  New York: Audit and
          The Market Assets and GASB Disclosures are found in the March 31, 2023
        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 15, 2024, and intended for use only during
        the 2024 Legislative Session, is Fiscal Note No. 2024-114,  prepared  by
        the Actuary for the New York State and Local Retirement System.
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