Bill Text: NY A07280 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Authorizes the county of Steuben to offer an optional twenty-five year retirement plan to Erica M. McCoy, a deputy sheriff employed by such county.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-06-07 - substituted by s7071a [A07280 Detail]

Download: New_York-2023-A07280-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7280

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      May 17, 2023
                                       ___________

        Introduced  by  M.  of  A.  PALMESANO  --  read once and referred to the
          Committee on Governmental Employees

        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.
    21    § 2. All employer past service costs associated with implementing  the
    22  provisions  of  this act shall be borne by the county of Steuben and may
    23  be amortized over a five-year period.
    24    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10841-02-3
        A. 7280                             2

          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 2023 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $3,200 in the
        annual contributions of the County of Steuben for the fiscal year ending
        March 31, 2024. 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 $23,400 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, 2024. If the County of
        Steuben elects to amortize this cost over a five-year period,  the  cost
        for the first year including interest would be $5,230.
          Summary of relevant resources:
          Membership  data as of March 31, 2022 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2022 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in the  2020,
        2021,  and  2022  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, 2022
        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 May 11, 2023, and intended for  use  only  during
        the  2023  Legislative Session, is Fiscal Note No. 2023-144, prepared by
        the Actuary for the New York State and Local Retirement System.