Bill Text: NY A08386 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to accidental disability retirement for deputy sheriffs; provides that deputy sheriffs shall receive a pension of three-quarters of their final average salary.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - referred to governmental employees [A08386 Detail]

Download: New_York-2017-A08386-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8386
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      June 12, 2017
                                       ___________
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
        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. The payment of such pension
     7  shall  be  subject to the provisions of section three hundred sixty-four
     8  of this chapter.
     9    § 2. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This bill would grant improved accidental disability pensions to depu-
        ty sheriffs  who  are  employed  by  counties  which  have  elected  the
        provisions of Article 14-B of the Retirement and Social Security Law for
        their deputy sheriffs. The benefit 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 affected counties for the fiscal year ending  March  31,  2018
        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 0.9% of the compensation of such deputy sheriffs
        which will be paid by such counties as a one-time payment. This estimate
        is based on the assumption that payment will  be  made  on  February  1,
        2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11765-02-7
        A. 8386                             2
          These  estimated  costs  are  based on 2,764 deputy sheriffs having an
        annual salary for the fiscal year ending March 31, 2016 of approximately
        $224.1 million.
          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, 2016  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2016
        Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        and 2016 Annual Report to the Comptroller on Actuarial Assumptions,  and
        the  Codes  Rules  and  Regulations  of the State of New York: Audit and
        Control.
          The Mark Assets and GASB Disclosures are found in the March  31,  2016
        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 May 25, 2017, and intended for  use  only  during
        the  2017  Legislative Session, is Fiscal Note No. 2017-106, prepared by
        the Actuary for the New York State and Local Retirement System.