Bill Text: NY A09353 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the county of Orleans to offer an optional twenty year retirement plan to Kevin Colonna, a deputy sheriff employed by such county.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2022-11-21 - signed chap.607 [A09353 Detail]

Download: New_York-2021-A09353-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9353

                   IN ASSEMBLY

                                    February 23, 2022
                                       ___________

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

        AN  ACT  to authorize the county of  Orleans to offer an optional twenty
          year retirement plan to Kevin Colonna, 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  Kevin Colonna, a member of the optional twenty-five year retirement plan
     3  for certain sheriffs,  undersheriffs,  deputy  sheriffs  and  correction
     4  officers  pursuant to section 89-l of the retirement and social security
     5  law, who was employed by the  Orleans  county  sheriff's  office  as  of
     6  February 10, 2013, and who through no fault of his own, failed to file a
     7  timely  application to participate in the special twenty year retirement
     8  plan contained in section 553 of the retirement and social security  law
     9  resulting  in the crediting of his service with the county of Orleans in
    10  the retirement plan contained in section 89-l  of  such  law,  shall  be
    11  given  full  credit  in  the section 553 twenty year retirement plan for
    12  such service upon the election of the county of Orleans  to  assume  the
    13  additional  cost of such service and his election to participate in such
    14  plan. The county of Orleans may so elect within one year of  the  effec-
    15  tive date of this act, by filing with the state comptroller a resolution
    16  of  its  local  legislative  body  together with certification that such
    17  member did not bar himself from participation in such retirement plan as
    18  a result of his own negligence.
    19    § 2. Such deputy sheriff may elect to be covered by the provisions  of
    20  section 553 of the retirement and social security law and shall be enti-
    21  tled to the full rights and benefits associated with coverage under such
    22  section  by  filing  a request to that effect with the state comptroller
    23  within eighteen months of the effective date of this act.
    24    § 3. All employer past service costs associated with  the  implementa-
    25  tion  of this act shall be borne by Orleans county, and may be amortized
    26  over a period of five years.
    27    § 4. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08017-02-2
        A. 9353                             2

          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill would allow Kevin Colonna, a current member of the New York
        State and Local Employees' Retirement System employed as a deputy  sher-
        iff  by  Orleans County and covered under the 25-year retirement plan of
        section 89-I of the Retirement and Social Security Law (RSSL), to  elect
        to be covered under the 20-year plan of section 553 of the RSSL.
          If this bill is enacted during the 2022 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $4,900 in the
        annual contributions of Orleans County for the fiscal year ending  March
        31,  2023. In future years, this cost will vary as the billing rates and
        salary of Kevin Colonna change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $117,000 which  will  be
        borne by Orleans County as a one-time payment. This estimate is based on
        the assumption that payment will be made on February 1, 2023. If Orleans
        County  elects  to amortize this cost over a 5-year period, the cost for
        the first year including interest would be $26,200.
          Summary of relevant resources:
          Membership data as of March 31, 2021 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2021 Report of the Actuary and the 2021 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        and 2021 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, 2021
        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  February  14,  2022, and intended for use only
        during the  2022  Legislative  Session,  is  Fiscal  Note  No.  2022-68,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.