Bill Text: NY A09437 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the county of Broome to offer an optional twenty year retirement plan to Joshua Quinn, a deputy sheriff employed by such county.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-11-21 - signed chap.609 [A09437 Detail]

Download: New_York-2021-A09437-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9437

                   IN ASSEMBLY

                                      March 7, 2022
                                       ___________

        Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
          tee on Governmental Employees

        AN ACT to authorize the county of Broome to  offer  an  optional  twenty
          year  retirement  plan  to  Joshua Quinn, 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  Joshua  Quinn, 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-m of the retirement and social security
     5  law, who was employed by Broome county as a corrections  officer  as  of
     6  February  2,  2015,  who was then promoted to deputy sheriff on March 3,
     7  2015, and who through no fault of his  own,  failed  to  file  a  timely
     8  application  to  participate  in the special twenty year retirement plan
     9  contained in section 552 of the retirement and social  security  law  at
    10  the  time  of his promotion to deputy sheriff resulting in the crediting
    11  of his service  with  the  county  of  Broome  in  the  retirement  plan
    12  contained in section 89-m of such law, shall be given full credit in the
    13  section  552  twenty  year  retirement plan for such service as a deputy
    14  sheriff upon the election of the county of Broome to  assume  the  addi-
    15  tional  cost  of  such  service  and his election to participate in such
    16  plan. The county of Broome may so elect within one year of the effective
    17  date of this act, by filing with the state comptroller a  resolution  of
    18  its  local legislative body together with certification that such member
    19  did not bar himself from participation in  such  retirement  plan  as  a
    20  result of his own negligence.
    21    §  2. Such deputy sheriff may elect to be covered by the provisions of
    22  section 552 of the retirement and social security law and shall be enti-
    23  tled to the full rights and benefits associated with coverage under such
    24  section by filing a request to that effect with  the  state  comptroller
    25  within eighteen months of the effective date of this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14584-03-2
        A. 9437                             2

     1    §  3.  All employer past service costs associated with the implementa-
     2  tion of this act shall be borne by Broome county, and may  be  amortized
     3  over a period of five years.
     4    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would allow Joshua Quinn, a current member of the New York
        State and Local Employees' Retirement System employed as a deputy  sher-
        iff  by  Broome  County and covered under the 25-year retirement plan of
        section 89-M of the Retirement and Social Security Law (RSSL), to  elect
        to be covered under the 20-year plan of section 552 of the RSSL.
          If this bill is enacted during the 2022 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $3,600 in the
        annual contributions of Broome County for the fiscal year  ending  March
        31,  2023. In future years, this cost will vary as the billing rates and
        salary of Joshua Quinn change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $44,500  which  will  be
        borne  by Broome County as a one-time payment. This estimate is based on
        the assumption that payment will be made on February 1, 2023. If  Broome
        County  elects  to amortize this cost over a 5-year period, the cost for
        the first year including interest would be $9,940.
          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  18,  2022, and intended for use only
        during the  2022  Legislative  Session,  is  Fiscal  Note  No.  2022-80,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.