Bill Text: NY A10582 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes the county of Monroe to offer an optional twenty year retirement plan to Christopher R. Fay, a deputy sheriff employed by the county of Monroe.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-06-20 - referred to governmental employees [A10582 Detail]

Download: New_York-2023-A10582-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10582

                   IN ASSEMBLY

                                      June 20, 2024
                                       ___________

        Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Bronson) --
          read once and referred to the Committee on Governmental Employees

        AN ACT to authorize the county of Monroe to  offer  an  optional  twenty
          year retirement plan to Christopher R. Fay, a captain 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 Monroe, a participating employer in  the  New  York  state
     3  employees'  retirement  system,  which has elected to offer the optional
     4  twenty year retirement plan, established pursuant to article 14-B of the
     5  retirement and social security law, to captains employed by such county,
     6  is hereby authorized to make participation in  such  plan  available  to
     7  Christopher  R.  Fay,  a captain employed by the county of Monroe with a
     8  start date of August 26, 1991, who, for reasons not  ascribable  to  his
     9  own  negligence,  failed  to make a timely application to participate in
    10  such optional twenty year plan contained in article 14-B of the  retire-
    11  ment  and  social  security  law.  The  county of Monroe may so elect by
    12  filing with the state comptroller, on or before 180 days after this  act
    13  shall  have  become  a  law, a resolution of its governing body together
    14  with certification that such captain did not bar themself  from  partic-
    15  ipation  in  the  retirement  plan  as a result of their own negligence.
    16  Thereafter, such captain may individually elect to  be  covered  by  the
    17  provisions of sections 552 and 553 of the retirement and social security
    18  law, and the retirement system shall credit service from August 26, 1991
    19  to present under sections 552 and 553 of the retirement and social secu-
    20  rity  law.  Such  member  may  effectuate by filing an election with the
    21  retirement system within one year of the effective date of this act.
    22    § 2. All employer past service costs associated with implementing  the
    23  provisions of this act shall be borne by the county of Monroe and may be
    24  amortized over a five-year period.
    25    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13964-03-4
        A. 10582                            2

          This  bill would allow Christopher R. Fay, a current member of the New
        York State and Local Employees' Retirement System employed as a  captain
        by the County of Monroe and covered under the 25-year retirement plan of
        Section  89-p of the Retirement and Social Security Law (RSSL), to elect
        to  be  covered  under  the  20-year plan of Sections 552 and 553 of the
        RSSL. All past service costs will be borne by the County of  Monroe  and
        may be amortized over a period of five years.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate  that  there  will  be an increase of approximately $12,000 in the
        annual contributions of the County of Monroe for the fiscal year  ending
        March 31, 2025. In future years this cost will vary as the billing rates
        and salary of Christopher R. Fay change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $145,000 which will be
        borne by the County of Monroe  as  a  one-time  payment.  This  estimate
        assumes  that payment will be made on February 1, 2025. If the County of
        Monroe elects to amortize this cost over a five-year  period,  the  cost
        for each year including interest would be $32,300.
          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
        Report.
          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
        Control.
          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 May 24, 2024, and intended for  use  only  during
        the  2024  Legislative Session, is Fiscal Note No. 2024-167, prepared by
        the Actuary for the New York State and Local Retirement System.