Bill Text: NY S04343 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the county of Ulster to offer an optional twenty year retirement plan to Kyle Frano, Joseph Sciutto and Emmett Vedder III, deputy sheriffs employed by the county of Ulster.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2021-10-29 - SIGNED CHAP.531 [S04343 Detail]

Download: New_York-2021-S04343-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4343

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 3, 2021
                                       ___________

        Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN ACT to authorize the county of Ulster to  offer  an  optional  twenty
          year retirement plan to certain deputy sheriffs employed by such coun-
          ty

          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 Ulster, a participating employer in the New York state and
     3  local employees' retirement system, which previously  elected  to  offer
     4  the optional twenty year retirement plan established pursuant to section
     5  552  of  the  retirement  and  social  security  law, to deputy sheriffs
     6  employed by such county, is hereby authorized to make  participation  in
     7  such plan available to Kyle Frano, Joseph Sciutto and Emmett Vedder III,
     8  deputy  sheriffs  employed by the county of Ulster, who, for reasons not
     9  ascribable to their own negligence failed to make timely application  to
    10  participate  in  such  twenty year retirement plan. The county of Ulster
    11  may so elect by filing with the state comptroller within six  months  of
    12  the effective date of this act, a resolution of the Ulster county legis-
    13  lature together with certification that such deputy sheriffs did not bar
    14  themselves  from  participation  in  such retirement plan as a result of
    15  their own negligence. Thereafter, such deputy sheriffs may elect  to  be
    16  covered  by  the  provisions of section 552 of the retirement and social
    17  security law, and shall be entitled to  the  full  rights  and  benefits
    18  associated with coverage under such section, by filing a request to that
    19  effect  with the state comptroller within one year of the effective date
    20  of this act.
    21    §  2.  All  past  service  costs  associated  with  implementing   the
    22  provisions of this act shall be borne by the county of Ulster.
    23    § 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.
                                                                   LBD04989-02-1
        S. 4343                             2

          This  bill  would  allow  the  County of Ulster to elect to reopen the
        provisions of Section 552 of the Retirement and Social Security Law  for
        deputy sheriffs Kyle Frano, Joseph Sciutto, and Emmett Vedder III.
          If this bill is enacted during the 2021 legislative session, we antic-
        ipate  that  there  will  be an increase of approximately $22,000 in the
        annual contributions of the County of Ulster for the fiscal year  ending
        March  31,  2022.  In  future  years, this cost will vary as the billing
        rates and salary of all three deputy sheriffs change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $302,000 which  will  be
        borne  by  the  County of Ulster as a one-time payment. This estimate is
        based on the assumption that payment will be made on February 1, 2022.
          Summary of relevant resources:
          Membership data as of March 31, 2020 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        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, 2020
        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 January 4, 2021, and intended for use only during
        the  2021  Legislative  Session, is Fiscal Note No. 2021-18, prepared by
        the Actuary for the New York State and Local Retirement System.