Bill Text: NY S05564 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 5564 (Prior Session Legislation)

Introduced

Bill Title: Relates to retirement benefits for Jason Hendel of Monroe County.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2015-09-25 - SIGNED CHAP.342 [S05564 Detail]

Download: New_York-2015-S05564-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5564
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     May 14, 2015
                                      ___________
       Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT in relation to allowing Jason Hendel to join the special  retire-
         ment plan for sheriffs, undersheriffs and deputy sheriffs
         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,  Jason  Hendel,
    2  who  is employed as a deputy sheriff in the county of Monroe, and who is
    3  a member of the New York state and local employees'  retirement  system,
    4  and  who  was  eligible to make the election pursuant to section 89-p of
    5  the retirement and social security law to join the plan  under  subdivi-
    6  sion  b  of section 553 of the retirement and social security law, shall
    7  be eligible to individually  join  such  plan  under  subdivision  b  of
    8  section  553  if the county of Monroe so elects by filing with the state
    9  comptroller, on or before December 31, 2015, a resolution of its govern-
   10  ing body together with certification that such deputy  sheriff  did  not
   11  bar  himself  from  participation in such retirement plan as a result of
   12  his own negligence. Thereafter such  deputy  sheriff  may  elect  to  be
   13  covered by the provisions of subdivision b of section 553 of the retire-
   14  ment  and  social security law, and shall be entitled to the full rights
   15  and benefits associated with coverage under  such  subdivision  for  the
   16  service  rendered with the county of Monroe only, by filing a request to
   17  that effect with the state comptroller on or before June 30, 2016.
   18    S 2. All costs incurred by the implementation of  this  act  shall  be
   19  borne by the county of Monroe.
   20    S 3. This act shall take effect immediately.
         Fiscal Note.--: Pursuant to Legislative Law, Section 50:
         This bill will allow Jason Hendel, a deputy sheriff employed by Monroe
       County,  to  elect  to be covered by the 20 year with additional 1/60ths
       retirement plan contained in Section 553(b) of the Retirement and Social
       Security Law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11074-02-5
       S. 5564                             2
         If this bill is  enacted  and  deputy  sheriff  Jason  Hendel  becomes
       covered under the provisions of Section 553(b), we anticipate that there
       will  be an increase of approximately $9,690 in the annual contributions
       of Monroe County for the fiscal year ending March 31,  2016.  In  future
       years,  this  cost  will  very as the billing rates and salary of deputy
       sheriff Jason Hendel change.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $34,400 which  would  be
       born  by  Monroe County as a one-time payment. This estimate is based on
       the assumption that payment will be made on February 1, 2016.
         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, 2014 actuarial valu-
       ation.  Distributions and other statistics can  be  found  in  the  2014
       Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
       Report.
         The actuarial assumptions and methods used are described in the  2010,
       2011,  2012, 2013 and 2014 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, 2014
       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 14, 2015, and intended for  use  only  during
       the  2015  Legislative Session, is Fiscal Note No. 2015-114, prepared by
       the Actuary for the  New  York  State  and  Local  Employees  Retirement
       System.