Bill Text: NY S07754 | 2015-2016 | General Assembly | Introduced
Bill Title: Authorizes the reopening of the twenty-five year retirement benefit plan to Jack Harb of Sullivan County who failed to make a timely election thereof due to a clerical error on the part of the County.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-06-15 - SUBSTITUTED BY A10155 [S07754 Detail]
Download: New_York-2015-S07754-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7754 IN SENATE May 12, 2016 ___________ Introduced by Sen. BONACIC -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to allow Jack Harb to join the optional twenty-five year retire- ment plan, county of Sullivan 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 Sullivan, a participating employer in the New York state 3 employees' retirement system, which previously elected to offer the 4 optional twenty-five year retirement plan, established pursuant to arti- 5 cle 14-B of the retirement and social security law, is hereby authorized 6 to make participation in such plan available to Jack Harb, a deputy 7 sheriff employed by the county of Sullivan, who, for reasons not ascrib- 8 able to his own negligence failed to make a timely application to 9 participate in such optional twenty-five year retirement plan. The coun- 10 ty of Sullivan may so elect by filing with the state comptroller, on or 11 before one year after this act shall have become a law, a resolution of 12 its governing body together with certification that such deputy sheriff 13 did not bar himself from participation in such retirement plan. There- 14 after, Jack Harb, may elect to be covered by the provisions of section 15 551 of the retirement and social security law, and shall be entitled to 16 the full rights and benefits associated with coverage under such 17 section, by filing a request to that effect with the state comptroller 18 on or before one year after this act shall have become a law. 19 § 2. All past service costs associated with implementing the 20 provisions of this act shall be borne by the county of Sullivan and may 21 be amortized over a period of five years. 22 § 3. This act shall take effect immediately. FISCAL NOTE. -- Pursuant to Legislative Law, Section 50: This bill will allow Jack Harb, a deputy sheriff employed by Sullivan County, to elect to be covered by the 25 year retirement plan contained in Section 551 of the Retirement and Social Security Law. If this bill is enacted and deputy sheriff Harb becomes covered under the provisions of Section 551, we anticipate that there will be an EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15025-03-6S. 7754 2 increase of approximately $1,980 in the annual contributions of Sullivan County for the fiscal year ending March 31, 2017. In future years, this cost will vary as the billing rates and salary of deputy sheriff Harb change. In addition to the annual contributions discussed above, there will be in immediate past service cost of approximately $2,410 which would be borne by Sullivan County as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2017. If Sullivan County elects to amortize this cost over a 5 year period, the cost for the first year would be $550. 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, 2015 actuarial valu- ation. Distributions and other statistics can be found in the 2015 Report of the Actuary and the 2015 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015 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, 2015 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 11, 2016, and intended for use only during the 2016 Legislative Session, is Fiscal Note No. 2016-93, prepared by the Actuary for the New York State and Local Employees Retirement System.