Bill Text: NY S09141 | 2021-2022 | General Assembly | Introduced
Bill Title: Authorizes the county of Clinton to offer an optional twenty-five year retirement plan to Tanner Hooker, Timothy Schwartz, and Ian Vanier, deputy sheriffs employed by such county.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2022-06-02 - SUBSTITUTED BY A10231 [S09141 Detail]
Download: New_York-2021-S09141-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9141 IN SENATE May 11, 2022 ___________ Introduced by Sen. STEC -- 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 Clinton to offer an optional twenty- five year retirement plan to certain deputy sheriffs 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 Clinton, a participating employer in the New York state 3 employees' retirement system, which has elected to offer the optional 4 twenty-five year retirement plan, established pursuant to article 14-B 5 of the retirement and social security law, to deputy sheriffs employed 6 by such county, is hereby authorized to make participation in such plan 7 available to Tanner Hooker, a deputy sheriff employed by the county of 8 Clinton with a start date of May 27, 2019, Timothy Schwartz, a deputy 9 sheriff employed by the county of Clinton with a start date of April 14, 10 2020, and Ian Vanier, a deputy sheriff employed by the county of Clinton 11 with a start date of February 18, 2019, who, for reasons not ascribable 12 to their own negligence, failed to make a timely application to partic- 13 ipate in such optional twenty-five year plan contained in article 14-B 14 of the retirement and social security law. The county of Clinton may so 15 elect by filing with the state Comptroller, on or before 180 days after 16 this act shall have become law, a resolution of its governing body 17 together with certification that such deputy sheriffs did not bar them- 18 selves from participation in the retirement plan as a result of their 19 own negligence. Thereafter, such deputy sheriffs may individually elect 20 to be covered by the provisions of section 551 of the retirement and 21 social security law, and shall be entitled to the full rights and bene- 22 fits associated with coverage under such section, by filing a request 23 with the state within one year of the effective date of this act. 24 § 2. All employer past service costs associated with implementing the 25 provisions of this act shall be borne by the county of Clinton and may 26 be amortized over a five year period. 27 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15472-02-2S. 9141 2 FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would allow Tanner Hooker, Timothy Schwartz and Ian Vanier, all current members of the New York State and Local Employees’ Retire- ment System employed as deputy sheriffs by Clinton County 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 25-year plan of section 551 of the RSSL. If this bill is enacted during the 2022 legislative session, we antic- ipate that there will be an increase of approximately $1,500 in the annual contributions of Clinton County for the fiscal year ending March 31, 2023. In future years, this cost will vary as the billing rates and salary of Tanner Hooker, Timothy Schwartz, and Ian Vanier change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $4,770 which will be borne by Clinton County as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2023. If Clinton County elects to amortize this cost over a 5-year period, the cost for the first year including interest would be $1,070. 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 May 10, 2022, and intended for use only during the 2022 Legislative Session, is Fiscal Note No. 2022-126, prepared by the Actuary for the New York State and Local Retirement System.
