Bill Text: NY A08933 | 2013-2014 | General Assembly | Introduced

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Bill Title: Provides equal retirement benefits for persons who have been appointed to the title of superintendent in the department of corrections and community supervision.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-03-03 - referred to governmental employees [A08933 Detail]

Download: New_York-2013-A08933-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8933
                                 I N  A S S E M B L Y
                                     March 3, 2014
                                      ___________
       Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
         Committee on Governmental Employees
       AN ACT to amend the retirement and social security law, in  relation  to
         providing   equal  retirement  benefits  for  persons  who  have  been
         appointed  to  the  title  of  superintendent  in  the  department  of
         corrections and community supervision
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Clause (ii) of subparagraph (b) of paragraph 2 of  subdivi-
    2  sion  a  of  section  600  of the retirement and social security law, as
    3  amended by section 149 of subpart B of part C of chapter 62 of the  laws
    4  of  2011, is amended and three new clauses (iii), (iv) and (v) are added
    5  to read as follows:
    6    (ii) a person who serves in the title of superintendent  as  of  April
    7  first,  two  thousand  six,  who has had at least seven years of service
    8  credited toward the retirement plan established pursuant to this article
    9  while employed by the department of  corrections  and  community  super-
   10  vision  and  who elects the retirement plan established pursuant to this
   11  article on  or  before  September  thirtieth,  two  thousand  six.  Such
   12  election  shall be in writing, shall be duly executed and filed with the
   13  comptroller and shall be irrevocable as long as such person  is  in  the
   14  title of superintendent[.]; OR
   15    (III)  A  PERSON  WHO IS APPOINTED TO THE TITLE OF SUPERINTENDENT, WHO
   16  HAS SERVED AT LEAST TWENTY-FIVE YEARS  AS  A  MEMBER  IN  THE  UNIFORMED
   17  PERSONNEL  IN  INSTITUTIONS  UNDER THE JURISDICTION OF THE DEPARTMENT OF
   18  CORRECTIONS AND COMMUNITY SUPERVISION AND WHO ELECTS THE RETIREMENT PLAN
   19  ESTABLISHED PURSUANT TO THIS ARTICLE WITHIN NINETY DAYS OF  HIS  OR  HER
   20  APPOINTMENT.   SUCH ELECTION SHALL BE IN WRITING, SHALL BE DULY EXECUTED
   21  AND FILED WITH THE COMPTROLLER AND SHALL BE IRREVOCABLE AS LONG AS  SUCH
   22  PERSON IS IN THE TITLE OF SUPERINTENDENT; OR
   23    (IV)  A PERSON WHO SERVES IN THE TITLE OF SUPERINTENDENT ON THE EFFEC-
   24  TIVE DATE OF THIS CLAUSE, WHO HAS SERVED AT LEAST TWENTY-FIVE YEARS AS A
   25  MEMBER IN THE UNIFORMED PERSONNEL IN INSTITUTIONS UNDER THE JURISDICTION
   26  OF THE DEPARTMENT OF  CORRECTIONS  AND  COMMUNITY  SUPERVISION  AND  WHO
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05749-05-4
       A. 8933                             2
    1  ELECTS  THE  RETIREMENT PLAN ESTABLISHED PURSUANT TO THIS ARTICLE WITHIN
    2  NINETY DAYS OF THE EFFECTIVE DATE OF THIS CLAUSE. SUCH ELECTION SHALL BE
    3  IN WRITING, SHALL BE DULY EXECUTED AND FILED WITH  THE  COMPTROLLER  AND
    4  SHALL  BE  IRREVOCABLE  AS LONG AS SUCH PERSON IS IN THE TITLE OF SUPER-
    5  INTENDENT; OR
    6    (V) A PERSON WHO HAS RETIRED WHILE SERVING IN THE TITLE OF SUPERINTEN-
    7  DENT, WHO HAS SERVED AT LEAST TWENTY-FIVE  YEARS  AS  A  MEMBER  IN  THE
    8  UNIFORMED  PERSONNEL  IN  INSTITUTIONS  UNDER  THE  JURISDICTION  OF THE
    9  DEPARTMENT OF CORRECTIONS AND COMMUNITY SUPERVISION AND WHO  ELECTS  THE
   10  RETIREMENT  PLAN ESTABLISHED PURSUANT TO THIS ARTICLE WITHIN NINETY DAYS
   11  OF THE EFFECTIVE DATE OF THIS CLAUSE. SUCH ELECTION SHALL BE IN WRITING,
   12  SHALL BE DULY EXECUTED AND FILED WITH THE COMPTROLLER AND SHALL BE IRRE-
   13  VOCABLE.
   14    S 2. This act shall take effect immediately.
         FISCAL NOTE.  This bill would allow certain Tier 3,  5  and  6  super-
       intendents  under  the jurisdiction of the department of corrections and
       community supervision of New York state to become  eligible  to  receive
       benefits under the provisions of Article 15 of the Retirement and Social
       Security  Law in addition to the half-pay plan at 25 years benefit. This
       bill would  also  cover  retired  superintendents.  Current  and  future
       affected  members  and retirees would have 90 days from the later of the
       effective date of this bill and their  date  of  being  appointed  to  a
       superintendent position to file for this benefit.
         If this bill is enacted, we anticipate that there will be an immediate
       past service cost of approximately $3.63 million which would be borne by
       the  State  of New York as a one-time payment. This estimate is based on
       the assumption that payment will be made on March 1, 2015.
         In addition to this cost, there would also be costs for future  super-
       intendents  who elect this benefit. These costs would depend on the age,
       service, salary and tier of the affected members, and would be  paid  by
       the State of New York as one time payments as they occur.
         These  estimated  costs  are  based on 26 superintendents with a total
       annual salary of approximately $2.9 million for the fiscal  year  ending
       March 31, 2013.
         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, 2013  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2013
       Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012 and 2013  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, 2013
       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  statements  of  actuarial  opinion
       contained herein.
         This estimate, dated February 11,  2014  and  intended  for  use  only
       during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-79,
       prepared by the Actuary for the New  York  State  and  Local  Employees'
       Retirement System.