Bill Text: NY S01968 | 2015-2016 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-07 - PRINT NUMBER 1968B [S01968 Detail]

Download: New_York-2015-S01968-Amended.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        1968--A
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 15, 2015
                                      ___________
       Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
         -- committee discharged, bill amended, ordered  reprinted  as  amended
         and recommitted to said committee
       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 two new clauses (iii) and (iv) are added to read
    5  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 IN
   16  INSTITUTIONS UNDER THE JURISDICTION OF THE DEPARTMENT OF CORRECTIONS AND
   17  COMMUNITY SUPERVISION AND WHO ELECTS  THE  RETIREMENT  PLAN  ESTABLISHED
   18  PURSUANT  TO  THIS ARTICLE WITHIN NINETY DAYS OF HIS OR HER APPOINTMENT.
   19  SUCH ELECTION SHALL BE IN WRITING, SHALL BE DULY EXECUTED AND FILED WITH
   20  THE COMPTROLLER AND SHALL BE IRREVOCABLE AS LONG AS SUCH  PERSON  IS  IN
   21  THE TITLE OF SUPERINTENDENT; OR
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01296-06-5
       S. 1968--A                          2
    1    (IV)  A PERSON WHO SERVES IN THE TITLE OF SUPERINTENDENT ON THE EFFEC-
    2  TIVE DATE OF THIS CLAUSE AND WHO ELECTS THE RETIREMENT PLAN  ESTABLISHED
    3  PURSUANT  TO  THIS  ARTICLE  WITHIN NINETY DAYS OF THE EFFECTIVE DATE OF
    4  THIS CLAUSE. SUCH ELECTION SHALL BE IN WRITING, SHALL BE  DULY  EXECUTED
    5  AND  FILED WITH THE COMPTROLLER AND SHALL BE IRREVOCABLE AS LONG AS SUCH
    6  PERSON IS IN THE TITLE OF SUPERINTENDENT.
    7    S 2. This act shall take effect immediately.
         FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
         This bill would allow certain Tier 3, 5 and  6  superintendents  under
       the  jurisdiction  of the department of corrections and community super-
       vision of New York state to become eligible to  receive  benefits  under
       the  provisions  of Article of the Retirement and Social Security Law in
       addition to the half-pay plan at  25  years  benefit.  Current  affected
       members  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 $3.74 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 would be made on March 1, 2016.
         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 27 superintendents with a total
       annual salary of approximately $2.9 million or the  fiscal  year  ending
       March 31, 2014.
         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  statement  of  actuarial  opinion
       contained herein.
         This estimate, dated May 7, 2015 and intended for use only during  the
       2015  Legislative  Session, is Fiscal Note No. 2015-109, prepared by the
       Actuary for the New York State and Local Employees' Retirement System.