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.