Bill Text: NY S03758 | 2013-2014 | General Assembly | Amended
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 (Republican 1-0)
Status: (Introduced - Dead) 2014-02-21 - PRINT NUMBER 3758A [S03758 Detail]
Download: New_York-2013-S03758-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
3758--A
2013-2014 Regular Sessions
I N S E N A T E
February 14, 2013
___________
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05749-04-4
S. 3758--A 2
1 APPOINTMENT. SUCH ELECTION SHALL BE IN WRITING, SHALL BE DULY EXECUTED
2 AND FILED WITH THE COMPTROLLER AND SHALL BE IRREVOCABLE AS LONG AS SUCH
3 PERSON IS IN THE TITLE OF SUPERINTENDENT; OR
4 (IV) A PERSON WHO SERVES IN THE TITLE OF SUPERINTENDENT ON THE EFFEC-
5 TIVE DATE OF THIS CLAUSE, WHO HAS SERVED AT LEAST TWENTY-FIVE YEARS AS A
6 MEMBER IN THE UNIFORMED PERSONNEL IN INSTITUTIONS UNDER THE JURISDICTION
7 OF THE DEPARTMENT OF CORRECTIONS AND COMMUNITY SUPERVISION AND WHO
8 ELECTS THE RETIREMENT PLAN ESTABLISHED PURSUANT TO THIS ARTICLE WITHIN
9 NINETY DAYS OF THE EFFECTIVE DATE OF THIS CLAUSE. SUCH ELECTION SHALL BE
10 IN WRITING, SHALL BE DULY EXECUTED AND FILED WITH THE COMPTROLLER AND
11 SHALL BE IRREVOCABLE AS LONG AS SUCH PERSON IS IN THE TITLE OF SUPER-
12 INTENDENT; OR
13 (V) A PERSON WHO HAS RETIRED WHILE SERVING IN THE TITLE OF SUPERINTEN-
14 DENT, WHO HAS SERVED AT LEAST TWENTY-FIVE YEARS AS A MEMBER IN THE
15 UNIFORMED PERSONNEL IN INSTITUTIONS UNDER THE JURISDICTION OF THE
16 DEPARTMENT OF CORRECTIONS AND COMMUNITY SUPERVISION AND WHO ELECTS THE
17 RETIREMENT PLAN ESTABLISHED PURSUANT TO THIS ARTICLE WITHIN NINETY DAYS
18 OF THE EFFECTIVE DATE OF THIS CLAUSE. SUCH ELECTION SHALL BE IN WRITING,
19 SHALL BE DULY EXECUTED AND FILED WITH THE COMPTROLLER AND SHALL BE IRRE-
20 VOCABLE.
21 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.
S. 3758--A 3
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.
