Bill Text: NY S06092 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to accidental disability retirement for deputy sheriffs; provides that deputy sheriffs shall receive a pension of three-quarters of their final average salary.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-06-10 - SUBSTITUTED BY A4392 [S06092 Detail]

Download: New_York-2021-S06092-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6092

                               2021-2022 Regular Sessions

                    IN SENATE

                                      April 8, 2021
                                       ___________

        Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN  ACT  to amend the retirement and social security law, in relation to
          accidental disability retirement for deputy sheriffs

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Paragraph 3 of subdivision e of section 556 of the retire-
     2  ment and social security law, as added by chapter 165  of  the  laws  of
     3  1995, is amended to read as follows:
     4    3.  A  pension  of  two-thirds  of  his  or  her final average salary;
     5  provided, however, a deputy sheriff shall receive a  pension  of  three-
     6  quarters  of  his  or her final average salary if such deputy sheriff is
     7  employed by an employer that has elected  to  provide  such  benefit  to
     8  deputy  sheriffs.  The  payment  of such pension shall be subject to the
     9  provisions of section [three hundred] sixty-four of this chapter.
    10    § 2. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This bill would allow employers to elect  to  provide  improved  acci-
        dental  disability  pensions  to  deputy sheriffs who are covered by the
        provisions of Article 14-B of the Retirement and  Social  Security  Law.
        The  benefit  for  an  accidental  disability would be three-quarters of
        final average salary minus worker's compensation. The current benefit is
        two-thirds of final average salary minus worker's compensation.
          If this bill is enacted during the 2021 legislative session, we antic-
        ipate that there will be an increase  in  the  annual  contributions  of
        electing  counties  of 0.3% of the compensation of their deputy sheriffs
        for the fiscal year ending March 31, 2022. In future  years,  this  cost
        will  vary  as  the  billing  rates  and  salary of the affected members
        change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately 0.9% of the compensation

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08520-02-1
        S. 6092                             2

        of such deputy sheriffs which will be borne by the electing county as  a
        one-time  payment. This estimate is based on the assumption that payment
        will be made on February 1, 2022.
          Summary of relevant resources:
          Membership  data as of March 31, 2020 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        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, 2020
        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 February 3,  2021,  and  intended  for  use  only
        during  the  2021  Legislative  Session,  is  Fiscal  Note  No. 2021-71,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.