S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6725
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 29, 2021
                                ___________
 
 Introduced by M. of A. CAHILL -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  to  authorize  the county of Ulster to offer an optional twenty
   year retirement plan to certain deputy sheriffs employed by such coun-
   ty
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 the county of Ulster, a participating employer in the New York state and
 local  employees'  retirement  system, which previously elected to offer
 the optional twenty year retirement plan established pursuant to section
 552 of the retirement  and  social  security  law,  to  deputy  sheriffs
 employed  by  such county, is hereby authorized to make participation in
 such plan available to Kyle Frano, Joseph Sciutto and Emmett Vedder III,
 deputy sheriffs employed by the county of Ulster, who, for  reasons  not
 ascribable  to their own negligence failed to make timely application to
 participate in such twenty year retirement plan. The  county  of  Ulster
 may  so  elect by filing with the state comptroller within six months of
 the effective date of this act, a resolution of the Ulster county legis-
 lature together with certification that such deputy sheriffs did not bar
 themselves from participation in such retirement plan  as  a  result  of
 their  own  negligence. Thereafter, such deputy sheriffs may elect to be
 covered by the provisions of section 552 of the  retirement  and  social
 security  law,  and  shall  be  entitled to the full rights and benefits
 associated with coverage under such section, by filing a request to that
 effect with the state comptroller within one year of the effective  date
 of this act.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the county of Ulster.
   § 3. This act shall take effect immediately.
   FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04989-02-1

 A. 6725                             2
 
   This bill would allow the County of Ulster  to  elect  to  reopen  the
 provisions  of Section 552 of the Retirement and Social Security Law for
 deputy sheriffs Kyle Frano, Joseph Sciutto, and Emmett Vedder III.
   If this bill is enacted during the 2021 legislative session, we antic-
 ipate  that  there  will  be an increase of approximately $22,000 in the
 annual contributions of the County of Ulster for the fiscal year  ending
 March  31,  2022.  In  future  years, this cost will vary as the billing
 rates and salary of all three deputy sheriffs change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $302,000 which  will  be
 borne  by  the  County of Ulster 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 January 4, 2021, and intended for use only during
 the  2021  Legislative  Session, is Fiscal Note No. 2021-18, prepared by
 the Actuary for the New York State and Local Retirement System.