S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3759
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2021
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- 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
   establishing  a  death  benefit for deputy sheriffs employed by Nassau
   county

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The retirement and social security law is amended by adding
 a new section 508-b to read as follows:
   §  508-B. DEATH BENEFIT FOR DEPUTY SHERIFFS EMPLOYED BY NASSAU COUNTY.
 NOTWITHSTANDING ANY PROVISION OF LAW TO THE  CONTRARY,  WHERE  A  DEPUTY
 SHERIFF  WOULD HAVE BEEN ENTITLED TO A SERVICE RETIREMENT BENEFIT AT THE
 TIME OF HIS OR HER DEATH AND WHERE HIS OR HER DEATH OCCURS ON  OR  AFTER
 THE EFFECTIVE DATE OF THIS SECTION, THE BENEFICIARY OR BENEFICIARIES MAY
 ELECT  TO RECEIVE, IN A LUMP SUM, AN AMOUNT PAYABLE WHICH SHALL BE EQUAL
 TO THE PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD  THE  MEMBER
 RETIRED ON THE DATE OF HIS OR HER DEATH, OR THE VALUE OF THE DEATH BENE-
 FIT  AND  THE  RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF ANY, WHICHEVER IS
 GREATER.
   § 2. The retirement and social security law is amended by adding a new
 section 606-b to read as follows:
   § 606-B. DEATH BENEFIT FOR DEPUTY SHERIFFS EMPLOYED BY NASSAU  COUNTY.
 NOTWITHSTANDING  ANY  PROVISION  OF  LAW TO THE CONTRARY, WHERE A DEPUTY
 SHERIFF WOULD HAVE BEEN ENTITLED TO A SERVICE RETIREMENT BENEFIT AT  THE
 TIME  OF  HIS OR HER DEATH AND WHERE HIS OR HER DEATH OCCURS ON OR AFTER
 THE EFFECTIVE DATE OF THIS SECTION, THE BENEFICIARY OR BENEFICIARIES MAY
 ELECT TO RECEIVE, IN A LUMP SUM, AN AMOUNT PAYABLE WHICH SHALL BE  EQUAL
 TO  THE  PENSION RESERVE THAT WOULD HAVE BEEN ESTABLISHED HAD THE MEMBER
 RETIRED ON THE DATE OF HIS OR HER DEATH, OR THE VALUE OF THE DEATH BENE-
 FIT AND THE RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF  ANY,  WHICHEVER  IS
 GREATER.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04830-02-1

 S. 3759                             2
 
   §   3.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by Nassau County and may be  amor-
 tized over a period of ten years.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would modify the in-service death benefit for Nassau County
 Deputy Sheriffs who are retirement eligible in tiers 3 through 6 of  the
 New  York  State  and Local Employees' Retirement System. The in-service
 death benefit will be the value of the pension reserve as if the  member
 had retired on their date of death.
   If this bill is enacted during the 2021 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $5,000 in the
 annual contributions of Nassau County 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 $67,300  which  will  be
 borne  by Nassau County as a one-time payment. This estimate is based on
 the assumption that payment will be made on February 1, 2022. If  Nassau
 County  elects to amortize this cost over a 10 year period, the cost for
 the first year including interest would be $8,880.
   These estimated costs are based on 57  affected  members  employed  by
 Nassau  County,  with  annual salary of approximately $6.1 million as of
 March 31, 2020.
   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 8, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No. 2021-9, prepared by the
 Actuary for the New York State and Local Retirement System.