S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10578
 
                           I N  A S S E M B L Y
 
                               June 20, 2024
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Bronson) --
   read once and referred to the Committee on Governmental Employees
 
 AN ACT to authorize the county of Monroe to  offer  an  optional  twenty
   year  retirement  plan to Gregory M. Prokop, a deputy sheriff employed
   by such county
 
   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  Monroe,  a participating employer in the New York state
 employees' retirement system, which has elected to  offer  the  optional
 twenty year retirement plan, established pursuant to article 14-B of the
 retirement  and social security law, to deputy sheriffs employed by such
 county, is hereby authorized to make participation in such  plan  avail-
 able  to  Gregory  M. Prokop, a deputy sheriff employed by the county of
 Monroe with a start date of  October  8,  1991,  who,  for  reasons  not
 ascribable to his own negligence, failed to make a timely application to
 participate  in such optional twenty year plan contained in article 14-B
 of the retirement and social security law. The county of Monroe  may  so
 elect  by filing with the state comptroller, on or before 180 days after
 this act shall have become a law, a resolution  of  its  governing  body
 together  with  certification that such deputy sheriff did not bar them-
 self from participation in the retirement plan as a result of their  own
 negligence.    Thereafter, such deputy sheriff may individually elect to
 be covered by the provisions of sections 552 and 553 of  the  retirement
 and  social security law, and the retirement system shall credit service
 from October 8, 1991 to present  under  sections  552  and  553  of  the
 retirement and social security law. Such member may effectuate by filing
 an  election with the retirement system within one year of the effective
 date of this act.
   § 2. All employer past service costs associated with implementing  the
 provisions of this act shall be borne by the county of Monroe and may be
 amortized over a five-year period.
   § 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.
              

                                                            LBD13965-03-4
 A. 10578                            2
 
   This  bill  would allow Gregory M. Prokop, a current member of the New
 York State and Local Employees' Retirement System employed as  a  deputy
 sheriff by the County of Monroe and covered under the 25-year retirement
 plan  of  Section 89-p of the Retirement and Social Security Law (RSSL),
 to elect to be covered under the 20-year plan of Sections 552 and 553 of
 the  RSSL.  All past service costs will be borne by the County of Monroe
 and may be amortized over a period of five years.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be an increase of  approximately  $11,000  in  the
 annual  contributions of the County of Monroe for the fiscal year ending
 March 31, 2025. In future years this cost will vary as the billing rates
 and salary of Gregory M. Prokop change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $309,000 which  will  be
 borne  by  the  County  of  Monroe  as a one-time payment. This estimate
 assumes that payment will be made on February 1, 2025. If the County  of
 Monroe  elects  to  amortize this cost over a five-year period, the cost
 for each year including interest would be $69,000.
   Summary of relevant resources:
   Membership data as of March 31, 2023 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2023
 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, 2023
 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  May 24, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No. 2024-170,  prepared  by
 the Actuary for the New York State and Local Retirement System.