S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10622
 
                           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 granting of retirement  service  credit  in  the
   optional  twenty year retirement plan to Duane A. Palma for service as
   a correction officer
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any inconsistent provision of law, Duane A.
 Palma,  a  deputy  sheriff currently employed by the Monroe county sher-
 iff's office who was employed as a  correction  officer  by  the  Monroe
 county  sheriff's  office  jail  bureau  beginning on February 22, 1999,
 shall be given full credit in the optional twenty year retirement  plan,
 established  pursuant  to  sections  552  and  553 of the retirement and
 social security law, for such employment as a correction officer at  the
 Monroe  county  sheriff's  office  jail  bureau upon the election of the
 county of Monroe to assume the additional cost of such service  and  his
 election  to participate in such plan. The county of Monroe may so elect
 within one year of the effective date of this act, by  filing  with  the
 state  comptroller  a  resolution of its local legislative body together
 with certification that such member did not  bar  himself  from  partic-
 ipation in such retirement plan as a result of his own negligence.
   §  2. Such deputy sheriff may elect to be covered by the provisions of
 sections 552 and 553 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 eighteen months of the effective date of this act.
   § 3. All employer past service costs associated with  the  implementa-
 tion of this act shall be borne by the county of Monroe and may be amor-
 tized over a period of five years.
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow Duane A. Palma, a current member of the New York
 State  and  Local  Employees'  Retirement System (NYSLERS) employed as a
 deputy sheriff by the County of Monroe and  covered  under  the  25-year
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13976-03-4
 A. 10622                            2
 
 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  retroactive to February 22, 1999. 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, there
 will be an immediate past service cost of approximately  $177,000  which
 will  be borne by the County of Monroe as a one-time payment. This esti-
 mate assumes that payment will be made on February 1, 2025. If the Coun-
 ty of Monroe elects to amortize this cost over a five-year  period,  the
 cost for each year including interest would be $39,600.
   This  bill  will  not  increase the future annual contributions of the
 County of Monroe.
   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. 2024-169,  prepared  by
 the Actuary for the New York State and Local Retirement System.