S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7280--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 17, 2023
                                ___________
 
 Introduced  by  M.  of  A.  PALMESANO  --  read once and referred to the
   Committee on Governmental Employees -- recommitted to the Committee on
   Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to authorize the county of Steuben to offer an  optional  twenty-
   five year retirement plan to Erica M. McCoy, 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 Steuben, a participating employer in the  New  York  state
 employees'  retirement  system,  which has elected to offer the optional
 twenty-five 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
 available  to Erica M. McCoy, a deputy sheriff employed by the county of
 Steuben with a start date of September 6, 2016,  who,  for  reasons  not
 ascribable to her own negligence, failed to make a timely application to
 participate  in such optional twenty-five year plan contained in article
 14-B of the retirement and social security law. The  county  of  Steuben
 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
 themself  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 section 551 of the retirement and
 social security law, and shall be entitled to the full rights and  bene-
 fits  associated  with  coverage under such section, by filing a request
 with the state within one year of the effective date of this act.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10841-03-4
 A. 7280--A                          2
              

 
   § 2. All employer past service costs associated with implementing  the
 provisions  of  this act shall be borne by the county of Steuben and may
 be amortized over a five-year period.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow  the County of Steuben to elect to reopen the
 provisions of Section 551 of Article 14-B of the Retirement  and  Social
 Security Law for deputy sheriff Erica M. McCoy.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate  that  there  will  be  an increase of approximately $4,700 in the
 annual contributions of the County of Steuben for the fiscal year ending
 March 31, 2025. In future years this cost will vary as the billing rates
 and salary of Erica M. McCoy change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $28,600  which  will  be
 borne  by  the  County  of  Steuben as a one-time payment. This estimate
 assumes that payment will be made on February 1, 2025. If the County  of
 Steuben  elects  to amortize this cost over a five-year period, the cost
 for each year including interest would be $6,390.
   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 March 15, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No. 2024-114,  prepared  by
 the Actuary for the New York State and Local Retirement System.