NY State Senate Bill 2023-S5536B

Senate Bill S5536B

2023-2024 Legislative Session

Provides for certain death benefits to correction officers, correction officer-sergeants, correction officer-captains, assistant wardens, associate wardens or wardens employed by Orange county

download bill text pdf

Current Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 07, 2024	committed to rules
May 13, 2024	amended on third reading 5536b
May 08, 2024	advanced to third reading
May 07, 2024	2nd report cal.
May 06, 2024	1st report cal.920
Mar 12, 2024	reported and committed to finance
Jan 22, 2024	print number 5536a
Jan 22, 2024	amend and recommit to civil service and pensions
Jan 03, 2024	referred to civil service and pensions
Jun 10, 2023	recommitted to rules
May 30, 2023	ordered to third reading cal.1376 committee discharged and committed to rules
May 09, 2023	reported and committed to finance
Mar 07, 2023	referred to civil service and pensions

Votes

- May 30, 2023 - Rules Committee Vote
  S5536B
  
  21
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: May 30, 2023
      
      aye (21)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Helming
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Thomas
  May 6, 2024 - Finance Committee Vote
  S5536B
  
  20
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: May 6, 2024
      
      aye (20)
      
      Bailey
      
      Borrello
      
      Breslin
      
      Comrie
      
      Cooney
      
      Gallivan
      
      Gounardes
      
      Griffo
      
      Hinchey
      
      Hoylman-Sigal
      
      Krueger
      
      Liu
      
      Martins
      
      Oberacker
      
      Parker
      
      Rivera
      
      Salazar
      
      Skoufis
      
      Stavisky
      
      Thomas
      
      excused (1)
      
      O'Mara
  Mar 12, 2024 - Civil Service And Pensions Committee Vote
  S5536B
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Civil Service And Pensions Committee Vote: Mar 12, 2024
      
      aye (7)
      
      Addabbo Jr.
      
      Chu
      
      Gounardes
      
      Jackson
      
      Mattera
      
      Scarcella-Spanton
      
      Weik
  May 9, 2023 - Civil Service And Pensions Committee Vote
  S5536B
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Civil Service And Pensions Committee Vote: May 9, 2023
      
      aye (7)
      
      Addabbo Jr.
      
      Chu
      
      Gounardes
      
      Jackson
      
      Mattera
      
      Scarcella-Spanton
      
      Weik

Bill Amendments

Original

B (Active)

2023-S5536 - Details

See Assembly Version of this Bill:: A6092
Current Committee:: Senate Rules
Law Section:: Retirement and Social Security Law
Laws Affected:: Add §606-d, R & SS L

2023-S5536 - Summary

Provides for certain death benefits to correction officers, correction officer-sergeants, correction officer-captains, assistant wardens, associate wardens or wardens employed by Orange county.

2023-S5536 - Sponsor Memo

                                 
BILL NUMBER: S5536

SPONSOR: SKOUFIS
 
TITLE OF BILL:

An act to amend the retirement and social security law, in relation to
providing certain death benefits to correction officers, correction
officer-sergeants, correction officer-captains, assistant wardens, asso-
ciate wardens or wardens employed by Orange county

 
PURPOSE:

The purpose of this bill is to provide a death gamble amortization for
correctional officers employed by Orange County.

 
SUMMARY OF PROVISIONS:

Section 1 adds a new Section 606-C to the Retirement and Social Security
Law that defines death benefits for corrections officers employed by
Orange County.

Section 2 states that all past service costs associated with implement-

ing this bill shall be borne by Orange County and may be amortized over
a period of 10 years.

Section 3 states that none of the provisions of this bill shall be
subject to the appropriation requirement of Section 25 of the Retirement
and Social Security Law.

Section 4 is the effective date.

 
JUSTIFICATION:

This bill provides Orange County correction officers with death gamble
benefits. The death gamble was enacted for New York law enforcement
officers, firefighters and teachers in 2000 (Chapter 554 of the Laws of
2000) to incentivize public employees who wish to work past retirement
age by providing that should the employee pass away before taking
retirement, his or her family shall be able to receive the full value of
his or her pension benefit. In extending this benefit to Orange County
correction officers, this bill helps both officers and local governments
as the County are then able to retain correction officers who may have
retired instead of working past normal retirement age.

 
LEGISLATIVE HISTORY:

New Bill.

 
STATE AND LOCAL FISCAL IMPLICATIONS:

See the fiscal note.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S5536 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5536
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 7, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- 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
   providing  certain  death  benefits to correction officers, correction
   officer-sergeants,  correction  officer-captains,  assistant  wardens,
   associate wardens or wardens employed by Orange 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 606-c to read as follows:
   § 606-C. DEATH BENEFITS FOR CORRECTION  OFFICERS  EMPLOYED  BY  ORANGE
 COUNTY.  A. AS USED IN THIS SECTION, THE TERM "CORRECTION OFFICER" SHALL
 MEAN A PERSON EMPLOYED BY THE ORANGE COUNTY CORRECTION DEPARTMENT WITH A
 TITLE OF CORRECTION  OFFICER,  CORRECTION  OFFICER-SERGEANT,  CORRECTION
 OFFICER-CAPTAIN, ASSISTANT WARDEN, ASSOCIATE WARDEN OR WARDEN.
   B.  NOTWITHSTANDING  ANY  PROVISION  OF  LAW  TO THE CONTRARY, WHERE A
 CORRECTION OFFICER 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 THE CHAPTER OF THE LAWS OF  TWO
 THOUSAND  TWENTY-THREE THAT ADDED THIS SECTION, THE BENEFICIARY OR BENE-
 FICIARIES 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  BENEFIT AND THE RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF ANY,
 WHICHEVER IS GREATER.
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the county of Orange and may be
 amortized over a period of ten years.
   §  3. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall  be  subject  to  the  appropriation
 requirement of section 25 of the retirement and social security law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04118-02-3

 S. 5536                             2
 
   § 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 retirement
 eligible members of the New York State and Local  Employees'  Retirement
 System  who  are employed by Orange County in certain correction officer
 titles. 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 2023 legislative session, we antic-
 ipate  that  there  will  be an increase of approximately $34,000 in the
 annual contributions of Orange County for the fiscal year  ending  March
 31,  2024. 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 $252,000 which  will  be
 borne by Orange County as a one-time payment. This estimate assumes that
 payment  will  be  made  on February 1, 2024. If Orange County elects to
 amortize this cost over a 10-year period, the cost for  the  first  year
 including interest would be $32,200.
   These  estimated  costs  are based on 290 affected members employed by
 Orange County, with annual salary of approximately $31.5 million  as  of
 March 31, 2022.
   Summary of relevant resources:
   Membership  data as of March 31, 2022 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in the  2020,
 2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
 tions, 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, 2022
 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 3, 2023, and intended for use  only  during
 the  2023  Legislative  Session, is Fiscal Note No. 2023-88, prepared by
 the Actuary for the New York State and Local Retirement System.

2023-S5536A - Details

See Assembly Version of this Bill:: A6092
Current Committee:: Senate Rules
Law Section:: Retirement and Social Security Law
Laws Affected:: Add §606-d, R & SS L

2023-S5536A - Summary

Provides for certain death benefits to correction officers, correction officer-sergeants, correction officer-captains, assistant wardens, associate wardens or wardens employed by Orange county.

2023-S5536A - Sponsor Memo

                                 
BILL NUMBER: S5536A

SPONSOR: SKOUFIS
 
TITLE OF BILL:

An act to amend the retirement and social security law, in relation to
providing certain death benefits to correction officers, correction
officer-sergeants, correction officer-captains, assistant wardens, asso-
ciate wardens or wardens employed by Orange county

 
PURPOSE:

The purpose of this bill is to provide a death gamble amortization for
correctional officers employed by Orange County.

 
SUMMARY OF PROVISIONS:

Section 1 adds a new Section 606-C to the Retirement and Social

Security Law that defines death benefits for corrections officers
employed by Orange County.

Section 2 states that all past service costs associated with implement-
ing this bill shall be borne by Orange County and may be amortized over
a period of 10 years.

Section 3 states that none of the provisions of this bill shall be
subject to the appropriation requirement of Section 25 of the Retirement
and Social Security Law.

Section 4 is the effective date.

 
JUSTIFICATION:

This bill provides Orange County correction officers with death gamble
benefits. The death gamble was enacted for New York law enforcement
officers, firefighters and teachers in 2000 (Chapter 554 of the Laws of
2000) to incentivize public employees who wish to work past retirement
age by providing that should the employee pass away before taking
retirement, his or her family shall be able to receive the full value of
his or her pension benefit. In extending this benefit to Orange County
correction officers, this bill helps both officers and local governments
because the County will be able to retain correction officers who may
have retired instead of working past normal retirement age.

 
LEGISLATIVE HISTORY:

New Bill.

 
STATE AND LOCAL FISCAL IMPLICATIONS:

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S5536A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5536--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 7, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT  to amend the retirement and social security law, in relation to
   providing certain death benefits to  correction  officers,  correction
   officer-sergeants,  correction  officer-captains,  assistant  wardens,
   associate wardens or wardens employed by Orange 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 606-d to read as follows:
   §  606-D.  DEATH  BENEFITS  FOR CORRECTION OFFICERS EMPLOYED BY ORANGE
 COUNTY. A. AS USED IN THIS SECTION, THE TERM "CORRECTION OFFICER"  SHALL
 MEAN A PERSON EMPLOYED BY THE ORANGE COUNTY CORRECTION DEPARTMENT WITH A
 TITLE  OF  CORRECTION  OFFICER,  CORRECTION OFFICER-SERGEANT, CORRECTION
 OFFICER-CAPTAIN, ASSISTANT WARDEN, ASSOCIATE WARDEN OR WARDEN.
   B. NOTWITHSTANDING ANY PROVISION OF  LAW  TO  THE  CONTRARY,  WHERE  A
 CORRECTION  OFFICER  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 THE CHAPTER OF THE LAWS OF TWO
 THOUSAND TWENTY-THREE THAT ADDED THIS SECTION, THE BENEFICIARY OR  BENE-
 FICIARIES  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 BENEFIT 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.
                                                            LBD04118-03-4
 S. 5536--A                          2

   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the county of Orange and may be
 amortized over a period of ten years.
   §  3. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall  be  subject  to  the  appropriation
 requirement of section 25 of the retirement and social security law.
   § 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 retirement
 eligible members of the New York State and Local  Employees'  Retirement
 System  who  are employed by Orange County in certain correction officer
 titles. 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 2024 Legislative Session, we antic-
 ipate  that  there  will  be an increase of approximately $34,000 in the
 annual contributions of Orange County for the fiscal year  ending  March
 31, 2025. In future years this cost will vary but is expected to average
 0.1% of salary annually.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $240,000 which will be
 borne by Orange County as a one-time payment. This estimate assumes that
 payment will be made on February 1, 2025. If  Orange  County  elects  to
 amortize this cost over a 10-year period, the cost for each year includ-
 ing interest would be $30,700.
   These  estimated  costs  are based on 277 affected members employed by
 Orange County, with annual salary of approximately $30.8 million  as  of
 March 31, 2023.
   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 January 16,  2024,  and  intended  for  use  only
 during  the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-67,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.

2023-S5536B (ACTIVE) - Details

See Assembly Version of this Bill:: A6092
Current Committee:: Senate Rules
Law Section:: Retirement and Social Security Law
Laws Affected:: Add §606-d, R & SS L

2023-S5536B (ACTIVE) - Summary

Provides for certain death benefits to correction officers, correction officer-sergeants, correction officer-captains, assistant wardens, associate wardens or wardens employed by Orange county.

2023-S5536B (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S5536B

SPONSOR: SKOUFIS
 
TITLE OF BILL:

An act to amend the retirement and social security law, in relation to
providing certain death benefits to correction officers, correction
officer-sergeants, correction officer-captains, assistant wardens, asso-
ciate wardens or wardens employed by Orange county

 
PURPOSE:

The purpose of this bill is to provide a death gamble amortization for
correctional officers employed by Orange County.

 
SUMMARY OF PROVISIONS:

Section 1 adds a new Section 606-C to the Retirement and Social

Security Law that defines death benefits for corrections officers
employed by Orange County.

Section 2 states that all past service costs associated with implement-
ing this bill shall be borne by Orange County and may be amortized over
a period of 10 years.

Section 3 states that none of the provisions of this bill shall be
subject to the appropriation requirement of Section 25 of the Retirement
and Social Security Law.

Section 4 is the effective date.

 
JUSTIFICATION:

This bill provides Orange County correction officers with death gamble
benefits. The death gamble was enacted for New York law enforcement
officers, firefighters and teachers in 2000 (Chapter 554 of the Laws of
2000) to incentivize public employees who wish to work past retirement
age by providing that should the employee pass away before taking
retirement, his or her family shall be able to receive the full value of
his or her pension benefit. In extending this benefit to Orange County
correction officers, this bill helps both officers and local governments
because the County will be able to retain correction officers who may
have retired instead of working past normal retirement age.

 
LEGISLATIVE HISTORY:

New Bill.

 
STATE AND LOCAL FISCAL IMPLICATIONS:

See the fiscal note.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S5536B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5536--B
     Cal. No. 920
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 7, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee  --  reported  favorably  from said committee and committed to the
   Committee on  Finance  --  reported  favorably  from  said  committee,
   ordered  to  first  and  second  report,  ordered  to a third reading,
   amended and ordered reprinted, retaining its place  in  the  order  of
   third reading
 
 AN  ACT  to amend the retirement and social security law, in relation to
   providing certain death benefits to  correction  officers,  correction
   officer-sergeants,  correction  officer-captains,  assistant  wardens,
   associate wardens or wardens employed by Orange 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 606-d to read as follows:
   §  606-D.  DEATH  BENEFITS  FOR CORRECTION OFFICERS EMPLOYED BY ORANGE
 COUNTY. A. AS USED IN THIS SECTION, THE TERM "CORRECTION OFFICER"  SHALL
 MEAN A PERSON EMPLOYED BY THE ORANGE COUNTY CORRECTION DEPARTMENT WITH A
 TITLE  OF  CORRECTION  OFFICER,  CORRECTION OFFICER-SERGEANT, CORRECTION
 OFFICER-CAPTAIN, ASSISTANT WARDEN, ASSOCIATE WARDEN OR WARDEN.
   B. NOTWITHSTANDING ANY PROVISION OF  LAW  TO  THE  CONTRARY,  WHERE  A
 CORRECTION  OFFICER  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 THE CHAPTER OF THE LAWS OF TWO
 THOUSAND TWENTY-FOUR THAT ADDED THIS SECTION, THE BENEFICIARY OR BENEFI-
 CIARIES 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD04118-05-4
 S. 5536--B                          2
 
 THE  DEATH  BENEFIT AND THE RESERVE-FOR-INCREASED-TAKE-HOME-PAY, IF ANY,
 WHICHEVER IS GREATER.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the county of Orange and may be
 amortized over a period of ten years.
   § 3. Notwithstanding any other provision of law to the contrary,  none
 of  the  provisions  of  this  act shall be subject to the appropriation
 requirement of section 25 of the retirement and social security law.
   § 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  retirement
 eligible  members  of the New York State and Local Employees' Retirement
 System who are employed by Orange County in certain  correction  officer
 titles.  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 2024 Legislative Session, we antic-
 ipate that there will be an increase of  approximately  $34,000  in  the
 annual  contributions  of Orange County for the fiscal year ending March
 31, 2025. In future years this cost will vary but is expected to average
 0.1% of salary annually.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $240,000 which  will  be
 borne by Orange County as a one-time payment. This estimate assumes that
 payment  will  be  made  on February 1, 2025. If Orange County elects to
 amortize this cost over a 10-year period, the cost for each year includ-
 ing interest would be $30,700.
   These estimated costs are based on 277 affected  members  employed  by
 Orange  County,  with annual salary of approximately $30.8 million as of
 March 31, 2023.
   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  January  16,  2024,  and intended for use only
 during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-67,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.

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Senate Bill S5536B

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Sponsored By

James Skoufis

Current Bill Status - In Senate Committee Rules Committee

Bill Amendments

2023-S5536 - Details

2023-S5536 - Summary

2023-S5536 - Sponsor Memo

2023-S5536 - Bill Text download pdf

2023-S5536A - Details

2023-S5536A - Summary

2023-S5536A - Sponsor Memo

2023-S5536A - Bill Text download pdf

2023-S5536B (ACTIVE) - Details

2023-S5536B (ACTIVE) - Summary

2023-S5536B (ACTIVE) - Sponsor Memo

2023-S5536B (ACTIVE) - Bill Text download pdf

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