S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8536
 
                             I N  S E N A T E
 
                             February 9, 2024
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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
   accidental disability retirement for deputy sheriffs
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph 3 of subdivision e of section 556 of the  retire-
 ment  and  social  security  law, as added by chapter 165 of the laws of
 1995, is amended to read as follows:
   3. A pension of  two-thirds  of  his  or  her  final  average  salary;
 PROVIDED,  HOWEVER,  A  DEPUTY SHERIFF SHALL RECEIVE A PENSION OF THREE-
 QUARTERS OF HIS OR HER FINAL AVERAGE SALARY IF SUCH  DEPUTY  SHERIFF  IS
 EMPLOYED  BY  AN  EMPLOYER  THAT  HAS ELECTED TO PROVIDE SUCH BENEFIT TO
 DEPUTY SHERIFFS. The payment of such pension shall  be  subject  to  the
 provisions of section [three hundred] sixty-four of this chapter.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow county employers to elect to provide improved
 accidental  disability  pensions  to  deputy  sheriffs  covered  by  the
 provisions  of  Article  14-B of the Retirement and Social Security Law.
 The improved disability benefit would be three-quarters of final average
 salary less Workers' Compensation. The  current  disability  benefit  is
 two-thirds of final average salary less Workers' Compensation.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate  that there will be an increase in the annual contributions of any
 electing county of 0.2% of affected  deputy  sheriffs'  salary  for  the
 fiscal  year ending March 31, 2025. 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 1.0% of affected  deputy
 sheriffs'  salary,  which will be borne by any electing county as a one-
 time payment. This estimate assumes that payment will be made on  Febru-
 ary 1, 2025.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08482-04-4
              

 S. 8536                             2
 
   These  estimated  costs  are  based on 2,848 affected deputy sheriffs,
 with annual salary of approximately $277.8 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 3, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No.  2024-37,  prepared  by
 the Actuary for the New York State and Local Retirement System.