Bill Text: NY A05020 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to accidental disability retirement for deputy sheriffs; provides that deputy sheriffs shall receive a pension of three-quarters of their final average salary.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2019-03-19 - reported referred to ways and means [A05020 Detail]

Download: New_York-2019-A05020-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5020
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2019
                                       ___________
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
        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:
     1    Section  1. Paragraph 3 of subdivision e of section 556 of the retire-
     2  ment and social security law, as added by chapter 165  of  the  laws  of
     3  1995, is amended to read as follows:
     4    3.  A  pension  of  two-thirds  of  his  or  her final average salary;
     5  provided, however, a deputy sheriff shall receive a  pension  of  three-
     6  quarters  of  his  or her final average salary if such deputy sheriff is
     7  employed by an employer that has elected  to  provide  such  benefit  to
     8  deputy  sheriffs.  The  payment  of such pension shall be subject to the
     9  provisions of section [three hundred] sixty-four of this chapter.
    10    § 2. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This bill would allow employers to elect  to  provide  improved  acci-
        dental  disability  pensions  to  deputy sheriffs who are covered by the
        provisions of Article 14-B of the Retirement and  Social  Security  Law.
        The  benefit  for  an  accidental  disability would be three-quarters of
        final average salary minus worker's compensation. The current benefit is
        two-thirds of final average salary minus worker's compensation.
          If this bill is enacted, the estimated increase in the annual contrib-
        utions of electing counties would be 0.3% of the compensation  of  their
        deputy sheriffs for the fiscal year ending March 31, 2020.
          In addition to the annual contributions discussed above, there will be
        a  past service cost of 0.9% of the compensation of such deputy sheriffs
        which will be paid by such electing counties as a one-time payment. This
        estimate is based on the assumption that payment will be made on  Febru-
        ary 1, 2020.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08061-02-9

        A. 5020                             2
          Summary of relevant resources:
          The  membership  data  used  in  measuring  the impact of the proposed
        change was the same as that used in the March 31, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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 judgement of an attorney.
          This  estimate  is  dated  January 29, 2019, and intended for use only
        during the  2019  Legislative  Session,  is  Fiscal  Note  No.  2019-44,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.
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