Bill Text: NY A10415 | 2017-2018 | General Assembly | Introduced

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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: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2018-06-13 - substituted by s8066 [A10415 Detail]

Download: New_York-2017-A10415-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10415
                   IN ASSEMBLY
                                     April 19, 2018
                                       ___________
        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 who have elected Article 14-B  of  the
        Retirement and Social Security Law to elect to provide an improved acci-
        dental  disability pension to deputy sheriffs in their employ. The bene-
        fit for an accidental disability would be 75% of  final  average  salary
        minus worker's compensation. The current benefit is 2/3 of final average
        salary minus worker's compensation.
          If this bill is enacted, the estimated increase in the annual contrib-
        utions  of  electing  counties for the fiscal year ending March 31, 2019
        would be 0.3% of the compensation of their deputy sheriffs.
          In addition to the annual contributions discussed above, there will be
        a past service cost of 1.0% of the compensation of such deputy  sheriffs
        which  will  be paid by such counties as a one-time payment.  This esti-
        mate is based on the assumption that payment will be made on February 1,
        2019.
          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, 2017 actuarial valu-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11765-06-8
        A. 10415                            2
        ation.  Distributions and other statistics can  be  found  in  the  2017
        Report  of  the  Actuary  and  the  2017  Comprehensive Annual Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, and 2017 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, 2017
        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  estimate, dated March 22, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No.  2018-76,  prepared  by
        the Actuary for the New York State and Local Retirement System.