STATE OF NEW YORK ________________________________________________________________________ 8066 IN SENATE March 23, 2018 ___________ Introduced by Sen. GOLDEN -- 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: 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. LBD11765-06-8S. 8066 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.