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A07280 Summary:

BILL NOA07280A
 
SAME ASSAME AS S07071-A
 
SPONSORPalmesano
 
COSPNSRByrnes
 
MLTSPNSR
 
 
Authorizes the county of Steuben to offer an optional twenty-five year retirement plan to Erica M. McCoy, a deputy sheriff employed by such county.
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A07280 Actions:

BILL NOA07280A
 
05/17/2023referred to governmental employees
01/03/2024referred to governmental employees
03/19/2024amend and recommit to governmental employees
03/19/2024print number 7280a
05/14/2024reported referred to ways and means
06/07/2024reported referred to rules
06/07/2024reported
06/07/2024rules report cal.607
06/07/2024substituted by s7071a
 S07071 AMEND=A O'MARA
 05/17/2023REFERRED TO CIVIL SERVICE AND PENSIONS
 01/03/2024REFERRED TO CIVIL SERVICE AND PENSIONS
 03/19/2024AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
 03/19/2024PRINT NUMBER 7071A
 06/04/2024COMMITTEE DISCHARGED AND COMMITTED TO RULES
 06/04/2024ORDERED TO THIRD READING CAL.1697
 06/04/2024HOME RULE REQUEST
 06/04/2024PASSED SENATE
 06/04/2024DELIVERED TO ASSEMBLY
 06/04/2024referred to ways and means
 06/07/2024substituted for a7280a
 06/07/2024ordered to third reading rules cal.607
 06/07/2024home rule request
 06/07/2024passed assembly
 06/07/2024returned to senate
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A07280 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7280A
 
SPONSOR: Palmesano
  TITLE OF BILL: An act to authorize the county of Steuben to offer an optional twenty- five year retirement plan to Erica M. McCoy, a deputy sheriff employed by such county   PURPOSE: This legislation would authorize Erica M. McCoy, a deputy sheriff employed with the county of Steuben to participate in the optional twen- ty-five year retirement plan.   SUMMARY OF PROVISIONS: Section 1- Section 1 authorizes participation in such plan be made available to Erica McCoy. Section 2 - States that all costs associated with implementation of this bill would be borne by the county of Steuben. Section 3 - Sets effective date   LEGISLATIVE HISTORY: New Bill   FISCAL IMPLICATIONS: See fiscal note   EFFECTIVE DATE: This act shall take effect immediately.
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A07280 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7280--A
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 17, 2023
                                       ___________
 
        Introduced  by  M.  of  A.  PALMESANO  --  read once and referred to the
          Committee on Governmental Employees -- recommitted to the Committee on
          Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee

        AN ACT to authorize the county of Steuben to offer an  optional  twenty-
          five year retirement plan to Erica M. McCoy, a deputy sheriff employed
          by such county
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Notwithstanding any other provision of law to the contrary,
     2  the county of Steuben, a participating employer in the  New  York  state
     3  employees'  retirement  system,  which has elected to offer the optional
     4  twenty-five year retirement plan, established pursuant to  article  14-B
     5  of  the  retirement and social security law, to deputy sheriffs employed
     6  by such county, is hereby authorized to make participation in such  plan
     7  available  to Erica M. McCoy, a deputy sheriff employed by the county of
     8  Steuben with a start date of September 6, 2016,  who,  for  reasons  not
     9  ascribable to her own negligence, failed to make a timely application to
    10  participate  in such optional twenty-five year plan contained in article
    11  14-B of the retirement and social security law. The  county  of  Steuben
    12  may so elect by filing with the state comptroller, on or before 180 days
    13  after  this  act  shall have become a law, a resolution of its governing
    14  body together with certification that such deputy sheriff  did  not  bar
    15  themself  from participation in the retirement plan as a result of their
    16  own negligence. Thereafter, such deputy sheriff may  individually  elect
    17  to  be  covered  by  the provisions of section 551 of the retirement and
    18  social security law, and shall be entitled to the full rights and  bene-
    19  fits  associated  with  coverage under such section, by filing a request
    20  with the state within one year of the effective date of this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10841-03-4

        A. 7280--A                          2
 
     1    § 2. All employer past service costs associated with implementing  the
     2  provisions  of  this act shall be borne by the county of Steuben and may
     3  be amortized over a five-year period.
     4    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  allow  the County of Steuben to elect to reopen the
        provisions of Section 551 of Article 14-B of the Retirement  and  Social
        Security Law for deputy sheriff Erica M. McCoy.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate  that  there  will  be  an increase of approximately $4,700 in the
        annual contributions of the County of Steuben for the fiscal year ending
        March 31, 2025. In future years this cost will vary as the billing rates
        and salary of Erica M. McCoy change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $28,600  which  will  be
        borne  by  the  County  of  Steuben as a one-time payment. This estimate
        assumes that payment will be made on February 1, 2025. If the County  of
        Steuben  elects  to amortize this cost over a five-year period, the cost
        for each year including interest would be $6,390.
          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 March 15, 2024, and intended for use only during
        the 2024 Legislative Session, is Fiscal Note No. 2024-114,  prepared  by
        the Actuary for the New York State and Local Retirement System.
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