Allows John R. Panichi to join the special retirement plan for sheriffs, undersheriffs and deputy sheriffs.
Ayes (58): Addabbo, Avella, Ball, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Espaillat, Farley, Felder, Flanagan, Fuschillo, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Krueger, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Rivera, Robach, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Tkaczyk, Valesky, Young, Zeldin
Nays (1): Lanza
Excused (4): Adams, Ranzenhofer, Ritchie, Sampson
TITLE OF BILL: An act in relation to allowing John R. Panichi to join the special retirement plan for sheriffs, undersheriffs and deputy sheriffs
PURPOSE: To allow John R. Panichi, a deputy sheriff in Rensselaer County, the option to join the special retirement plan for sheriffs, undersheriffs and deputy sheriffs.
Section 1 provides John R. Panichi the ability to join the special retirement plan on or before December 31, 2013.
Section 2 provides that all costs incurred as a result shall be borne by Rensselaer County.
Section 3 is the effective date.
JUSTIFICATION: Pursuant to Retirement and Social Security Law Section 553, which is an additional pension benefit for members of the optional twenty year retirement plan, sheriff's deputies may elect such coverage within one year of either joining the retirement system or being appointed to the position. John R. Panichi, due to no negligence of his own, was unable to join within this time period. Rensselaer County would like to extend this option for Mr. Panichi and the county legislature has passed a resolution to this effect. In the resolution, the county has agreed to bear all costs. A fiscal impact note from the State Comptroller's Office estimates that Rensselaer County will be required to fund an increase of $8,100 in annual contributions and immediate past service cost of approximately $51,600.
LEGISLATIVE HISTORY: S3411 (2012) Referred to Civil Service and Pensions
FISCAL IMPACT: None to the State.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 4389 2013-2014 Regular Sessions IN SENATE March 26, 2013 ___________Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT in relation to allowing John R. Panichi to join the special retirement plan for sheriffs, undersheriffs and deputy sheriffs THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any other provision of law, John R. Pani- chi, who is employed as a deputy sheriff in the county of Rensselaer, and who is a member of the New York state and local employees' retire- ment system, and who was eligible to make the election pursuant to section 553 of the retirement and social security law to join the special retirement plan for sheriffs, undersheriffs and deputy sheriffs engaged in law enforcement activities, shall be eligible to individually join such special retirement plan if the county of Rensselaer so elects by filing with the state comptroller, on or before December 31, 2013, a resolution of its governing body together with certification that such deputy sheriff did not bar himself from participation in such retirement plan as a result of his own negligence. Thereafter such deputy sheriff may elect to be covered by the provisions of section 553 of the retire- ment and social security law, and shall be entitled to the full rights and benefits associated with coverage under such section for the service rendered with the county of Rensselaer only, by filing a request to that effect with the state comptroller on or before June 30, 2014. S 2. All costs incurred by the implementation of this act shall be borne by the county of Rensselaer. S 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will allow Rensselaer County to reopen section 553 of the Retirement and Social Security Law for deputy sheriff John R. Panichi. If this bill is enacted during the 2013 legislative session and deputy sheriff John R. Panichi becomes covered under the provisions of sectionEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02760-03-3 S. 4389 2 553, we anticipate that there will be an increase of approximately $8,100 in the annual contributions of Rensselaer County for the fiscal year ending March 31, 2014. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $51,600 which would be borne by Rensselaer County as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2014. Summary of relevant resources: Data: March 31, 2012 Actuarial Year End File with distributions of membership and other statistics displayed in the 2012 Report of the Actuary and 2012 Comprehensive Annual Financial Report. Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the State of New York: Audit and Control. Market Assets and GASB Disclosures: March 31, 2012 New York State and Local Retirement System Financial Statements and Supplementary Informa- tion. Valuations of Benefit Liabilities and Actuarial Assets: summarized in the 2012 Actuarial Valuations report. 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 20, 2013 and intended for used only during the 2013 Legislative Session, is Fiscal Note No. 2013-102, prepared by the Actuary for the New York State and Local Employees' Retirement System.