What's happening
This bill allows certain corrections superintendents to elect enhanced retirement benefits similar to other retirement plans within 90 days of appointment.
Why it matters
Expands retirement benefit options. for corrections superintendents by letting them opt into a more advantageous retirement plan (the Article 15 plan and half-pay at 25 years), which is already available to others in similar roles—addressing potential inequities in retirement benefits across titles and tiers.
Creates a 90-day election window. for new and current superintendents, ensuring they have a limited but clear opportunity to choose enhanced retirement benefits, which may influence career decisions and improve retention or recruitment for these leadership positions.
Carries a significant fiscal impact. for the state, with an immediate estimated cost of nearly $3 million for current eligible superintendents, plus ongoing costs as new superintendents take advantage of this benefit—meaning taxpayers and policymakers must weigh the retirement improvements against the additional public expense.
Targets Tier 3, 5, and 6 superintendents. , groups who typically have less generous pension formulas than earlier tiers, thus partially correcting disparities in public sector retirement security created by previous pension reform laws.
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Who cares
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Equal Retirement for Superintendents
Plain English, a few words. Used as the page title.
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History
- Referred to governmental employees
- Referred to governmental employees
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6321
2017-2018 Regular Sessions
IN ASSEMBLY
March 2, 2017
Introduced by M. of A. WEPRIN -- read once and referred to the Committee on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to providing equal retirement benefits for persons who have been appointed to the title of superintendent in the department of corrections and community supervision
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Clause (ii) of subparagraph (b) of paragraph 2 of subdivision a of section 600 of the retirement and social security law, as amended by section 149 of subpart B of part C of chapter 62 of the laws of 2011, is amended and two new clauses (iii) and (iv) are added to read as follows:
(ii) a person who serves in the title of superintendent as of April first, two thousand six, who has had at least seven years of service credited toward the retirement plan established pursuant to this article while employed by the department of corrections and community supervision and who elects the retirement plan established pursuant to this article on or before September thirtieth, two thousand six. Such election shall be in writing, shall be duly executed and filed with the comptroller and shall be irrevocable as long as such person is in the title of superintendent[.]; or
(iii) a person who is appointed to the title of superintendent in institutions under the jurisdiction of the department of corrections and community supervision and who elects the retirement plan established pursuant to this article within ninety days of his or her appointment. Such election shall be in writing, shall be duly executed and filed with the comptroller and shall be irrevocable as long as such person is in the title of superintendent; or
(iv) a person who serves in the title of superintendent on the effective date of this clause and who elects the retirement plan established
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01310-04-7
A. 6321 2
pursuant to this article within ninety days of the effective date of this clause. Such election shall be in writing, shall be duly executed and filed with the comptroller and shall be irrevocable as long as such person is in the title of superintendent.
§ 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow certain Tier 3, 5 and 6 superintendents under
the jurisdiction of the department of corrections and community super-
vision of New York State to become eligible to receive benefits under
the provisions of Article 15 of the Retirement and Social Security Law
in addition to the half-pay plan at 25 years benefit. Current affected
members would have 90 days from the later of the effective date of this
bill and their date of being appointed to a superintendent position to
file for this benefit.
If this bill is enacted, we anticipate that there will be an immediate
past service cost of approximately $2.93 million which would be borne by
the State of New York as a one-time payment. This estimate is based on
the assumption that payment would be made on March 1, 2018.
In addition to this cost, there would also be costs for future super-
intendents who elect this benefit. These costs would depend on the age,
service, salary and tier of the affected members, and would be paid by
the State of New York as one time payments as they occur.
These estimated costs are based on 20 superintendents with a total
annual salary of approximately $2.8 million for the fiscal year ending
March 31, 2016.
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, 2016 actuarial valu-
ation. Distributions and other statistics can be found in the 2016
Report of the Actuary and the 2016 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
and 2016 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, 2016
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 February 16, 2017, and intended for the use only
during the 2017 Legislative Session, is Fiscal Note No. 2017-56,
prepared by the Actuary for the New York State and Local Retirement
System.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.