Allow Ranger Retirement Option

Section 1. Notwithstanding any other provision of law, Jaime Laczko, a member of the New York state and local police and fire retirement system, who is employed by the department of environmental conservation as a full-time forest ranger I, who upon commencing such employment became a member of such retirement system subject to the provisions of section 375-h of the retirement and social security law, who was eligible, at such time, to elect to join the New York state and local police and fire retirement system subject to the optional twenty-five year retirement plan for forest rangers in the service of the department of environmental conservation pursuant to section 383-c of the retirement and social security law, and who, for reasons not ascribable to his own negligence, failed to elect to participate in such twenty-five year retirement plan, shall be deemed to have elected to participate in the retirement plan, established by section 383-c of the retirement and social security law, upon commencement of his employment as a forest ranger I, if, within 1 year of the effective date of this act, he shall file an application therefor with the state comptroller.

§ 2. All past costs associated with implementing the provisions of this act shall be borne by the state of New York. Jaime Laczko shall bear no costs associated with the implementation of the provisions of this act.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD08760-03-0

A. 6979--A 2

§ 3. This act shall take effect immediately.

FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

This bill will deem Jaime Laczko, a forest ranger currently covered

under an age 55 retirement plan, to have elected to participate in the

year retirement plan established by Section 383-c of the Retirement

and Social Security Law.

If this bill is enacted during the 2020 legislative session and Jaime

Laczko becomes covered under the provisions of Section 383-c, we antic-

ipate that there will be an increase of approximately $5,000 in the

annual contributions of the State of New York for the fiscal year ending

March 31, 2021. In future years, this cost will vary as the billing

rates and salary of Jaime Laczko change.

In addition to the annual contributions discussed above, there will be

an immediate past service cost of approximately $60,000 which will be

borne by the State of New York as a one-time payment. This estimate is

based on the assumption that payment will be made on March 1, 2021.

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, 2019 actuarial valu-

ation. Distributions and other statistics can be found in the 2019

Report of the Actuary and the 2019 Comprehensive Annual Financial

Report.

The actuarial assumptions and methods used are described in the 2015,

2016, 2017, 2018, and 2019 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, 2019

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 June 4, 2020, and intended for use only during

the 2020 Legislative Session, is Fiscal Note No. 2020-120, prepared by

the Actuary for the New York State and Local Retirement System.