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A10251 Summary:

BILL NOA10251
 
SAME ASSAME AS S08208
 
SPONSORMcDonald
 
COSPNSR
 
MLTSPNSR
 
 
Authorizes the city of Cohoes, in the county of Albany, to offer certain retirement options to police officer Jeffrey Bressette.
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A10251 Actions:

BILL NOA10251
 
03/27/2018referred to governmental employees
05/30/2018reported referred to ways and means
06/11/2018reported referred to rules
06/13/2018reported
06/13/2018rules report cal.183
06/13/2018ordered to third reading rules cal.183
06/14/2018home rule request
06/14/2018passed assembly
06/14/2018delivered to senate
06/14/2018REFERRED TO RULES
06/18/2018SUBSTITUTED FOR S8208
06/18/20183RD READING CAL.1166
06/18/2018HOME RULE REQUEST
06/18/2018PASSED SENATE
06/18/2018RETURNED TO ASSEMBLY
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A10251 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10251
 
                   IN ASSEMBLY
 
                                     March 27, 2018
                                       ___________
 
        Introduced by M. of A. McDONALD -- read once and referred to the Commit-
          tee on Governmental Employees
 
        AN  ACT  to  authorize  the  city of Cohoes, in the county of Albany, to
          offer certain retirement options to police officer Jeffrey Bressette
 
          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 city of Cohoes, in the county of Albany, a participating employer in
     3  the  New  York  state and local police and fire retirement system, which
     4  previously elected to offer the  optional  retirement  plan  established
     5  pursuant  to  section 384-d of the retirement and social security law to
     6  police officers employed by such city,  is  hereby  authorized  to  make
     7  participation in such plan available to Jeffrey Bressette a police offi-
     8  cer  employed  by the city of Cohoes, who, on the effective date of this
     9  act is covered under the provisions of section 375-i of  the  retirement
    10  and  social security law, and who, for reasons not ascribable to his own
    11  negligence failed to make a timely application to  participate  in  such
    12  optional retirement plan. The city of Cohoes may so elect by filing with
    13  the  state  comptroller, on or before December 31, 2018, a resolution of
    14  its legislative body together with certification that such police  offi-
    15  cer  did not bar himself from participation in such retirement plan as a
    16  result of his own negligence. Thereafter, such police officer may  elect
    17  to  be  covered by the provisions of section 384-d 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 to
    20  that effect with the state comptroller on or before June 30, 2019.
    21    §   2.  All  past  service  costs  associated  with  implementing  the
    22  provisions of this act shall be borne by the city of Cohoes.
    23    § 3. This act shall take effect immediately.
          FISCAL NOTE:  This bill will allow the City of Cohoes  to  reopen  the
        provisions  of  section  384-d of the Retirement and Social Security Law
        for police officer Jeffery Bressette, who is currently  covered  by  the
        provisions  of  section  375-i.  Officer  Bressette  is  also  currently
        employed by the Town of Coeymans, and was  previously  employed  by  the
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14177-02-8

        A. 10251                            2
 
        Town  of  Waterford.  Only  his service and salary earned in association
        with employment by  the  City  of  Cohoes  will  become  creditable  and
        included  in  the  calculation of final average salary toward retirement
        under 384-d pursuant to this legislation.
          If this legislation is enacted during the 2018 legislative session, we
        anticipate that there will be an increase of approximately $6,200 in the
        annual  contributions  of  the City of Cohoes for the fiscal year ending
        March 31, 2019. In future years, this cost  will  vary  as  the  billing
        rates and salaries of Jeffery Bressette change.
          There is no past service cost associated with this bill.
          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-
        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 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, 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 January 31,  2018,  and  intended  for  use  only
        during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-41,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.
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