Authorizes Micki Guy, a firefighter in the city of Glens Falls, in the county of Warren, to elect to participate in the optional 20 year retirement program.
STATE OF NEW YORK
________________________________________________________________________
9095
IN ASSEMBLY
January 26, 2016
___________
Introduced by M. of A. STEC -- read once and referred to the Committee
on Governmental Employees
AN ACT to authorize Micki Guy to elect to participate in the optional
twenty-year retirement plan for firefighters employed by the city of
Glens Falls in the county of Warren
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 Glens Falls, in the county of Warren, a participating
3 employer in the New York state and local police and fire retirement
4 system, which previously elected to offer the optional twenty-year
5 retirement plan, established pursuant to section 384-d of the retirement
6 and Social Security law, to firefighters employed by such city, is here-
7 by authorized to make participation in such plan available to Micki Guy,
8 a firefighter employed by such city, who, for reasons not ascribable to
9 her own negligence, failed to make a timely application to participate
10 in such optional twenty-year retirement plan. Thereafter, Micki Guy may
11 elect to be covered by the provisions of section 384-e of the retirement
12 and social security law, and shall be entitled to the full rights and
13 benefits associated with coverage under such section as well as section
14 384-e of such law, by filing a request to that effect with the state
15 comptroller on or before December 31, 2016.
16 § 2. All past service costs associated with implementing the
17 provisions of this act shall be borne by the city of Glens Falls and may
18 be amortized over a period of ten years.
19 § 3. This act shall take effect immediately.
FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
This bill would allow the City of Glens Falls to reopen the provisions
of Section 384-d and 384-e of the Retirement and Social Security Law for
Micki Guy, a firefighter in their employ and a current member of the New
York State and Local Police and Fire retirement system.
If this legislation is enacted during the 2016 legislative session, we
anticipate that there will be an increase of approximately $2,070 in the
annual contributions of the City of Glens Falls for the fiscal year
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13786-01-6
A. 9095 2
ending March 31, 2017. In future years, this cost will vary as the bill-
ing rates and salary of Micki Guy change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $9,480 which will be
borne by the City of Glens Falls as a onetime payment. This estimate is
based on the assumption that payment will be made on February 1, 2017.
If this cost were to be amortized over a period of 10 years, the cost
for each year including interest would be approximately $1,260.
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, 2015 actuarial valu-
ation. Distributions and other statistics can be found in the 2015
Report of the Actuary and the 2015 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015
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, 2015
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 December 29, 2015 and intended for use only
during the 2016 Legislative Session, is Fiscal Note No. 2016-23,
prepared by the Actuary for the New York State and Local Retirement
System.
