Authorizes the port authority of New York and New Jersey to offer a certain retirement option to port authority police officers Timothy GaNun and Jason DeVirgilio.
STATE OF NEW YORK
________________________________________________________________________
10610
IN ASSEMBLY
June 8, 2016
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Abbate) --
read once and referred to the Committee on Governmental Employees
AN ACT to authorize the port authority of New York and New Jersey to
offer a certain retirement option to port authority police officers
Timothy GaNun and Jason DeVirgilio
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 port authority of New York and New Jersey, a participating employer
3 in 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 authority, is hereby authorized to make
7 participation in such plan available to police officers Timothy GaNun
8 and Jason DeVirgilio, who, on the effective date of this act are covered
9 under the provisions of section 375-i of the retirement and social secu-
10 rity law, and who, for reasons not ascribable to their own negligence
11 failed to make a timely application to participate in such optional
12 retirement plan. Thereafter, police officers Timothy GaNun and Jason
13 DeVirgilio may elect to be covered by the provisions of section 384-d of
14 the retirement and social security law, and shall be entitled to the
15 full rights and benefits associated with coverage under such section, by
16 filing a request to that effect with the state comptroller within one
17 year of the effective date of this act.
18 § 2. All past service costs associated with implementing the
19 provisions of this act shall be borne by the port authority of New York
20 and New Jersey.
21 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will allow the port authority of New York and New Jersey to
reopen the provisions of Section 384-d of the Retirement and Social
Security Law for police officers Timothy GaNun and Jason DeVirgilio.
They are currently covered under Section 375-i.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15543-02-6
A. 10610 2
If this legislation is enacted during the 2016 legislative session, we
anticipate that there will be an increase of approximately $9,500 in the
annual contributions of the port authority of New York and New Jersey
for the fiscal year ending March 31, 2017. In future years, this cost
will vary as the billing rates and salaries of these 2 police officers
change.
In addition to the annual contributions discussed above, there will be
a one-time past service cost of $37,600 which will be borne by the port
authority of New York and New Jersey as a one-time payment. This esti-
mate is based on the assumption that payment will be made on February 1,
2017.
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-
fications Standards to render the actuarial opinion contained herein.
This estimate, dated June 2, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-109, prepared by
the Actuary for the New York State and Local Retirement System.
