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S08989 Summary:

S08989 Actions:

S08989 Committee Votes:

S08989 Floor Votes:

S08989 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8989
 
                    IN SENATE
 
                                      April 8, 2024
                                       ___________
 
        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize Lee Weinstein  to  receive  certain  service  credit
          under section 384-d of the retirement and social security law
 
          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  Lee Weinstein, currently employed as a police officer with the  town  of
     3  Chester police department, who was employed as a police officer with the
     4  village of Greenwood Lake between August 15, 2001 and September 6, 2005,
     5  and  who,  through no fault of his own, failed to file a timely applica-
     6  tion to participate in the special twenty year retirement plan contained
     7  in section 384-d of the retirement and social security law resulting  in
     8  the  crediting  of his service with the village of Greenwood Lake in the
     9  general retirement plan contained in section 375-c of such law and  with
    10  the  town of Chester in the general retirement plan contained in section
    11  375-i of such law, shall be given full credit in the special twenty year
    12  retirement plan for such  additional  cost  of  such  service  upon  the
    13  election  of the village of Greenwood Lake to assume the additional cost
    14  of such service to such village and the town of Chester  to  assume  the
    15  additional  cost of such service to such town.  The village of Greenwood
    16  Lake may so elect by filing with the state comptroller, within one  year
    17  from  the effective date of this act, a resolution of its local legisla-
    18  tive body together with certification that  such  officer  did  not  bar
    19  himself  from  participation  in such retirement plan as a result of his
    20  own negligence.  The town of Chester may so elect  by  filing  with  the
    21  state  comptroller, within one year from the effective date of this act,
    22  a resolution of its local legislative body together  with  certification
    23  that such officer did not bar himself from participation in such retire-
    24  ment  plan  as a result of his own negligence.  Thereafter, such officer
    25  may elect to be covered by   the provisions  of  section  384-d  of  the
    26  retirement  and   social security  law,  and  shall  be  entitled to the
    27  full rights and benefits associated with coverage under such section, by
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13576-05-4
        S. 8989                             2
 
     1  filing a request to that effect with the state comptroller within    the
     2  effective date  of  such resolution.
     3    §  2. All employer past service costs associated with implementing the
     4  provisions of this act shall be borne by the village of  Greenwood  Lake
     5  and the town of Chester and may be amortized over a ten-year period.
     6    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill would allow the Town of Chester to reopen the provisions of
        section 384-d of the Retirement and Social Security Law for police offi-
        cer Lee Weinstein. This bill  would  also  grant  service  credit  under
        section  384-d  to  Lee  Weinstein for the period during which they were
        employed as a police officer by the Village of Greenwood Lake.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate that there will be an increase of  approximately  $15,000  in  the
        annual  contributions  of the Town of Chester for the fiscal year ending
        March 31, 2025. In future years this cost will vary as the billing rates
        and salary of Lee Weinstein change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $435,000.  The  Town  of
        Chester  and the Village of Greenwood Lake will each be required to make
        one-time payments of $411,000 and $24,000, respectively.  This  estimate
        assumes  that  payments will be made on February 1, 2025. If the Town of
        Chester and the Village of Greenwood Lake elect to amortize these  costs
        over  a  10-year period, the cost for each year including interest would
        be $52,400 and $3,110, respectively.
          Summary of relevant resources:
          Membership data as of March 31, 2023 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2023
        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, 2023
        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  February  26,  2024, and intended for use only
        during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-72,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.