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S09300 Summary:

S09300 Actions:

S09300 Committee Votes:

S09300 Floor Votes:

S09300 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9300
 
                    IN SENATE
 
                                      May 10, 2024
                                       ___________
 
        Introduced  by  Sen. WALCZYK -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize the village of Clayton to offer an  optional  twenty
          year  retirement  plan  to  a  certain police officer employed by such
          village
 
          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  Joshua  David,  a member of the New York state and local police and fire
     3  retirement system who was employed as a police officer for  the  village
     4  of  Clayton in 2009, and who through no fault of his own, failed to file
     5  a timely application to participate in the special twenty  year  retire-
     6  ment  plan contained in section 384-d of the retirement and social secu-
     7  rity law resulting in the crediting of his service with the  village  of
     8  Clayton  in  the retirement plan contained in section 375-e of such law,
     9  shall be given full credit in the  section  384-d  special  twenty  year
    10  retirement  plan  for  such  service upon the election of the village of
    11  Clayton to assume the additional cost of such service and  his  election
    12  to participate in such plan.  The village of Clayton may so elect within
    13  one  year  of  the  effective date of this act, by filing with the state
    14  comptroller a resolution of its local  legislative  body  together  with
    15  certification that such member did not bar himself from participation in
    16  such retirement plan as a result of his own negligence.
    17    §  2. Such police officer may elect to be covered by the provisions of
    18  section 384-d of the retirement and social security law,  and  shall  be
    19  entitled  to the full rights and benefits associated with coverage under
    20  such section by filing a request to that effect  with  the  state  comp-
    21  troller within eighteen months of the effective date of this act.
    22    §  3.  All employer past service costs associated with the implementa-
    23  tion of this act shall be borne by the village of Clayton,  and  may  be
    24  amortized over a period of five years.
    25    § 4. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13542-02-4
        S. 9300                             2
 
          This  bill would allow the Village of Clayton to reopen the provisions
        of section 384-d of the Retirement and Social Security  Law  for  police
        officer Joshua David.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate  that  there  will  be an increase of approximately $14,000 in the
        annual contributions of the Village  of  Clayton  for  the  fiscal  year
        ending March 31, 2025. In future years, this cost will vary as the bill-
        ing rates and salary of Joshua David change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $164,000 which will be
        borne by the Village of Clayton as a  one-time  payment.  This  estimate
        assumes that payment will be made on February 1, 2025. If the Village of
        Clayton  elects to amortize this cost over a 5-year period, the cost for
        each year including interest would be $36,600.
          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  January  15,  2024,  and intended for use only
        during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-52,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.