STATE OF NEW YORK
________________________________________________________________________
9625
IN SENATE
May 16, 2024
___________
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize Scott Hoag 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 Scott Hoag, a member of the New York state and local police and fire
3 retirement system, who is employed as a police officer with the city of
4 Rome, and who, through no fault of his own, failed to file a timely
5 application to participate in the special twenty-year retirement plan
6 contained in section 384-d of the retirement and social security law
7 resulting in the crediting of his service with the city of Rome in the
8 general retirement plan contained in section 375-i of such law, shall be
9 given full credit in the special twenty-year retirement plan upon the
10 election of the city of Rome to assume the additional cost of such
11 service credit. The city of Rome may so elect by filing with the state
12 comptroller, within six months from the effective date of this act, a
13 resolution of its local legislative body together with certification
14 that such police officer did not bar himself from participation in such
15 retirement plan as a result of his own negligence. Thereafter, such
16 police officer may elect to be covered by the provisions of section
17 384-d of the retirement and social security law by filing a request to
18 that effect with the state comptroller within six months from the effec-
19 tive date of such resolution.
20 § 2. All employer past service costs associated with implementing the
21 provisions of this act shall be borne by the city of Rome and may be
22 amortized over a ten-year period.
23 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow the City of Rome to reopen the provisions of
section 384-d, together with 384-e, of the Retirement and Social Securi-
ty Law for police officer Scott Hoag.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14466-02-4
S. 9625 2
If this bill is enacted during the 2024 Legislative Session, we antic-
ipate that there will be an increase of approximately $12,000 in the
annual contributions of the City of Rome for the fiscal year ending
March 31, 2025. In future years this cost will vary as the billing rates
and salary of Scott Hoag change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $341,000 which will be
borne by the City of Rome as a one-time payment. This estimate assumes
that payment will be made on February 1, 2025. If the City of Rome
elects to amortize this cost over a 10-year period, the cost for each
year including interest would be $43,500.
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 March 4, 2024, and intended for use only during
the 2024 Legislative Session, is Fiscal Note No. 2024-129, prepared by
the Actuary for the New York State and Local Retirement System.