Authorizes the village of Port Chester to offer an optional twenty-year retirement plan to Michael Sprague, a police officer employed by such village since January 7, 2013.
STATE OF NEW YORK
________________________________________________________________________
5564
2025-2026 Regular Sessions
IN SENATE
February 25, 2025
___________
Introduced by Sen. MAYER -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT authorizing the village of Port Chester 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 Michael Sprague, a member of the New York state and local police and
3 fire retirement system, who was appointed as a police officer with the
4 village of Port Chester on January 7, 2013, and who, through no fault of
5 his own, failed to file a timely application to participate in the
6 special twenty-year retirement plan contained in section 384-d of the
7 retirement and social security law resulting in the crediting of his
8 service with the village of Port Chester in the general retirement plan
9 contained in section 375-i of such law, shall be given full credit in
10 the special twenty-year retirement plan for such service upon the
11 election of the village of Port Chester to assume the additional cost of
12 such service. Thereafter, Michael Sprague may elect to be covered by
13 the provisions of section 384-d of the retirement and social security
14 law and shall be entitled to the full rights and benefits associated
15 with coverage under such section, by filing a request to the effect with
16 the state comptroller within one year of the effective date of this act.
17 § 2. All employer past service costs associated with implementing the
18 provisions of this act shall be borne by the village of Port Chester and
19 may be amortized over a ten-year period.
20 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow the Village of Port Chester to reopen the
provisions of section 384-d of the Retirement and Social Security Law
for police officer Michael Sprague.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06920-02-5
S. 5564 2
If this bill is enacted during the 2025 Legislative Session, we antic-
ipate that there will be an increase of approximately $21,000 in the
annual contributions of the Village of Port Chester for the fiscal year
ending March 31, 2026. In future years this cost will vary as the bill-
ing rates and salary of Michael Sprague change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $345,000 which will be
borne by the Village of Port Chester as a one-time payment. This esti-
mate assumes that payment will be made on February 1, 2026. If the
Village of Port Chester elects to amortize this cost over a 10-year
period, the cost for the first year including interest would be $44,100.
Summary of relevant resources:
Membership data as of March 31, 2024 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2024 actuari-
al valuation. Distributions and other statistics can be found in the
2024 Report of the Actuary and the 2024 Annual Comprehensive Financial
Report. The actuarial assumptions and methods used are described in the
2024 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, 2024 New York State and Local Retirement System Financial Statements
and Supplementary Information.
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 3, 2025, and intended for use only
during the 2025 Legislative Session, is Fiscal Note No. 2025-42. As
Chief Actuary of the New York State and Local Retirement System, I,
Aaron Schottin Young, hereby certify that this analysis complies with
applicable Actuarial Standards of Practice as well as the Code of
Professional Conduct and Qualification Standards for Actuaries Issuing
Statements of Actuarial Opinion of the American Academy of Actuaries, of
which I am a member.
