Authorizes the village of Lynbrook to offer an optional twenty year retirement plan to Police Officer Ronald J. Fleury who is employed by such village.
STATE OF NEW YORK
________________________________________________________________________
9580--A
IN ASSEMBLY
January 23, 2018
___________
Introduced by M. of A. JEAN-PIERRE, CURRAN -- read once and referred to
the Committee on Governmental Employees -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to authorize the village of Lynbrook 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 the village of Lynbrook, in the county of Nassau, a participating
3 employer in the New York state and local police and fire retirement
4 system, which previously elected to offer the optional twenty year
5 retirement system, established pursuant to section 384-d of the retire-
6 ment and social security law, to police officers employed by such
7 village, is hereby authorized to make participation in such plan avail-
8 able to Ronald J. Fleury, a member of the New York state and local
9 police and fire retirement system, who was first employed with the
10 village of Lynbrook police department on April 28, 1994, and who,
11 through no fault of his own, failed to file a timely application to
12 participate in such plan. Thereafter, Ronald J. Fleury may elect to be
13 covered by the provisions of section 384-d of the retirement and social
14 security law, and shall be entitled to the full rights and benefits
15 associated with coverage under such section by filing a request to that
16 effect with the state comptroller on or before December 31, 2018.
17 § 2. All employer past service costs associated with implementing the
18 provisions of this act shall be borne by the village of Lynbrook and may
19 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 will allow the village of Lynbrook to elect to reopen the
provisions of Section 384-d of the Retirement and Social Security Law
for police officer Ronald J. Fleury.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13664-10-8
A. 9580--A 2
If this bill is enacted and Mr. Fleury elects to become covered under
the provisions of Section 384-d, we anticipate that there will be an
increase of approximately $6,400 in the annual contributions of the
village of Lynbrook for the fiscal year ending March 31, 2019. In future
years, this cost will vary as the billing rates and salary of Mr. Fleury
changes.
In addition to the annual contribution discussed above, there will be
an immediate past service cost of approximately $118,000 which will be
borne by the village of Lynbrook as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2019.
If the village of Lynbrook elects to amortize this cost over a 10 year
period, the cost for the first year would be $15,800.
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, 2017 actuarial valu-
ation. Distributions and other statistics can be found in the 2017
Report of the Actuary and the 2017 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016 and 2017 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, 2017
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 estimate, dated April 16, 2018, and intended for use only during
the 2018 Legislative Session, is Fiscal Note No. 2018-84, prepared by
the Actuary for the New York State and Local Retirement System.
