STATE OF NEW YORK
________________________________________________________________________
10182
IN ASSEMBLY
March 22, 2018
___________
Introduced by M. of A. SKARTADOS -- read once and referred to the
Committee on Governmental Employees
AN ACT to authorize the city of Newburgh, in the county of Orange, to
offer an optional twenty year retirement plan to police officer Samuel
Kenan Jr.
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 city of Newburgh, in the county of Orange, a participating employer
3 in the New York state and local police and fire retirement system, which
4 previously elected to offer the optional twenty year retirement plan,
5 established pursuant to section 384-d of the retirement and social secu-
6 rity law, to police officers employed by such city, is hereby authorized
7 to make participation in such plan available to Samuel Kenan Jr., a
8 police officer who was previously employed by the city of Newburgh, who,
9 for reasons not ascribable to his own negligence failed to make a timely
10 application to participate in such optional twenty year retirement plan.
11 The city of Newburgh may so elect by filing with the state comptroller,
12 within one year of the effective date of this act, a resolution of the
13 town board together with certification that such police officer did not
14 bar himself from participation in such retirement plan as a result of
15 his own negligence. Thereafter, such police officer may elect to be
16 covered by the provisions of section 384-d of the retirement and social
17 security law, and shall be entitled to the full rights and benefits
18 associated with coverage under such section while so employed, by filing
19 a request to that effect with the state comptroller within eighteen
20 months of the effective date of this act.
21 § 2. All past service costs associated with implementing the
22 provisions of this act shall be borne by the city of Newburgh.
23 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will allow the City of Newburgh to reopen the provisions of
section 384-d of the Retirement and Social Security Law for former
police officer Samuel Kenan Jr., who while an employee of the city was
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14171-03-8
A. 10182 2
covered under the provisions of section 375-i. Officer Kenan is current-
ly employed by the City of Peekskill and covered under 384-d.
If this bill is enacted, there is no change in anticipated future
annual costs as the member continues to be covered by 384-d. There will
be an immediate past service cost of $149,000 to be borne by the City of
Newburgh as a one-time payment. This cost assumes a payment date of
February 1, 2019.
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 Assump-
tions, 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 February 23, 2018, and intended for use only
during the 2018 Legislative Session, is Fiscal Note No. 2018-47,
prepared by the Actuary for the New York State and Local Retirement
System.
