STATE OF NEW YORK
________________________________________________________________________
11122
IN ASSEMBLY
June 6, 2018
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Gunther) --
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. Samuel Kenan Jr., a police officer who was previously
2 employed by the city of Newburgh, in the county of Orange, a participat-
3 ing employer in the New York state and local police and fire retirement
4 system, and who is currently employed by the city of Peekskill, for
5 reasons not ascribable to his own negligence failed to make a timely
6 application to participate in the optional twenty year retirement plan
7 established pursuant to section 384-d of the retirement and social secu-
8 rity law while employed by the city of Newburgh. Notwithstanding any
9 other provision of law to the contrary, upon the city of Newburgh filing
10 with the state comptroller, within one year of the effective date of
11 this act, a resolution of the city council together with certification
12 that such police officer did not bar himself from participation in such
13 retirement plan as a result of his own negligence, such police officer
14 may elect to be granted full credit in the special twenty year plan for
15 such service rendered with the city of Newburgh by filing a request to
16 that effect with the state comptroller within eighteen months of the
17 effective date of this act.
18 § 2. All employer past service costs associated with implementing the
19 provisions of this act shall be borne by the city of Newburgh and may be
20 amortized over a ten year period.
21 § 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
covered under the provisions of section 375-i. Officer Kenan is current-
ly employed by the City of Peekskill and covered under 384-d.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14171-13-8
A. 11122 2
If this bill is enacted, 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. If the City of
Newburgh elects to amortize this cost over a 10-year period, the cost of
the first year would be $19,800.
There will be no increase in anticipated future annual costs as the
member continues to be covered by 384-d.
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 June 4, 2018, and intended for use only during
the 2018 Legislative Session, is Fiscal Note No. 2018-120, prepared by
the Actuary for the New York State and Local Retirement System.