STATE OF NEW YORK
________________________________________________________________________
2093--A
2019-2020 Regular Sessions
IN SENATE
January 22, 2019
___________
Introduced by Sen. AKSHAR -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
-- recommitted to the Committee on Civil Service and Pensions in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to authorize the village of Endicott 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 Jennifer Quinn, a member of the New York state and local police and fire
3 retirement system, who was first employed as a police officer for the
4 village of Endicott on August 7, 2000, and who, through no fault of her
5 own, failed to file a timely application to participate in the special
6 twenty year retirement plan contained in section 384-d of the retirement
7 and social security law resulting in the crediting of her service with
8 the village of Endicott in the retirement plan contained in section
9 375-i of such law, shall be given full credit in the section 384-d
10 special twenty year retirement plan for such service upon the election
11 of the village of Endicott to assume the additional cost of such service
12 and her election to participate in such plan. The village of Endicott
13 may so elect by, within one year of the effective date of this act,
14 filing with the state comptroller a resolution of its local legislative
15 body together with certification that such member did not bar herself
16 from participation in such retirement plan as a result of her own negli-
17 gence. Such police officer may elect to be covered by the provisions of
18 section 384-d of the retirement and social security law, and shall be
19 entitled to the full rights and benefits associated with coverage under
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05579-06-0
S. 2093--A 2
1 such section by filing a request to that effect with the state comp-
2 troller within eighteen months of the effective date of this act.
3 § 2. All past service costs associated with implementing the
4 provisions of this act shall be borne by the village of Endicott and may
5 be amortized over a period of five years.
6 § 3. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill would allow the Village of Endicott to elect to reopen the
provisions of Section 384-d of the Retirement and Social Security Law
for police officer Jennifer Quinn.
If this bill is enacted during the 2020 legislative session and Jenni-
fer Quinn becomes covered under the provisions of Section 384-d, we
anticipate that there will be an increase of approximately $5,800 in the
annual contributions of the Village of Endicott for the fiscal year
ending March 31, 2021. In future years, this cost will vary as the bill-
ing rates and salary of Jennifer Quinn change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of $152,000, which will be borne by the
Village of Endicott as a one-time payment. This estimate is based on the
assumption that payment will be made on February 1, 2021. If the Village
of Endicott elects to amortize this cost over a 5 year period, the cost
for the first year would be $34,600.
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, 2019 actuarial valu-
ation. Distributions and other statistics can be found in the 2019
Report of the Actuary and the 2019 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, 2017, 2018 and 2019 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, 2019
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 February 27, 2020, and intended for use only
during the 2020 Legislative Session, is Fiscal Note No. 2020-63,
prepared by the Actuary for the New York State and Local Retirement
System.
