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S03528 Summary:

S03528 Actions:

S03528 Committee Votes:

S03528 Floor Votes:

S03528 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3528--A
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                    February 11, 2015
                                       ___________
 
        Introduced by Sens. KENNEDY, GALLIVAN -- 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 in relation to authorizing Sean William McCabe to file a  request
          for  change  of  benefit  coverage  with  the New York state and local
          police and fire retirement system
 
          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, Sean William
     2  McCabe, who is currently a member of the New York state and local police
     3  and fire retirement system, and who was first employed  by  the  Buffalo
     4  Police Department on July 31, 2009, and by virtue of his date of employ-
     5  ment  became  a  member  of the New York state and local police and fire
     6  retirement system covered by the benefits of article 14 of  the  retire-
     7  ment  and social security law and who, for reasons not ascribable to his
     8  own negligence, elected to participate in the  non-contributory  retire-
     9  ment plan contained in subdivision f of section 384 of such law, and who
    10  subsequently  filed an election to be covered by the benefits of article
    11  22 of such law, shall be deemed to be covered by the benefits of article
    12  14 and the retirement plan contained in subdivision  f  of  section  384
    13  retroactive  to  July 31, 2009 if, within one year of the effective date
    14  of this act, he shall file a written request to  that  effect  with  the
    15  state comptroller. Upon the granting of such status, Sean William McCabe
    16  shall  be  granted a refund of any employee contributions made by him to
    17  the New York state and local police and fire retirement system.
    18    § 2. All past service costs associated with the implementation of this
    19  act shall be borne by the city of Buffalo.
    20    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03260-03-6
        S. 3528--A                          2
 
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  will  grant  Tier 3 status in the New York State and Local
        Police and Fire Retirement System to Sean William McCabe, who  currently
        has  Tier  5  status  and is employed by the City of Buffalo as a police
        officer. He originally was assigned Tier 3 status, but  he  subsequently
        filed an election form to become covered under the provisions of Tier 5,
        as  permitted  pursuant  to  Chapter  504  of  the  Laws of 2009. Member
        contributions made while in Tier 5 status will be refunded.
          If this legislation is enacted during the 2016 legislative session, it
        is estimated that there will be an increase of approximately  $5,700  in
        the  annual  contributions  of  the  City of Buffalo for the fiscal year
        ending March 31, 2017. In future years, this cost will vary as the bill-
        ing rates and salaries of Sean William McCabe change.
          In addition to the annual contributions discussed above, it  is  esti-
        mated  that  there  will be a past service cost of $28,900 which will be
        borne by the City of Buffalo as a one-time payment, assuming  that  such
        payment will be made on February 1, 2017.
          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, 2015  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2015
        Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        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, 2015
        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  4,  2016,  and intended for use only
        during the 2016 Legislative Session, is Fiscal Note No. 2016-1, prepared
        by the Actuary for the New York State and Local Police and Fire  Retire-
        ment System.