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S03547 Summary:

S03547 Actions:

S03547 Committee Votes:

S03547 Floor Votes:

S03547 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3547
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    February 8, 2019
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize Dustin Waldron to  receive  certain  service  credit
          under section 384-d of the retirement and social security law

          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 East Aurora, in  the  county  of  Erie,  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 plan, established pursuant to section 384-d of the retirement
     6  and social security law, to police officers employed by such village, is
     7  hereby authorized to make participation in such plan available to Dustin
     8  Waldron, a police officer employed by such village, who, for reasons not
     9  ascribable to his own negligence, failed to make a timely application to
    10  participate  in  such  optional twenty-year retirement plan. Thereafter,
    11  Dustin Waldron may elect to be covered  by  the  provisions  of  section
    12  384-d  of  the retirement and social security law, and shall be entitled
    13  to the full rights and benefits  associated  with  coverage  under  such
    14  section as well as section 384-e of such law, provided that a request to
    15  that effect is filed with the state comptroller within one year from the
    16  effective date of this act.
    17    §   2.  All  past  service  costs  associated  with  implementing  the
    18  provisions of this act shall be borne by the village of East Aurora  and
    19  may be amortized over a period of five years.
    20    § 3. This act shall take effect immediately.
          Fiscal Note.--Pursuant to Legislative Law, Section 50:
          This  bill  would  allow  the  Village  of  East  Aurora to reopen the
        provisions of Section 384-d together with Section 384-e of  the  Retire-
        ment and Social Security Law for police officer Dustin Waldron.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07650-03-9
        S. 3547                             2
 
          If this bill is enacted during the 2019 legislative session and Dustin
        Waldron  becomes  covered under the provisions of Section 384-d together
        with Section 384-e, we anticipate that there  will  be  an  increase  of
        approximately  $8,500 in the annual contributions of the village of East
        Aurora  for the fiscal year ending March 31, 2020. In future years, this
        cost will vary as the billing rates and salary of Dustin Waldron change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of $75,700 which will  be  borne  by  the
        village  of East Aurora as a one-time payment. This estimate is based on
        the assumption that payment will be made on February  1,  2020.  If  the
        village  of East Aurora elects to amortize this cost over a 5 year peri-
        od, the cost for the first year would be $17,300.
          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, 2018 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2018
        Report  of  the  Actuary  and  the  2018  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2015,
        2016,  2017  and  2018  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, 2018
        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 6,  2019,  and  intended  for  use  only
        during  the  2019  Legislative  Session,  is  Fiscal  Note  No. 2019-35,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.