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S03845 Summary:

S03845 Actions:

S03845 Committee Votes:

S03845 Floor Votes:

S03845 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3845
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    February 19, 2019
                                       ___________
 
        Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize Brad Steve 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  Brad Steve, a member of the New York State and  local  police  and  fire
     3  retirement system, who was employed as a police officer with the village
     4  of  Clyde,  from  August  1,  1997  through September 30, 1999, and who,
     5  through no fault of his own, failed to  file  a  timely  application  to
     6  participate  in  the  special  twenty  year retirement plan contained in
     7  section 384-d of the retirement and social security law resulting in the
     8  crediting of his service with  the  village  of  Clyde  in  the  general
     9  retirement  plan  contained in section 375-i of such law, shall be given
    10  full credit in the special twenty year retirement plan  for  such  addi-
    11  tional cost of such service upon the election of the village of Clyde to
    12  assume  the additional cost of such service. The village of Clyde may so
    13  elect by filing a resolution of its local legislative body together with
    14  certification that such police officer did not bar himself from  partic-
    15  ipation in such retirement plan as a result of his own negligence.
    16    §  2. All employer past service costs associated with implementing the
    17  provisions of this act shall be borne by the village of Clyde and may be
    18  amortized over a ten year period.
    19    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant Brad Steve, a Tier 2 member of the New York State
        and Local Police and Fire Retirement System, additional service credita-
        ble under the provisions of section 384-d of the Retirement  and  Social
        Security  Law,  for  time  worked  as a police officer of the Village of
        Clyde between August 1997 and September 1999. Such service is  currently
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09494-02-9
        S. 3845                             2
 
        creditable  in  the  age 55 retirement plan of section 375-c, but not in
        the 20 year plan of section 384-d. Brad Steve is currently  employed  by
        the Town of Brighton.
          If  this  legislation  is enacted during the 2019 legislative session,
        there will not be any additional costs.
          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 15, 2019,  and  intended  for  use  only
        during  the  2019  Legislative  Session,  is  Fiscal  Note  No. 2019-51,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.