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S04135 Summary:

S04135 Actions:

S04135 Committee Votes:

S04135 Floor Votes:

S04135 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4135--A
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                      March 1, 2019
                                       ___________
 
        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- committee discharged, bill amended, ordered  reprinted  as  amended
          and recommitted to said committee
 
        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 from May 28, 1996 through  October  6,  2001  by  the  city  of
     3  Newburgh,  in  the county of Orange, a participating employer in the New
     4  York state and local police and  fire  retirement  system,  and  who  is
     5  currently  employed by the city of Peekskill, for reasons not ascribable
     6  to his own negligence failed to make a timely application to participate
     7  in the optional twenty year  retirement  plan  established  pursuant  to
     8  section  384-d  of the retirement and social security law while employed
     9  by the city of Newburgh. Notwithstanding any other provision of  law  to
    10  the  contrary,  upon  the  city  of Newburgh filing with the state comp-
    11  troller, within one year of the effective date of this act, a resolution
    12  of the city council together with certification that such police officer
    13  did not bar himself from participation in  such  retirement  plan  as  a
    14  result of his own negligence, such police officer may elect to be grant-
    15  ed full credit in the special twenty year plan for such service rendered
    16  with  the  city  of Newburgh by filing a request to that effect with the
    17  state comptroller within eighteen months of the effective date  of  this
    18  act.
    19    §  2. All employer past service costs associated with implementing the
    20  provisions of this act shall be borne by the city of Newburgh and may be
    21  amortized over a ten year period.
    22    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09548-04-9
        S. 4135--A                          2
 
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant Samuel Kenan Jr., a Tier 2 member of the New York
        State  and  Local  Police and Fire Retirement System, additional service
        creditable under the provisions of section 384-d of the  Retirement  and
        Social  Security  Law, for time worked as a police officer with the City
        of Newburgh between May 1996 and October 2001. Such service is currently
        creditable only in the age 55 retirement plan of section 375-i.  Officer
        Kenan  is  currently employed by the City of Peekskill and covered under
        384-d.
          If this bill is enacted, there will be no change in anticipated future
        annual costs as the member continues to be covered by 384-d. There  will
        be  an  immediate past service costs of $178,000 to be borne by the City
        of Newburgh as a one-time payment. This cost assumes a payment  date  of
        February  1,  2020. If the City of Newburgh elects to amortize this cost
        over a 10 year period, the cost for the first year would be $23,700.
          Summary of relevant resources:
          The membership data used in  measuring  the  impact  of  the  proposed
        change  was  the same as used in the March 31, 2018 actuarial valuation.
        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.  2019-75,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.