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S04401 Summary:

S04401 Actions:

S04401 Committee Votes:

S04401 Floor Votes:

S04401 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4401
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    February 4, 2021
                                       ___________
 
        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 Jason M. Schiedel to receive  certain  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  Jason M. Schiedel, a member of the New York state and local  police  and
     3  fire retirement system covered under section 384-d of the retirement and
     4  social  security  law, who for the period beginning February 1, 1995 and
     5  ending February 28, 2003, was intermittently employed as a police  offi-
     6  cer  with the village of Gowanda, and who, for reasons not ascribable to
     7  his own negligence, was not granted service credit under  section  384-d
     8  of  the retirement and social security law for such period of employment
     9  with the village of Gowanda, shall be granted such service credit  under
    10  section  384-d  of  the  retirement and social security law and shall be
    11  entitled to the full rights and benefits associated with coverage  under
    12  such  section  as  well  as  section  384-e of such law, provided that a
    13  request to that effect is filed with the state  comptroller  within  one
    14  year from the effective date of this act.
    15    § 2. All past service costs incurred in implementing the provisions of
    16  this act shall be borne by the village of Gowanda.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  would  grant  service  credit  under  section 384-d of the
        Retirement and Social Security Law  to  Jason  M.  Schiedel,  a  current
        member of the New York State and Local Police and Fire Retirement System
        (PFRS),  for  the  period beginning February 1, 1995 and ending February
        28, 2003, during which he was intermittently employed as a police  offi-
        cer with the Village of Gowanda.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04215-02-1
        S. 4401                             2
 
          If  this  bill  is  enacted during the 2021 legislative session, there
        will be an immediate past service cost of  approximately  $77,100  which
        will  be  borne  by  the  Village of Gowanda as a one-time payment. This
        estimate is based on the assumption that payment will be made on  Febru-
        ary 1, 2022.
          There  will  be no increase in the annual contributions of the Village
        of Gowanda.
          Summary of relevant resources:
          Membership data as of March 31, 2020 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        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, 2020
        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  January  29,  2021,  and intended for use only
        during the  2021  Legislative  Session,  is  Fiscal  Note  No.  2021-37,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.