New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 
 
•  LFIN 
 
•  Chamber Video/Transcript 

S04779 Summary:

S04779 Actions:

S04779 Committee Votes:

S04779 Floor Votes:

S04779 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4779
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    February 11, 2021
                                       ___________
 
        Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize the village of Athens, in the county of  Greene,  to
          offer an optional twenty-year retirement plan to police officer Edward
          Tercasio, Jr.

          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 Athens, in the county of Greene, a participating employer
     3  in the New York state and local police and fire retirement system, which
     4  previously elected to offer the optional  twenty-year  retirement  plan,
     5  established pursuant to section 384-d of the retirement and social secu-
     6  rity law, to police officers employed by such village, is hereby author-
     7  ized  to  make  participation in such plan available to Edward Tercasio,
     8  Jr., a police officer employed  by  the  village  of  Athens,  who,  for
     9  reasons  not  ascribable  to his own negligence, failed to make a timely
    10  application to participate in such optional twenty-year retirement plan.
    11  The village of Athens may so elect by filing with the state comptroller,
    12  within 12 months of the effective date of this act, a resolution of  the
    13  village  board  of trustees together with certification that such police
    14  officer did not bar himself from participation in such  retirement  plan
    15  as  a  result of his own negligence. Thereafter, such police officer may
    16  elect to be covered by the provisions of section 384-d of the retirement
    17  and social security law, and shall be entitled to the  full  rights  and
    18  benefits  associated  with  coverage  under  such  section,  by filing a
    19  request to that effect with the state comptroller within  18  months  of
    20  the effective date of this act.
    21    §  2.  All  past  costs associated with implementing the provisions of
    22  this act shall be borne by the village of Athens and  may  be  amortized
    23  over a period of ten years.
    24    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09084-02-1
        S. 4779                             2
 
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill  would  allow  the Village of Athens to elect to reopen the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for police officer Edward Tercasio Jr.
          If  this bill is enacted during the 2021 legislative session and Offi-
        cer Tercasio becomes covered under the provisions of Section  384-d,  we
        anticipate  that  there will be an increase of approximately $810 in the
        annual contributions of the Village of Athens for the fiscal year ending
        March 31, 2022. In future years, this cost  will  vary  as  the  billing
        rates and salary of Officer Tercasio change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of approximately $41,600 which will be
        borne by the Village of Athens as a one-time payment. This  estimate  is
        based  on  the assumption that payment will be made on February 1, 2022.
        If the Village of Athens elects to amortize this  cost  over  a  10-year
        period, the cost for the first year including interest would be $5,490.
          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 February 10, 2021,  and  intended  for  use  only
        during  the  2021  Legislative  Session,  is  Fiscal  Note  No. 2021-69,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.