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S05251 Summary:

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S05251 Committee Votes:

S05251 Floor Votes:

S05251 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5251
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      May 11, 2015
                                       ___________
 
        Introduced  by  Sen.  FARLEY -- 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 Scotia, in the county of Schenectady,
          to offer an optional twenty year retirement plan to firefighter Daniel
          Marchand
 
          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  Scotia,  in the county of Schenectady, 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 firefighters employed by  such  village,  is
     7  hereby authorized to make participation in such plan available to Daniel
     8  Marchand,  a  firefighter  employed  by  the village of Scotia, 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 Scotia may so elect by filing with the state comptroller,
    12  on  or  before  December  31, 2015, a resolution of the village board of
    13  trustees together with certification that such firefighter did  not  bar
    14  himself  from  participation  in such retirement plan as a result of his
    15  own negligence. Thereafter, such firefighter may elect to be covered  by
    16  the  provisions  of  section 384-d of the retirement and social security
    17  law from the date he commenced his employment as a firefighter  by  such
    18  village,  and  shall be entitled to the full rights and benefits associ-
    19  ated with coverage under such section while so  employed,  by  filing  a
    20  request  to that effect with the state comptroller on or before June 30,
    21  2016.
    22    §  2.  All  past  service  costs  associated  with  implementing   the
    23  provisions of this act shall be borne by the village of Scotia.
    24    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10656-02-5
        S. 5251                             2
 
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  the  Village of Scotia to elect to reopen the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for firefighter Daniel Marchand.
          If  this  bill  is  enacted  and  firefighter  Daniel Marchand becomes
        covered under the provisions of Section 384-d, we anticipate that  there
        will  be an increase of approximately $3,940 in the annual contributions
        of the Village of Scotia for the fiscal year ending March 31,  2016.  In
        future  years,  this  cost  will vary as the billing rates and salary of
        firefighter Daniel Marchand change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $6,550  which  would  be
        borne  by the Village of Scotia as a one-time payment.  This estimate is
        based on the assumption that payment will be made on February 1, 2016.
          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, 2014 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2014
        Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012, 2013 and 2014 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, 2014
        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 estimate, dated May 7, 2015, and intended for use only during the
        2015 Legislative Session, is Fiscal Note No. 2015-102, prepared  by  the
        Actuary  for  the  New  York  State and Local Police and Fire Retirement
        System.