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S05453 Summary:

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S05453 Committee Votes:

S05453 Floor Votes:

S05453 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5453--A
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      May 14, 2015
                                       ___________
 
        Introduced  by  Sen.  O'MARA -- 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  authorizing Bradley M. Fuerst to participate in the optional 20
          year retirement plan for police officers in the village of Addison
 
          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  Bradley  M.  Fuerst, a member of the New York state and local police and
     3  fire retirement system, who began employment as a  police  officer  with
     4  the  village  of Addison on July 27, 2009 and currently remains employed
     5  by such village, and who, through no fault of his own, failed to file  a
     6  timely  application to participate in the special twenty year retirement
     7  plan pursuant to section 384-d of the retirement and social security law
     8  resulting in the crediting of his service with the village of Addison in
     9  the general retirement plan contained in  section  375-e  of  such  law,
    10  shall  be  given  full credit in the special twenty year retirement plan
    11  for such service upon the election of the village of Addison  to  assume
    12  the additional cost of such service. The village of Addison may so elect
    13  by  filing with the state comptroller, on or before December 31, 2015, a
    14  resolution of the village board of trustees together with  certification
    15  that  such police officer did not bar himself from participation in such
    16  retirement plan as a result of  his  own  negligence.  Thereafter,  such
    17  police  officer  may  elect  to  be covered by the provisions of section
    18  384-d of the retirement  and  social  security  law  from  the  date  he
    19  commenced  his employment as a police officer by such village, and shall
    20  be entitled to the full rights and  benefits  associated  with  coverage
    21  under such section while so employed, by filing a request to that effect
    22  with the state comptroller on or before June 30, 2016.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10392-02-5
        S. 5453--A                          2
 
     1    §   2.  All  past  service  costs  associated  with  implementing  the
     2  provisions of this act shall be borne by the village of Addison.
     3    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  the Village of Addison to elect to reopen the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for police officer Bradley Fuerst.
          If  this  bill is enacted and officer Fuerst becomes covered under the
        provisions of Section  384-d,  we  anticipate  that  there  will  be  an
        increase  of  approximately  $3,500  in  the annual contributions of the
        Village of Addison for the fiscal year ending March 31, 2016. In  future
        years,  this cost will vary as the billing rates and salary of the offi-
        cer Fuerst change.
          We estimate that there will be not a past  service  cost  due  to  the
        enactment of this legislation.
          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 21, 2015, and intended for use only during
        the 2015 Legislative Session, is Fiscal Note No. 2015-118,  prepared  by
        the  Actuary for the New York State and Local Police and Fire Retirement
        System.