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S05455 Summary:

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S05455 Committee Votes:

S05455 Floor Votes:

S05455 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5455--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 Bath
 
          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 Bath on March 22, 2011 and currently remains employed by
     5  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 sections 384-d and 384-e of the retirement  and  social
     8  security  law resulting in the crediting of his service with the village
     9  of Bath in the general retirement plan contained  in  section  375-g  of
    10  such  law, shall be given full credit in the special twenty year retire-
    11  ment plan for such service upon the election of the village of  Bath  to
    12  assume  the  additional cost of such service. The village of Bath may so
    13  elect by filing with the state comptroller, on or  before  December  31,
    14  2015,  a  resolution  of  the  village  board  of trustees together with
    15  certification that such police officer did not bar himself from  partic-
    16  ipation  in  such  retirement  plan  as  a result of his own negligence.
    17  Thereafter,  such  police  officer  may  elect  to  be  covered  by  the
    18  provisions  of  sections  384-d  and  384-e of the retirement and social
    19  security law from the date he commenced his employment as a police offi-
    20  cer by such village, and shall be entitled  to the full rights and bene-
    21  fits associated with coverage under such section while so  employed,  by
    22  filing  a request to that effect with the state comptroller on or before
    23  June 30, 2016.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10391-04-5
        S. 5455--A                          2
 
     1    §  2.  All  past  service  costs  associated  with  implementing   the
     2  provisions of this act shall be borne by the village of Bath.
     3    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  the  Village  of  Bath 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 along with Section 384-e, we anticipate that
        there will be an increase of approximately $850 in the  annual  contrib-
        utions of the Village of Bath for the fiscal year ending March 31, 2016.
        In  future years, this cost will vary as the billing rates and salary of
        the officer Fuerst change.
          We estimate that there will not be a past  service  cost  due  to  the
        enactment of this legislation.
          Summary of relevant sources:
          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 Local Retirement System Financial Statements and  Supple-
        mentary 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. 2015-117,  prepared  by
        the  Actuary for the New York State and Local Police and Fire Retirement
        System.