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S05551 Summary:

S05551 Actions:

S05551 Committee Votes:

S05551 Floor Votes:

S05551 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5551
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                     April 11, 2017
                                       ___________
 
        Introduced  by  Sen. LATIMER -- 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 Port Chester  to  offer  an  optional
          twenty  year  retirement  plan to a certain police officer employed by
          such village

          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  Michael  Sprague,  a  member  of the New York state and local police and
     3  fire retirement system, who was appointed as a police officer  with  the
     4  village of Port Chester on January 7, 2013, and who, through no fault of
     5  his  own,  failed  to  file  a  timely application to participate in the
     6  special twenty year retirement plan contained in section  384-d  of  the
     7  retirement  and  social  security  law resulting in the crediting of his
     8  service with the village of Port Chester in the general retirement  plan
     9  contained  in  section  375-i of such law, shall be given full credit in
    10  the special twenty year  retirement  plan  for  such  service  upon  the
    11  election of the village of Port Chester to assume the additional cost of
    12  such service. Thereafter, Michael Sprague may elect to be covered by the
    13  provisions  of  section 384-d of the retirement and social security law,
    14  and shall be entitled to the full rights and  benefits  associated  with
    15  coverage  under such section, by filing a request to the effect with the
    16  state comptroller within one year of the effective date of this act.
    17    § 2. All employer past service costs associated with implementing  the
    18  provisions of this act shall be borne by the village of Port Chester and
    19  may be amortized over a ten year period.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will allow Michael Sprague, a police officer employed by the
        Village of Port Chester, to elect to become covered under the provisions
        of Sections 384-d.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10805-03-7
        S. 5551                             2
 
          If this legislation is enacted during the 2017 legislative session, we
        anticipate that there will be an increase of approximately $7,500 in the
        annual  contributions of the Village of Port Chester for the fiscal year
        ending March 31, 2018. In future years, this cost will vary as the bill-
        ing rates and salaries of Michael Sprague change.
          In addition to the annual contributions discussed above, there will be
        a  one-time  past service cost of $49,900 which will be borne by Village
        of Port Chester as a one-time payment, assuming  that  payment  will  be
        made February 1, 2018. If the Village of Port Chester elects to amortize
        this  cost  over  a  10 year period, the past service cost for the first
        year would be approximately $6,640.
          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, 2016 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2016
        Report  of  the  Actuary  and  the  2016  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2015
        and  2016 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, 2016
        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 April 7, 2017, and intended for use  only  during
        the  2017  Legislative  Session, is Fiscal Note No. 2017-78, prepared by
        the Actuary for the New York State and Local Retirement System.