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S05686 Summary:

S05686 Actions:

S05686 Committee Votes:

S05686 Floor Votes:

S05686 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5686--A
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                     April 25, 2017
                                       ___________
 
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
 
        AN  ACT  to  authorize  the port authority of New York and New Jersey to
          offer a certain retirement option to port  authority  police  officers
          Eddy  Stelter,  Scarlet  M. Cooper, William A. Mudry, John F.  Fitzpa-
          trick, and Hugh A. Johnson
 
          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  port authority of New York and New Jersey, a participating employer
     3  in the New York state and local police and fire retirement system, which
     4  previously elected to offer the  optional  retirement  plan  established
     5  pursuant  to  section 384-d of the retirement and social security law to
     6  police officers employed by such authority, is hereby authorized to make
     7  participation in such plan available to police  officers  Eddy  Stelter,
     8  Scarlet  M.  Cooper,  William  A. Mudry, John F. Fitzpatrick and Hugh A.
     9  Johnson who, on the effective date of this act  are  covered  under  the
    10  provisions  of  section 375-i of the retirement and social security law,
    11  and who, for reasons not ascribable to their own  negligence  failed  to
    12  make  a  timely  application  to participate in such optional retirement
    13  plan. Thereafter, police  officers  Eddy  Stelter,  Scarlet  M.  Cooper,
    14  William  A.  Mudry, John F. Fitzpatrick and Hugh A. Johnson may elect to
    15  be covered by the provisions of section  384-d  of  the  retirement  and
    16  social  security law, and shall be entitled to the full rights and bene-
    17  fits associated with coverage under such section, by filing a request to
    18  that effect with the state comptroller within one year of the  effective
    19  date of this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10539-04-8
        S. 5686--A                          2
 
     1    §   2.  All  past  service  costs  associated  with  implementing  the
     2  provisions of this act shall be borne by the port authority of New  York
     3  and New Jersey.
     4    § 3. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This  bill will allow the port authority of New York and New Jersey to
        reopen the provisions of Section 384-d  of  the  Retirement  and  Social
        Security  Law  for  police  officers  Eddy  Stelter,  Scarlet M. Cooper,
        William A. Mudry, John F. Fitzpatrick, and Hugh  A.  Johnson.  They  are
        currently covered under Section 375-i.
          If this legislation is enacted during the 2018 legislative session, we
        anticipate  that  there  will be an increase of approximately $49,000 in
        the annual contributions of the port  authority  of  New  York  and  New
        Jersey  for the fiscal year ending March 31, 2019. In future years, this
        cost will vary as the billing rates and salaries of these 5 police offi-
        cers change.
          In addition to the annual contributions discussed above, there will be
        a one-time past service cost of $546,000 which will be borne by the port
        authority of New York and New Jersey as a one-time payment.  This  esti-
        mate is based on the assumption that payment will be made on February 1,
        2019.
          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, 2017  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2017
        Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
        tions,  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, 2017
        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-
        fications Standards to render the actuarial opinion contained herein.
          This  estimate,  dated  January  30,  2018,  and intended for use only
        during the  2018  Legislative  Session,  is  Fiscal  Note  No.  2018-49,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.