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S05779 Summary:

S05779 Actions:

S05779 Committee Votes:

S05779 Floor Votes:

S05779 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5779
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      June 3, 2015
                                       ___________
 
        Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN  ACT to authorize the town of Waterford, in the county of Saratoga to
          offer an optional twenty  year  retirement  plan  and  the  additional
          pension  benefit  plan  for members of optional twenty year retirement
          plan to police officer Michael Shudt
 
          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  town  of  Waterford,  in  the  county  of Saratoga, 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 and the  additional  pension  benefit  plan  for
     7  members of the optional twenty year retirement plan established pursuant
     8  to  section  384-e  of the retirement and social security law, to police
     9  officers employed by such town, is hereby  authorized  to  make  partic-
    10  ipation  in  such  plan  available  to  Michael  Shudt, a police officer
    11  employed by the town of Waterford with a  start  date  of  September  2,
    12  1998,  who,  for reasons not ascribable to his own negligence, failed to
    13  make a timely application to participate in such  optional  twenty  year
    14  retirement  plan.  The town of Waterford may so elect by filing with the
    15  state comptroller, on or before December 31, 2015, a resolution  of  its
    16  town  board together with certification that such police officer did not
    17  bar himself from participation in such retirement plan as  a  result  of
    18  his  own  negligence.  Thereafter,  such  police officer may elect to be
    19  covered by the provisions of section 384-d of the retirement and  social
    20  security  law,  and  shall  be  entitled to the full rights and benefits
    21  associated with coverage under such section, by filing a request to that
    22  effect 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.
                                                                   LBD11406-02-5
        S. 5779                             2
 
     1    § 2. All past costs associated with  implementing  the  provisions  of
     2  this act shall be borne by the town of Waterford.
     3    § 3. This act shall take effect immediately.
          FISCAL NOTE. -- PURSUANT TO LEGISLATIVE LAW, SECTION 50:
          This Bill will allow the town of Waterford to reopen the provisions of
        Section  384-d  together with Section 384-e of the Retirement and Social
        Security Law for police officer Michael Shudt.
          If this legislation is enacted during the 2015 legislative session, we
        anticipate that there will be an increase of approximately $5,820 in the
        annual contributions of the town of Waterford for the fiscal year ending
        March 31, 2016. In future years, this cost  will  vary  as  the  billing
        rates and salary of Michael Shudt change.
          In addition to the annual contributions discussed above, there will be
        an  immediate past service cost of approximately $134,000 which would be
        borne by the town of Waterford 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:
          Data:  March  31,  2014  Actuarial Year End File with distributions of
        membership and other statistics displayed in  the  2014  Report  of  the
        Actuary and 2014 Comprehensive Annual Financial Report.
          Assumptions and Methods: 2010, 2011, 2012, 2013 and 2014 Annual Report
        to the Comptroller on Actuarial Assumptions, Codes Rules and Regulations
        of the State of New York: Audit and Control.
          Market  Assets and GASB Disclosures: March 31, 2014 New York State and
        Local Retirement System Financial Statements and Supplementary  Informa-
        tion.
          Valuations  of Benefit Liabilities and Actuarial Assets: Summarized in
        the 2014 Actuarial Valuations report.
          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 June 1, 2015, and intended for  use  only  during
        the  2015  Legislative Session, is Fiscal Note No. 2015-130, prepared by
        the Actuary for the New York State and Local Police and Fire  Retirement
        System.