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S06336 Summary:

S06336 Actions:

S06336 Committee Votes:

S06336 Floor Votes:

S06336 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6336
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                     April 22, 2021
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT in relation to granting Blake Russell additional  service  credit
          with the New York state and local police and fire retirement system

          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 village of Perry, in the county of Wyoming, a participating employer
     3  in the New York state and local police and fire retirement system, which
     4  previously elected to offer the optional twenty  year  retirement  plan,
     5  established pursuant to section 384-d of the retirement and social secu-
     6  rity law, to police officers employed by such village, is hereby author-
     7  ized  to make participation in such plan available to Blake Russell, who
     8  is currently employed by the village of  Perry  police  department,  and
     9  who,  for reasons not ascribable to his own negligence, failed to make a
    10  timely application to participate in such optional twenty  year  retire-
    11  ment  plan.  Thereafter,  Blake  Russell  may elect to be covered by the
    12  provisions of section 384-d of the retirement and social  security  law,
    13  and  shall  be  entitled to the full rights and benefits associated with
    14  coverage under such section as  well  as  section  384-e  of  such  law,
    15  provided  a  request  to that effect is filed with the state comptroller
    16  within one year from the effective date of this act.
    17    §  2.  All  past  service  costs  associated  with  implementing   the
    18  provisions of this act shall be borne by the village of Perry and may be
    19  amortized over a ten-year period.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  allow  the  Village of Perry to elect to reopen the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for police officer Blake Russell.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10546-02-1
        S. 6336                             2
 
          If  this bill is enacted during the 2021 legislative session and Blake
        Russell becomes covered under the provisions of Section 384-d, we antic-
        ipate that there will be an increase  of  approximately  $3,400  in  the
        annual  contributions of the Village of Perry for the fiscal year ending
        March  31,  2022.  In  future  years, this cost will vary as the billing
        rates and salary of Blake Russell change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of $11,700, which will be  borne  by  the
        Village  of  Perry  as a one-time payment. This estimate is based on the
        assumption that payment will be made on February 1, 2022. If the Village
        of Perry elects to amortize this cost over a 10 year  period,  the  cost
        for the first year would be $1,541.
          Summary of relevant resources:
          Membership  data as of March 31, 2020 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2020 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2020
        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, 2020
        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 fiscal note does not constitute a legal opinion on the  viability
        of  the  proposed change nor is it intended to serve as a substitute for
        the professional judgment of an attorney.
          This estimate, dated March 25, 2021, and intended for use only  during
        the  2021  Legislative Session, is Fiscal Note No. 2021-114, prepared by
        the Actuary for the New York State and Local Retirement System.