Authorizes the town of Clarkstown to offer a certain retirement option to Clarkstown police officers Edward Fairclough, Kyle McKiernan, Corry Doyle, and Sean Weaver.
STATE OF NEW YORK
________________________________________________________________________
6459--A
2019-2020 Regular Sessions
IN SENATE
June 12, 2019
___________
Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules -- 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 committee
AN ACT to authorize the town of Clarkstown to offer a certain retirement
option to Clarkstown police officers Edward Fairclough, Kyle McKier-
nan, Corry Doyle, and Sean Weaver
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 Clarkstown, a participating employer in the New York state
3 and local police and fire retirement system, which previously elected to
4 offer the optional retirement plan established pursuant to section 384-d
5 of the retirement and social security law to police officers employed by
6 such police department, is hereby authorized to make participation in
7 such plan available to police officer Edward Fairclough who, on the
8 effective date of this act is covered under the provisions of section
9 375-i of the retirement and social security law, and to police officers
10 Kyle McKiernan, Corry Doyle, and Sean Weaver who, on the effective date
11 of this act are covered under the provisions of section 384 of the
12 retirement and social security law and who, for reasons not ascribable
13 to their own negligence failed to make a timely application to partic-
14 ipate in such optional retirement plan. Thereafter, police officers
15 Edward Fairclough, Kyle McKiernan, Corry Doyle, and Sean Weaver may
16 elect to be covered by the provisions of section 384-d of the retirement
17 and social security law, and shall be entitled to the full rights and
18 benefits associated with coverage under such section, by filing a
19 request to that effect with the state comptroller within one year of the
20 effective date of this act.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11974-06-0
S. 6459--A 2
1 § 2. All past service costs associated with implementing the
2 provisions of this act shall be borne by the town of Clarkstown.
3 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will allow the town of Clarkstown to reopen the provisions
of Section 384-d of the Retirement and Social Security Law (RSSL) for
police officers Edward Fairclough, Kyle McKiernan, Corry Doyle and Sean
Weaver.
If this bill is enacted during the 2020 legislative session and Edward
Fairclough, Kyle McKiernan, Corry Doyle and Sean Weaver become covered
under the provisions of Section 384-d, we anticipate that there will be
an increase of approximately $24,000 in the annual contributions of the
town of Clarkstown for the fiscal year ending March 31, 2021. In future
years, this cost will vary as the billing rates and salary of these
police officers change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of $106,000 which will be borne by the
town of Clarkstown as a one-time payment. This estimate is based on the
assumption that payment will be made on February 1, 2021.
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, 2019 actuarial valu-
ation. Distributions and other statistics can be found in the 2019
Report of the Actuary and the 2019 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, 2017, 2018, and 2019 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, 2019
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 February 24, 2020, and intended for use only
during the 2020 Legislative Session, is Fiscal Note No. 2020-46,
prepared by the Actuary for the New York State and Local Retirement
System.
