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S06545 Summary:

S06545 Actions:

S06545 Committee Votes:

S06545 Floor Votes:

S06545 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6545
 
                    IN SENATE
 
                                    January 25, 2016
                                       ___________
 
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize Micki Guy to elect to participate  in  the  optional
          twenty-year  retirement  plan for firefighters employed by the city of
          Glens Falls in the county of Warren
 
          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  city  of  Glens  Falls,  in  the  county of Warren, 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, to firefighters employed by such city, is here-
     7  by authorized to make participation in such plan available to Micki Guy,
     8  a firefighter employed by such city, who, for reasons not ascribable  to
     9  her  own  negligence, failed to make a timely application to participate
    10  in such optional twenty-year retirement plan. Thereafter, Micki Guy  may
    11  elect to be covered by the provisions of section 384-e of the retirement
    12  and  social  security  law, and shall be entitled to the full rights and
    13  benefits associated with coverage under such section as well as  section
    14  384-e  of  such  law,  by filing a request to that effect with the state
    15  comptroller on or before December 31, 2016.
    16    §  2.  All  past  service  costs  associated  with  implementing   the
    17  provisions of this act shall be borne by the city of Glens Falls and may
    18  be amortized over a period of ten years.
    19    § 3. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This bill would allow the City of Glens Falls to reopen the provisions
        of Section 384-d and 384-e of the Retirement and Social Security Law for
        Micki Guy, a firefighter in their employ and a current member of the New
        York State and Local Police and Fire retirement system.
          If this legislation is enacted during the 2016 legislative session, we
        anticipate that there will be an increase of approximately $2,070 in the
        annual  contributions  of  the  City  of Glens Falls for the fiscal year
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13786-01-6
        S. 6545                             2
 
        ending March 31, 2017. In future years, this cost will vary as the bill-
        ing rates and salary of Micki Guy change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of approximately $9,480 which will be
        borne by the City of Glens Falls as a onetime payment. This estimate  is
        based  on  the assumption that payment will be made on February 1, 2017.
        If this cost were to be amortized over a period of 10  years,  the  cost
        for each year including interest would be approximately $1,260.
          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, 2015  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2015
        Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        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, 2015
        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  December  29,  2015  and intended for use only
        during the  2016  Legislative  Session,  is  Fiscal  Note  No.  2016-23,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.