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S08011 Summary:

S08011 Actions:

S08011 Committee Votes:

S08011 Floor Votes:

S08011 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8011
 
                    IN SENATE
 
                                     March 19, 2018
                                       ___________
 
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize the granting of retirement service credit in the New
          York state and local police and fire retirement system to  Anthony  D.
          Katsur for service as a university police officer

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Notwithstanding any inconsistent provision of law,  Anthony
     2  D.  Katsur  a  retiree  of  the New York state and local police and fire
     3  retirement system who was employed as a New York State Trooper  assigned
     4  to  the  Empire State Plaza until his retirement on May 9, 2002, and who
     5  was a member of the New  York  state  and  local  employees'  retirement
     6  system  while  employed  as  a  university  police  officer by the State
     7  University of New York at Stony Brook from November 5, 1981 until Febru-
     8  ary 3, 1988, which service is  not  deemed  to  be  police  service  for
     9  purposes  of  the  New  York  state and local police and fire retirement
    10  system pursuant to section 381-b of the retirement and  social  security
    11  law,  shall  be  granted  retirement  service credit pursuant to section
    12  381-b of the retirement and social security law for such employment as a
    13  university police officer at the State University of New York  at  Stony
    14  Brook as if such service was rendered with the division of state police,
    15  and  shall  be  authorized to purchase service credit in such retirement
    16  system for military service under  article  20  of  the  retirement  and
    17  social security law which he had been unable to purchase for reasons not
    18  ascribable  to  his own negligence, prior to his retirement and have his
    19  retirement benefit recalculated as of May 9,  2002,  if,  on  or  before
    20  December  31,  2018, he shall file a written request to that effect with
    21  the state comptroller and pay such retirement system a sum as  specified
    22  in article 20 of the retirement and social security law.
    23    §  2.  All  costs attributable to the operation of this act other than
    24  the costs to be borne by Anthony D. Katsur as set forth in  section  one
    25  of this act, shall be borne by the state of New York.
    26    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14763-03-8
        S. 8011                             2
 
          This  bill  will  deem  service  rendered as a state university police
        officer to have been rendered with the  division  of  state  police  for
        Anthony D.  Katsur, a police officer who was employed by the division of
        state  police  and retired on May 9, 2002. Officer Katsur did not render
        at  least  20 years of service with the division of state police when he
        hit mandatory retirement age. In this case  the  law  allows  the  state
        university  police service to be included in the retirement benefit, but
        limits the retirement benefit to 50% of final average salary. This  bill
        will deem his total service to exceed 20 years of service with the divi-
        sion  of  state  police and therefore he would not be subject to the 50%
        limit. In addition, this  bill  will  allow  him  to  purchase  military
        service credit under Article 20. The retirement benefit will be recalcu-
        lated and payment will be made retroactive to his date of retirement.
          If  this  bill  is  enacted during the 2018 legislative session, there
        will be an  immediate  past  service  cost  of  approximately  $130,000.
        Approximately  $6,000  of this cost would be borne by Anthony Katsur and
        the remaining $124,000 would be borne by the State  of  New  York  as  a
        one-time  payment. This estimate is based on the assumption that payment
        will be made on March 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-
        fication Standards to render the actuarial opinion contained herein.
          This estimate, dated March 16, 2018, and intended for use only  during
        the  2018  Legislative  Session, is Fiscal Note No. 2018-77, prepared by
        the Actuary for the New York State and Local Retirement System.