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S08060 Summary:

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S08060 Committee Votes:

S08060 Floor Votes:

S08060 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8060
 
                    IN SENATE
 
                                      June 9, 2016
                                       ___________
 
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to authorize the port authority of New York  and  New  Jersey  to
          offer  a  certain  retirement option to port authority police officers
          Timothy GaNun and Jason DeVirgilio
 
          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  port authority of New York and New Jersey, a participating employer
     3  in the New York state and local police and fire retirement system, which
     4  previously elected to offer the  optional  retirement  plan  established
     5  pursuant  to  section 384-d of the retirement and social security law to
     6  police officers employed by such authority, is hereby authorized to make
     7  participation in such plan available to police  officers  Timothy  GaNun
     8  and Jason DeVirgilio, who, on the effective date of this act are covered
     9  under the provisions of section 375-i of the retirement and social secu-
    10  rity  law,  and  who, for reasons not ascribable to their own negligence
    11  failed to make a timely application  to  participate  in  such  optional
    12  retirement  plan.  Thereafter,  police  officers Timothy GaNun and Jason
    13  DeVirgilio may elect to be covered by the provisions of section 384-d of
    14  the retirement and social security law, and shall  be  entitled  to  the
    15  full rights and benefits associated with coverage under such section, by
    16  filing  a  request  to that effect with the state comptroller within one
    17  year of the effective date of this act.
    18    §  2.  All  past  service  costs  associated  with  implementing   the
    19  provisions  of this act shall be borne by the port authority of New York
    20  and New Jersey.
    21    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will allow the port authority of New York and New Jersey  to
        reopen  the  provisions  of  Section  384-d of the Retirement and Social
        Security Law for police officers Timothy  GaNun  and  Jason  DeVirgilio.
        They are currently covered under Section 375-i.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15543-02-6
        S. 8060                             2
 
          If this legislation is enacted during the 2016 legislative session, we
        anticipate that there will be an increase of approximately $9,500 in the
        annual  contributions  of  the port authority of New York and New Jersey
        for the fiscal year ending March 31, 2017. In future  years,  this  cost
        will  vary  as the billing rates and salaries of these 2 police officers
        change.
          In addition to the annual contributions discussed above, there will be
        a one-time past service cost of $37,600 which will be borne by the  port
        authority  of  New York and New Jersey as a one-time payment. This esti-
        mate is based on the assumption that payment will be made on February 1,
        2017.
          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-
        fications Standards to render the actuarial opinion contained herein.
          This estimate, dated June 2, 2016, and intended for  use  only  during
        the  2016  Legislative Session, is Fiscal Note No. 2016-109, prepared by
        the Actuary for the New York State and Local Retirement System.