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S09006 Summary:

S09006 Actions:

S09006 Committee Votes:

S09006 Floor Votes:

S09006 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9006
 
                    IN SENATE
 
                                      June 12, 2018
                                       ___________
 
        Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
          when printed to be committed to the Committee on Rules
 
        AN ACT to authorize the town of Camillus, in the county of Onondaga,  to
          offer certain retirement options to police officer Erik Sauer
 
          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 Camillus, in the county of Onondaga, a participating employ-
     3  er in the New York state and local police and  fire  retirement  system,
     4  which  previously  elected  to offer the optional retirement plan estab-
     5  lished pursuant to section 384-d of the retirement and  social  security
     6  law  to  police  officers employed by such town, is hereby authorized to
     7  make participation in such plan available to Erik Sauer a police officer
     8  employed by the town of Camillus, who, on the effective date of this act
     9  is covered under the provisions of section 375-c of the  retirement  and
    10  social  security  law,  and  who,  for reasons not ascribable to his own
    11  negligence failed to make a timely application to  participate  in  such
    12  optional  retirement  plan.  The town of Camillus may so elect by filing
    13  with the state comptroller, within 180 days of  the  effective  date  of
    14  this  act,  a  resolution  of its legislative body together with certif-
    15  ication that such police officer did not bar himself from  participation
    16  in  such  retirement plan as a result of his own negligence. Thereafter,
    17  such police officer may elect to be covered by the provisions of section
    18  384-d of the retirement and social security law, and shall  be  entitled
    19  to  the  full  rights  and  benefits associated with coverage under such
    20  section, by filing a request to that effect with the  state  comptroller
    21  within one year of the effective date of this act.
    22    §   2.  All  past  service  costs  associated  with  implementing  the
    23  provisions of this act shall be borne by the town of Camillus.
    24    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will allow the town of  Camillus  to  elect  to  reopen  the
        provisions  of  Section  384-d of the Retirement and Social Security Law
        for police officer Erik Sauer.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10823-10-8
        S. 9006                             2
 
          If this bill is enacted during the 2018 legislative session  and  Erik
        Sauer  becomes  covered under the provisions of Section 384-d, we antic-
        ipate that there will be an increase  of  approximately  $7,100  in  the
        annual  contributions of the town of Camillus for the fiscal year ending
        March 31, 2019. In future years, this cost will vary as the billing rate
        and salary of Erik Sauer change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of $39,300 which will be borne by the
        town of Camillus as a one-time payment.  This estimate is based  on  the
        assumption that payment will be made on February 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 June 12, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No. 2018-124,  prepared  by
        the Actuary for the New York State and Local Retirement System.