STATE OF NEW YORK
________________________________________________________________________
6336
2021-2022 Regular Sessions
IN SENATE
April 22, 2021
___________
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT in relation to granting Blake Russell additional service credit
with the New York state and local police and fire retirement system
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 village of Perry, in the county of Wyoming, a participating employer
3 in the New York state and local police and fire retirement system, which
4 previously elected to offer the optional twenty year retirement plan,
5 established pursuant to section 384-d of the retirement and social secu-
6 rity law, to police officers employed by such village, is hereby author-
7 ized to make participation in such plan available to Blake Russell, who
8 is currently employed by the village of Perry police department, and
9 who, for reasons not ascribable to his own negligence, failed to make a
10 timely application to participate in such optional twenty year retire-
11 ment plan. Thereafter, Blake Russell may elect to be covered by the
12 provisions of section 384-d of the retirement and social security law,
13 and shall be entitled to the full rights and benefits associated with
14 coverage under such section as well as section 384-e of such law,
15 provided a request to that effect is filed with the state comptroller
16 within one year from the effective date of this act.
17 § 2. All past service costs associated with implementing the
18 provisions of this act shall be borne by the village of Perry and may be
19 amortized over a ten-year period.
20 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow the Village of Perry to elect to reopen the
provisions of Section 384-d of the Retirement and Social Security Law
for police officer Blake Russell.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10546-02-1
S. 6336 2
If this bill is enacted during the 2021 legislative session and Blake
Russell becomes covered under the provisions of Section 384-d, we antic-
ipate that there will be an increase of approximately $3,400 in the
annual contributions of the Village of Perry for the fiscal year ending
March 31, 2022. In future years, this cost will vary as the billing
rates and salary of Blake Russell change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of $11,700, which will be borne by the
Village of Perry as a one-time payment. This estimate is based on the
assumption that payment will be made on February 1, 2022. If the Village
of Perry elects to amortize this cost over a 10 year period, the cost
for the first year would be $1,541.
Summary of relevant resources:
Membership data as of March 31, 2020 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2020 actuari-
al valuation. Distributions and other statistics can be found in the
2020 Report of the Actuary and the 2020 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2020
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, 2020
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 March 25, 2021, and intended for use only during
the 2021 Legislative Session, is Fiscal Note No. 2021-114, prepared by
the Actuary for the New York State and Local Retirement System.
