New York Senate Bill S01504 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1504--A 2023-2024 Regular Sessions  IN SENATE January 12, 2023 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- recommitted to the Committee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to authorize Timothy Colling to receive certain credit under section 384-d of the retirement and social security law 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, Timothy Coll- 2 ing, currently a Town of Hamburg police officer and member of the New 3 York state and local police and fire retirement system covered by 4 section 384-d of the retirement and social security law, who between 5 July 30, 2007 and January 5, 2014 was employed by the Erie County Sher- 6 iff's Department where he was a member of the New York state and local 7 employees' retirement system, and who, for reasons not ascribable to his 8 own negligence, was not granted service credit under section 384-d of 9 the retirement and social security law for his period of employment with 10 the Erie County Sheriff's Department, shall be granted such service 11 credit under section 384-d of the retirement and social security law and 12 shall be entitled to the full rights and benefits associated with cover- 13 age under such section, provided a request to that effect is filed with 14 the state comptroller within one year from the effective date of this 15 act. 16 § 2. All past service costs incurred in implementing the provisions of 17 this act shall be borne by the Town of Hamburg. 18 § 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would grant service credit under section 384-d of the Retirement and Social Security Law to Timothy Colling, a current member EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00549-03-4 
 S. 1504--A 2 of the New York State and Local Police and Fire Retirement System (NYSLPFRS) employed by the Town of Hamburg, for the period of July 30, 2007 through January 5, 2014, during which time they were employed as a deputy sheriff in Erie County. Currently, deputy sheriff service is not creditable in a NYSLPFRS twenty-year police retirement plan. If this bill is enacted during the 2024 Legislative Session, there will be an immediate past service cost of approximately $420,000 which will be borne by the Town of Hamburg as a one-time payment. This esti- mate assumes that payment will be made on February 1, 2025. This bill will not increase the future annual contributions of the Town of Hamburg. Summary of relevant resources: Membership data as of March 31, 2023 was used in measuring the impact of the proposed change, the same data used in the April 1, 2023 actuari- al valuation. Distributions and other statistics can be found in the 2023 Report of the Actuary and the 2023 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2023 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, 2023 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 February 6, 2024, and intended for use only during the 2024 Legislative Session, is Fiscal Note No. 2024-56, prepared by the Actuary for the New York State and Local Retirement System.