New York Senate Bill S08126 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 8126  IN SENATE January 8, 2024 ___________ Introduced by Sen. O'MARA -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT in relation to authorizing Lt. Thomas Cleere to receive certain service credit under a twenty year retirement plan 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 Lieutenant Thomas Cleere, a member of the New York state and local 3 police and fire retirement system, who was appointed as a police officer 4 with the Seneca Falls Police Department, in the town of Seneca Falls, 5 county of Seneca, on February 4, 2014, and who, through no fault of his 6 own, was enrolled to participate in the retirement plan contained in 7 section 375-i of the retirement and social security law, shall be given 8 full credit in the special twenty year retirement plan contained in 9 section 384-d of the retirement and social security law for such service 10 upon the election of the town of Seneca Falls to assume the additional 11 cost of such service. The town of Seneca Falls may so elect by filing 12 with the state comptroller within 180 days of the effective date of this 13 act, a resolution of its legislative body, together with certification 14 that such police officer did not bar himself from participation in such 15 retirement plan as a result of his own negligence. Thereafter, such 16 officer may elect to be covered by the provisions of section 384-d of 17 the retirement and social security law, and shall be entitled to the 18 full rights and benefits associated with coverage under such section, by 19 filing a request to such effect with the state comptroller within one 20 year of the effective date of this act. 21 § 2. All past service costs associated with implementing the 22 provisions of this act shall be borne by the town of Seneca Falls, in 23 the county of Seneca, and may be amortized over a ten year period. 24 § 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would allow the Town of Seneca Falls to reopen the provisions of section 384-d of the Retirement and Social Security Law for police officer Thomas Cleere. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13373-03-4 
 S. 8126 2 If this bill is enacted during the 2024 Legislative Session, we antic- ipate that there will be an increase of approximately $10,000 in the annual contributions of the Town of Seneca Falls for the fiscal year ending March 31, 2025. In future years, this cost will vary as the bill- ing rates and salary of Thomas Cleere change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $149,000 which will be borne by the Town of Seneca Falls as a one-time payment. This estimate assumes that payment will be made on February 1, 2025. If the Town of Seneca Falls elects to amortize this cost over a 10-year period, the cost for each year including interest would be $19,100. 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 January 3, 2024, and intended for use only during the 2024 Legislative Session, is Fiscal Note No. 2024-8, prepared by the Actuary for the New York State and Local Retirement System.