New York Assembly Bill A07007 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 7007 2025-2026 Regular Sessions  IN ASSEMBLY March 18, 2025 ___________ Introduced by M. of A. OTIS -- read once and referred to the Committee on Governmental Employees AN ACT authorizing the village of Port Chester to offer an optional twenty-year retirement plan to a certain police officer employed by such village 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 Michael Sprague, a member of the New York state and local police and 3 fire retirement system, who was appointed as a police officer with the 4 village of Port Chester on January 7, 2013, and who, through no fault of 5 his own, failed to file a timely application to participate in the 6 special twenty-year retirement plan contained in section 384-d of the 7 retirement and social security law resulting in the crediting of his 8 service with the village of Port Chester in the general retirement plan 9 contained in section 375-i of such law, shall be given full credit in 10 the special twenty-year retirement plan for such service upon the 11 election of the village of Port Chester to assume the additional cost of 12 such service. Thereafter, Michael Sprague may elect to be covered by 13 the provisions of section 384-d of the retirement and social security 14 law and shall be entitled to the full rights and benefits associated 15 with coverage under such section, by filing a request to the effect with 16 the state comptroller within one year of the effective date of this act. 17 § 2. All employer past service costs associated with implementing the 18 provisions of this act shall be borne by the village of Port Chester and 19 may be 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 Port Chester to reopen the provisions of section 384-d of the Retirement and Social Security Law for police officer Michael Sprague. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06920-02-5 
 A. 7007 2 If this bill is enacted during the 2025 Legislative Session, we antic- ipate that there will be an increase of approximately $21,000 in the annual contributions of the Village of Port Chester for the fiscal year ending March 31, 2026. In future years this cost will vary as the bill- ing rates and salary of Michael Sprague change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $345,000 which will be borne by the Village of Port Chester as a one-time payment. This esti- mate assumes that payment will be made on February 1, 2026. If the Village of Port Chester elects to amortize this cost over a 10-year period, the cost for the first year including interest would be $44,100. Summary of relevant resources: Membership data as of March 31, 2024 was used in measuring the impact of the proposed change, the same data used in the April 1, 2024 actuari- al valuation. Distributions and other statistics can be found in the 2024 Report of the Actuary and the 2024 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2024 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, 2024 New York State and Local Retirement System Financial Statements and Supplementary Information. 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 3, 2025, and intended for use only during the 2025 Legislative Session, is Fiscal Note No. 2025-42. As Chief Actuary of the New York State and Local Retirement System, I, Aaron Schottin Young, hereby certify that this analysis complies with applicable Actuarial Standards of Practice as well as the Code of Professional Conduct and Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion of the American Academy of Actuaries, of which I am a member.