Bill Text: NY A07819 | 2015-2016 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Authorizes Bradley M. Fuerst to participate in the optional 20 year retirement plan for police officers covered under section 384-d of the retirement and social security law.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 0000-00-00 - [A07819 Detail]

Download: New_York-2015-A07819-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7819--A
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 27, 2015
                                      ___________
       Introduced  by  M.  of  A.  PALMESANO  --  read once and referred to the
         Committee on Governmental  Employees  --  committee  discharged,  bill
         amended,  ordered reprinted as amended and recommitted to said commit-
         tee
       AN ACT authorizing Bradley M. Fuerst to participate in the  optional  20
         year retirement plan for police officers in the village of Bath
         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  Bradley M. Fuerst, a member of the New York state and local  police  and
    3  fire  retirement  system,  who began employment as a police officer with
    4  the village of Bath on March 22, 2011 and currently remains employed  by
    5  such  village,  and  who,  through no fault of his own, failed to file a
    6  timely application to participate in the special twenty year  retirement
    7  plan  pursuant  to sections 384-d and 384-e of the retirement and social
    8  security law resulting in the crediting of his service with the  village
    9  of  Bath  in  the  general retirement plan contained in section 375-g of
   10  such law, shall be given full credit in the special twenty year  retire-
   11  ment  plan  for such service upon the election of the village of Bath to
   12  assume the additional cost of such service. The village of Bath  may  so
   13  elect  by  filing  with the state comptroller, on or before December 31,
   14  2015, a resolution of  the  village  board  of  trustees  together  with
   15  certification  that such police officer did not bar himself from partic-
   16  ipation in such retirement plan as  a  result  of  his  own  negligence.
   17  Thereafter,  such  police  officer  may  elect  to  be  covered  by  the
   18  provisions of sections 384-d and 384-e  of  the  retirement  and  social
   19  security law from the date he commenced his employment as a police offi-
   20  cer by such village, and shall be entitled  to the full rights and bene-
   21  fits  associated  with coverage under such section while so employed, by
   22  filing a request to that effect with the state comptroller on or  before
   23  June 30, 2016.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10391-06-5
       A. 7819--A                          2
    1    S   2.  All  past  service  costs  associated  with  implementing  the
    2  provisions of this act shall be borne by the village of Bath.
    3    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  will  allow  the  Village  of  Bath to elect to reopen the
       provisions of Section 384-d of the Retirement and  Social  Security  Law
       for police officer Bradley Fuerst.
         If  this  bill is enacted and officer Fuerst becomes covered under the
       provisions of Section 384-d along with Section 384-e, we anticipate that
       there will be an increase of approximately $850 in the  annual  contrib-
       utions of the Village of Bath for the fiscal year ending March 31, 2016.
       In  future years, this cost will vary as the billing rates and salary of
       the officer Fuerst change.
         We estimate that there will not be a past  service  cost  due  to  the
       enactment of this legislation.
         Summary of relevant sources:
         The  membership  data  used  in  measuring  the impact of the proposed
       change was the same as that used in the March 31, 2014  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2014
       Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012, 2013 and 2014 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, 2014
       New York State Local Retirement System Financial Statements and  Supple-
       mentary 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  May 21, 2015, and intended for use only during
       the 2015 Legislative Session, is Fiscal Note No. 2015-117,  prepared  by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.