Bill Text: NY A10182 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes the city of Newburgh, in the county of Orange, to offer police officer Samuel Kenan Jr. an optional 20 year retirement plan.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2018-04-25 - enacting clause stricken [A10182 Detail]

Download: New_York-2017-A10182-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10182
                   IN ASSEMBLY
                                     March 22, 2018
                                       ___________
        Introduced  by  M.  of  A.  SKARTADOS  --  read once and referred to the
          Committee on Governmental Employees
        AN ACT to authorize the city of Newburgh, in the county  of  Orange,  to
          offer an optional twenty year retirement plan to police officer Samuel
          Kenan Jr.
          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 city of Newburgh, in the county of Orange, 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 city, is hereby authorized
     7  to make participation in such plan available  to  Samuel  Kenan  Jr.,  a
     8  police officer who was previously employed by the city of Newburgh, who,
     9  for reasons not ascribable to his own negligence failed to make a timely
    10  application to participate in such optional twenty year retirement plan.
    11  The  city of Newburgh may so elect by filing with the state comptroller,
    12  within one year of the effective date of this act, a resolution  of  the
    13  town  board together with certification that such police officer did not
    14  bar himself from participation in such retirement plan as  a  result  of
    15  his  own  negligence.  Thereafter,  such  police officer may elect to be
    16  covered by the provisions of section 384-d of the retirement and  social
    17  security  law,  and  shall  be  entitled to the full rights and benefits
    18  associated with coverage under such section while so employed, by filing
    19  a request to that effect with  the  state  comptroller  within  eighteen
    20  months 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 city of Newburgh.
    23    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will allow the City of Newburgh to reopen the provisions  of
        section  384-d  of  the  Retirement  and  Social Security Law for former
        police officer Samuel Kenan Jr., who while an employee of the  city  was
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14171-03-8
        A. 10182                            2
        covered under the provisions of section 375-i. Officer Kenan is current-
        ly employed by the City of Peekskill and covered under 384-d.
          If  this  bill  is  enacted,  there is no change in anticipated future
        annual costs as the member continues to be covered by 384-d. There  will
        be an immediate past service cost of $149,000 to be borne by the City of
        Newburgh  as  a  one-time  payment.  This cost assumes a payment date of
        February 1, 2019.
          Summary of relevant resources:
          The membership data used in  measuring  the  impact  of  the  proposed
        change  was  the same as that used in the March 31, 2017 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2017
        Report  of  the  Actuary  and  the  2017  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2015,
        2016,  and  2017  Annual  Report to the Comptroller on Actuarial Assump-
        tions, 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, 2017
        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 estimate, dated February 23, 2018,  and  intended  for  use  only
        during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-47,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.