Bill Text: NY S02342 | 2023-2024 | General Assembly | Amended

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Bill Title: Authorizes Mark E. Dole to elect to participate in the optional twenty-year retirement plan for police officers employed by the town of Eden in the county of Erie.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-16 - PRINT NUMBER 2342A [S02342 Detail]

Download: New_York-2023-S02342-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         2342--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 20, 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 Mark E. Dole to elect to participate in the optional
          twenty-year  retirement  plan for police officers employed by the town
          of Eden in the county of Erie

          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  Mark  E.  Dole,  who is currently a retired member of the New York State
     3  and local police and fire retirement system covered under section  384-d
     4  of  the retirement and social security law, who for the period beginning
     5  January 3, 1996 and ending September of 2000, was employed as  a  police
     6  officer  with  the  town of Eden, and who, for reasons not ascribable to
     7  his own negligence, was not granted service credit under  section  384-d
     8  of  the retirement and social security law for such period of employment
     9  with the town of Eden,  shall  be  granted  such  service  credit  under
    10  section  384-d  of  the  retirement and social security law and shall be
    11  entitled to the full rights and benefits associated with coverage  under
    12  such  section  as  well  as  section  384-e of such law, provided that a
    13  request to that effect is filed with the state  comptroller  within  one
    14  year from the effective date of this act.
    15    § 2. All past service costs incurred in implementing the provisions of
    16  this act shall be borne by the town of Eden.
    17    § 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, together
        with section 384-e, of the Retirement and Social Security Law to Mark E.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00552-03-4
        S. 2342--A                          2

        Dole, a current retiree of the New York State and Local Police and  Fire
        Retirement  System,  for  the  period  beginning January 1996 and ending
        September 2000, during which they were employed as a police  officer  in
        the Town of Eden.
          If  this  bill  is  enacted during the 2024 Legislative Session, there
        will be an immediate past service cost of  approximately  $32,400  which
        will  be  borne by the Town of Eden as a one-time payment. This estimate
        assumes that payment will be made on February 1, 2025.
          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  16,  2024,  and intended for use only
        during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-61,
        prepared  by  the  Actuary  for  the New York State and Local Retirement
        System.