Bill Text: NY S03892 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to authorizing Christopher Ryan to apply for retroactive membership in the NYS and local police and fire retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2015-09-25 - SIGNED CHAP.291 [S03892 Detail]

Download: New_York-2015-S03892-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3892
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 20, 2015
                                      ___________
       Introduced  by  Sen. LATIMER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize Christopher Ryan to apply for retroactive membership
         in the New York state and local police retirement system
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Notwithstanding  any  inconsistent provisions of law, the
    2  fire district of Eastchester in the town of Eastchester, county of West-
    3  chester, a participating employer in the New York state and local police
    4  and fire retirement system, which has  elected  to  offer  the  optional
    5  twenty  year  retirement  plan,  established  pursuant  to section 384-d
    6  together with section 384-e of the retirement and social  security  law,
    7  to  firefighters  employed  by  such  town, is hereby authorized to make
    8  retroactive membership in such plan available  to  Christopher  Ryan,  a
    9  firefighter  with  the  Eastchester fire district, employed by the East-
   10  chester fire district, who, for reasons not ascribable to his own negli-
   11  gence failed to  make  a  timely  application  to  participate  in  such
   12  optional twenty year retirement plan and the additional pension benefits
   13  therefor.  The Eastchester fire district may so elect by filing with the
   14  state comptroller, on or before December 31, 2015, a resolution  of  its
   15  governing body together with certification that such firefighter did not
   16  bar  himself  from  participation in such retirement plan as a result of
   17  his own negligence. Thereafter, such firefighter may elect to be covered
   18  by the provisions of section 384-d together with section  384-e  of  the
   19  retirement  and  social  security law, and shall be entitled to the full
   20  rights and benefits associated with  coverage  under  such  section,  by
   21  filing  a request to that effect with the state comptroller on or before
   22  June 30, 2016.
   23    S 2. Any past service costs incurred by operation of the provision  of
   24  this act shall be borne by the Eastchester fire district.
   25    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08520-03-5
       S. 3892                             2
         FISCAL NOTE--Pursuant to Legislative Law, Section 50:
         This  bill will allow the Eastchester fire district to elect to reopen
       the provisions of Section 384-d  together  with  Section  384-e  of  the
       Retirement and Social Security Law for firefighter Christopher Ryan.
         If this bill is enacted and Christopher Ryan becomes covered under the
       provisions  of  Section 384-d together with Section 384-e, we anticipate
       that there will be an increase of approximately  $9,150  in  the  annual
       contributions  of  the  Eastchester  fire  district  for the fiscal year
       ending March 31, 2016. In future years, this cost will vary as the bill-
       ing rates and salary of Christopher Ryan change.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $93,100 which  would  be
       borne by the Eastchester fire district as a one-time payment. This esti-
       mate is based on the assumption that payment will be made on February 1,
       2016.
         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, 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 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  13,  2015, and intended for use only
       during the  2015  Legislative  Session,  is  Fiscal  Note  No.  2015-66,
       prepared by the Actuary for the New York State and Local Police and Fire
       Retirement System.