Bill Text: NY S05043 | 2017-2018 | General Assembly | Introduced
Bill Title: Authorizes Peter G. LaSala, a police officer in the village of Potsdam, in the county of St. Lawrence, to elect to participate in an optional 20 year retirement program.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-06-15 - SUBSTITUTED BY A6529 [S05043 Detail]
Download: New_York-2017-S05043-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5043 2017-2018 Regular Sessions IN SENATE March 6, 2017 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to authorize Peter G. LaSala to elect to participate in the optional twenty-year retirement plan for police officers employed by the village of Potsdam in the county of St. Lawrence 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 village of Potsdam, in the county of St. Lawrence, a participating 3 employer in the New York state and local police and fire retirement 4 system, which previously elected to offer the optional twenty-year 5 retirement plan, established pursuant to section 384-d of the retirement 6 and social security law, to police officers employed by such village, is 7 hereby authorized to make participation in such plan available to Peter 8 G. LaSala, a police officer employed by such village, who, for reasons 9 not ascribable to his own negligence, failed to make a timely applica- 10 tion to participate in such optional twenty-year retirement plan. There- 11 after, Peter G. LaSala may elect to be covered by the provisions of 12 section 384-d of the retirement and social security law, and shall be 13 entitled to the full rights and benefits associated with coverage under 14 such section as well as section 384-e of such law, by filing a request 15 to that effect with the state comptroller on or before December 31, 16 2017. 17 § 2. All past service costs associated with implementing the 18 provisions of this act shall be borne by the village of Potsdam and may 19 be amortized over a period of ten years. 20 § 3. This act shall take effect immediately. FISCAL NOTE.-- Pursuant to Legislative Law, Section 50: This bill will allow the Village of Potsdam to reopen the provisions of Sections 34-d, along with 384-e for police officer Peter LaSala. He is the only member that will be affected. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02563-03-7S. 5043 2 If this legislation is enacted during the 2017 legislative session, we anticipate that there will be an increase of approximately $3,500 in the annual contributions of the Village of Potsdam for the fiscal year ending March 31, 2018. In future years, this cost will vary as the bill- ing rates and salaries of Peter LaSala change. In addition to the annual contributions discussed above, there will be a one-time past service cost of $7,320 which will be borne by Village of Potsdam as a one-time payment, assuming that payment will be made on February 1, 2018. If the village of Potsdam elects to amortize this cost over a 10 year period, the past service cost for the first year would be approximately $970. 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, 2016 actuarial valu- ation. Distributions and other statistics can be found in the 2016 Report of the Actuary and the 2016 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015 and 2016 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, 2016 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 14, 2017, and intended for use only during the 2017 Legislative Session, is Fiscal Note No. 2017-34, prepared by the Actuary for the New York State and Local Retirement System.
