Bill Text: NY S05251 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Authorizes the village of Scotia, in the county of Schenectady, to offer firefighter Daniel Marchand an optional 20 year retirement plan.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2015-09-25 - SIGNED CHAP.330 [S05251 Detail]

Download: New_York-2015-S05251-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5251
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     May 11, 2015
                                      ___________
       Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize the village of Scotia, in the county of Schenectady,
         to offer an optional twenty year retirement plan to firefighter Daniel
         Marchand
         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  Scotia,  in the county of Schenectady, 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 firefighters employed by  such  village,  is
    7  hereby authorized to make participation in such plan available to Daniel
    8  Marchand,  a  firefighter  employed  by  the village of Scotia, who, for
    9  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 village of Scotia may so elect by filing with the state comptroller,
   12  on  or  before  December  31, 2015, a resolution of the village board of
   13  trustees together with certification that such firefighter did  not  bar
   14  himself  from  participation  in such retirement plan as a result of his
   15  own negligence. Thereafter, such firefighter may elect to be covered  by
   16  the  provisions  of  section 384-d of the retirement and social security
   17  law from the date he commenced his employment as a firefighter  by  such
   18  village,  and  shall be entitled to the full rights and benefits associ-
   19  ated with coverage under such section while so  employed,  by  filing  a
   20  request  to that effect with the state comptroller on or before June 30,
   21  2016.
   22    S  2.  All  past  service  costs  associated  with  implementing   the
   23  provisions of this act shall be borne by the village of Scotia.
   24    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10656-02-5
       S. 5251                             2
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  will  allow  the  Village of Scotia to elect to reopen the
       provisions of Section 384-d of the Retirement and  Social  Security  Law
       for firefighter Daniel Marchand.
         If  this  bill  is  enacted  and  firefighter  Daniel Marchand becomes
       covered under the provisions of Section 384-d, we anticipate that  there
       will  be an increase of approximately $3,940 in the annual contributions
       of the Village of Scotia for the fiscal year ending March 31,  2016.  In
       future  years,  this  cost  will vary as the billing rates and salary of
       firefighter Daniel Marchand change.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $6,550  which  would  be
       borne  by the Village of Scotia as a one-time payment.  This estimate 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 May 7, 2015, and intended for use only during the
       2015 Legislative Session, is Fiscal Note No. 2015-102, prepared  by  the
       Actuary  for  the  New  York  State and Local Police and Fire Retirement
       System.