Bill Text: NY S05966 | 2019-2020 | General Assembly | Amended
Bill Title: Authorizes Nicholas Budney, a town of Hamburg police officer, to receive certain credit under section 384-d of the retirement and social security law.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2020-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S05966 Detail]
Download: New_York-2019-S05966-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5966--B 2019-2020 Regular Sessions IN SENATE May 16, 2019 ___________ Introduced by Sens. GALLIVAN, KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to authorize Nicholas Budney to receive certain credit under section 384-d of the retirement and social security law 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, Nicholas 2 Budney, currently a town of Hamburg police officer and member of the New 3 York state and local police and fire retirement system covered by 4 section 384-d of the retirement and social security law, who between 5 January 25, 2001 and June 5, 2006 was employed by the Erie county sher- 6 iff's department where he was a member of the New York state and local 7 employees' retirement system, and who, for reasons not ascribable to his 8 own negligence, was not granted service credit under section 384-d of 9 the retirement and social security law for his period of employment with 10 the Erie county sheriff's department, shall be granted such service 11 credit under section 384-d of the retirement and social security law and 12 shall be entitled to the full rights and benefits associated with cover- 13 age under such section, provided a request to that effect is filed with 14 the state comptroller within one year from the effective date of this 15 act. 16 § 2. All past service costs incurred in implementing the provisions of 17 this act shall be borne by the Town of Hamburg. 18 § 3. This act shall take effect immediately. FISCAL NOTE. -- Pursuant to Legislative Law, Section 50: This bill will grant service credit under section 384-d of the Retire- ment and Social Security Law to Nicholas Budney, a current member of the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11838-03-9S. 5966--B 2 New York State and Local Police and Fire Retirement System (PFRS), for the period of January 25, 2001 through June 5, 2006, during which he was employed as a deputy sheriff in Erie County. Currently, deputy sher- iff service is not creditable in a PFRS twenty year police retirement plan. If this bill is enacted during the 2020 legislative session and Mr. Budney transfers this service credit to the PFRS, there will be an imme- diate past service cost of approximately $310,000 which will be borne by the Town of Hamburg as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2021. There will be no increase in the annual contributions of the Town of Hamburg. 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, 2019 actuarial valu- ation. Distributions and other statistics can be found in the 2019 Report of the Actuary and the 2019 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2015, 2016, 2017, 2018 and 2019 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, 2019 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 November 26, 2019, and intended for use only during the 2020 Legislative Session, is Fiscal Note No. 2020-4, prepared by the Actuary for the New York State and Local Retirement System.