Bill Text: NY S06664 | 2017-2018 | General Assembly | Amended

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Bill Title: Grants William J. Cooley additional service credit within the New York state and local police and fire retirement system.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2018-06-19 - referred to governmental employees [S06664 Detail]

Download: New_York-2017-S06664-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6664--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                      June 12, 2017
                                       ___________
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules  --  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 committee
        AN  ACT  in  relation  to  granting William J. Cooley additional service
          credit with the New York state and local police  and  fire  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 other  provision  of  law,  William  J.
     2  Cooley, currently a city of Buffalo 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  for  the
     5  period  beginning  November  12,  2002  and  ending in July of 2006, was
     6  employed as a deputy sheriff by the  Erie  County  Sheriff's  Department
     7  where he was a member of the New York state and local employees' retire-
     8  ment  system, and who, for reasons not ascribable to his own negligence,
     9  was not granted service credit under section 384-d of the retirement and
    10  social security law for his period of employment with  the  Erie  County
    11  Sheriff's Department, shall be granted such service credit under section
    12  384-d  of  the  retirement  and social security law, if on or before the
    13  thirty-first of December next succeeding the effective date of this act,
    14  he shall file a written request to that  effect  with  the  state  comp-
    15  troller.
    16    § 2. All past service costs incurred in implementing the provisions of
    17  this act shall be borne by the city of Buffalo.
    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 William J. Cooley, a current member of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13109-05-8
        S. 6664--A                          2
        the New York State and Local Police and Fire Retirement  System  (PFRS),
        for the period of November 12, 2002 through July of 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  2018  legislative  session,  there
        will  be  an immediate past service cost of approximately $305,000 which
        will be borne by the city of Buffalo as a one-time payment.  This  esti-
        mate is based on the assumption that payment will be made on February 1,
        2019.
          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, 2017  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2017
        Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
        tions,  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, 2017
        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 10, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No. 2018-103,  prepared  by
        the Actuary for the New York State and Local Retirement System.