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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6664
                               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
        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 deem 3.7 years of service rendered as a deputy  sheriff
        in Erie County to be creditable service credit as police service on a 20
        year  retirement  plan,  to  William J. Cooley, a city of Buffalo police
        officer and member of the New York  State  and  Local  Police  and  Fire
        Retirement  System.  Current  law  prohibits deputy sheriff service from
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13109-02-7
        S. 6664                             2
        being used to attain a 20 year retirement benefit for any police officer
        or firefighter.
          If  this  legislation  is enacted during the 2017 legislative session,
        there will be an immediate past service cost of  approximately  $224,000
        which  will  be borne by the city of Buffalo as a one-time payment. This
        estimate is based on the assumption that payment will be made on  Febru-
        ary 1, 2018.
          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  June 9, 2017, and intended for use only during
        the 2017 Legislative Session, is Fiscal Note No. 2017-111,  prepared  by
        the Actuary for the New York State and Local Retirement System.