Bill Text: NY S06859 | 2019-2020 | General Assembly | Amended

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Bill Title: Authorizes the village of Clayton to offer an optional twenty year retirement plan to Joshua David, a police officer employed by such village.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-01-21 - PRINT NUMBER 6859A [S06859 Detail]

Download: New_York-2019-S06859-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         6859--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                    November 18, 2019
                                       ___________

        Introduced  by  Sen. RITCHIE -- 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  to authorize the village of Clayton to offer an optional twenty
          year retirement plan to a certain  police  officer  employed  by  such
          village

          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  Joshua David, a member of the New York state and local police  and  fire
     3  retirement  system  who was employed as a police officer for the village
     4  of Clayton in 2009, and who through no fault of his own, failed to  file
     5  a  timely  application to participate in the special twenty year retire-
     6  ment plan contained in section 384-d of the retirement and social  secu-
     7  rity  law  resulting in the crediting of his service with the village of
     8  Clayton in the retirement plan contained in section 375-e of  such  law,
     9  shall  be  given  full  credit  in the section 384-d special twenty year
    10  retirement plan for such service upon the election  of  the  village  of
    11  Clayton  to  assume the additional cost of such service and his election
    12  to participate in such plan.  The village of Clayton may so elect within
    13  one year of the effective date of this act, by  filing  with  the  state
    14  comptroller  a  resolution  of  its local legislative body together with
    15  certification that such member did not bar himself from participation in
    16  such retirement plan as a result of his own negligence.
    17    § 2. Such police officer may elect to be covered by the provisions  of
    18  section  384-d  of  the retirement and social security law, and shall be
    19  entitled to the full rights and benefits associated with coverage  under
    20  such  section  by  filing  a request to that effect with the state comp-
    21  troller within eighteen months of the effective date of this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13097-05-0
        S. 6859--A                          2

     1    § 3. All employer past service costs associated with  the  implementa-
     2  tion  of  this  act shall be borne by the village of Clayton, and may be
     3  amortized over a period of five years.
     4    § 4. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This bill will allow the Village of Clayton to elect to reopen the
          provisions  of Section 384-d of the Retirement and Social Security Law
        for police officer Joshua David.
          If this bill is enacted during the 2020 legislative session and  Offi-
        cer  David  becomes  covered  under  the provisions of Section 384-d, we
        anticipate that there will be an increase of approximately $7,000 in the
        annual contributions of the Village  of  Clayton  for  the  fiscal  year
        ending March 31, 2021. In future years, this cost will vary as the bill-
        ing rate and salary of Officer David change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service  cost of $64,600 which will be borne by the
        Village of Clayton as a one-time payment. This estimate is based on  the
        assumption that payment will be made on February 1, 2021. If the Village
        of  Clayton  elects to amortize this cost over a 5-year period, the cost
        for the first year would be $14,700.
          Summary of relevant resources:
          The membership data in measuring the impact of the proposed change was
        the same as that  used  in  the  March  31,  2019  actuarial  valuation.
        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 and 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  15,  2019, and intended for use only
        during the 2020 Legislative Session, is Fiscal Note No. 2020-1, prepared
        by the Actuary for the New York State and Local Retirement System.