Bill Text: NY S07238 | 2021-2022 | General Assembly | Amended


Bill Title: Authorizes the town of Niskayuna, in the county of Schenectady, to offer certain retirement options to John F. Connor, Jeffrey A. Relation, Joseph H. Twitty and Paul J. Daly, police officers employed by such town.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-05-24 - SUBSTITUTED BY A7642A [S07238 Detail]

Download: New_York-2021-S07238-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         7238--A

                               2021-2022 Regular Sessions

                    IN SENATE

                                      June 8, 2021
                                       ___________

        Introduced  by  Sen. TEDISCO -- 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 town of Niskayuna, in the county of Schenectady,
          to  offer  certain  retirement  options  to John F. Connor, Jeffrey A.
          Relation, Joseph H. Twitty and Paul J. Daly, police officers  employed
          by such town

          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 town of Niskayuna, 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  retirement  plan
     5  established pursuant to section 384 of the retirement and social securi-
     6  ty law to police officers employed by such town, is hereby authorized to
     7  make participation in such plan available to John F.  Connor, Jeffrey A.
     8  Relation, Joseph H. Twitty and Paul J. Daly, police officers employed by
     9  the  town  of  Niskayuna,  who,  on  the  effective date of this act are
    10  covered under the provisions of section  375-c  of  the  retirement  and
    11  social  security  law,  and who, for reasons not ascribable to their own
    12  negligence failed to make a timely application to  participate  in  such
    13  optional  retirement  plan. The town of Niskayuna may so elect by filing
    14  with the state comptroller, on or before June 30, 2023, a resolution  of
    15  its  legislative  body  together with certification that any such police
    16  officer did not bar  himself  or  herself  from  participation  in  such
    17  retirement  plan  as  a result of his or her own negligence. Thereafter,
    18  any such police officer may elect to be covered  by  the  provisions  of
    19  section  384  of  the  retirement  and social security law, and shall be
    20  entitled to the full rights and benefits associated with coverage  under

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09733-06-2

        S. 7238--A                          2

     1  such  section,  by  filing a request to that effect with the state comp-
     2  troller on or before June 30, 2024.
     3    § 2. All costs associated with implementing the provisions of this act
     4  shall be borne by the town of Niskayuna.
     5    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would allow the town of Niskayuna to reopen the provisions
        of Section 384 of the Retirement and Social Security Law for four police
        officers: John F. Connor, Jeffrey A. Relation, Joseph H. Twitty and Paul
        J. Daly.
          If this bill is enacted during the 2022 legislative session, we antic-
        ipate that there will be an increase of  approximately  $34,000  in  the
        annual contributions of the town of Niskayuna for the fiscal year ending
        March  31,  2023.  In  future  years, this cost will vary as the billing
        rates and salary of the affected police officers change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of $712,000, which will be borne  by  the
        Town  of  Niskayuna as a one-time payment. This estimate is based on the
        assumption that payment will be made on February 1, 2023.
          Summary of relevant resources:
          Membership data as of March 31, 2021 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2021 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2021 Report of the Actuary and the 2021 Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2020
        and 2021 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, 2021
        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 March 30, 2022, and intended for use only during
        the 2022 Legislative Session, is Fiscal Note No. 2022-114,  prepared  by
        the Actuary for the New York State and Local Retirement System.
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