Bill Text: NY S07860 | 2017-2018 | General Assembly | Amended

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Bill Title: Authorizes the city of Newburgh, in the county of Orange, to offer police officer Samuel Kenan Jr. an optional 20 year retirement plan.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-06-19 - referred to governmental employees [S07860 Detail]

Download: New_York-2017-S07860-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7860--B
                    IN SENATE
                                      March 5, 2018
                                       ___________
        Introduced  by  Sen.  LARKIN -- 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  commit-
          tee
        AN  ACT  to  authorize the city of Newburgh, in the county of Orange, to
          offer an optional twenty year retirement plan to police officer Samuel
          Kenan Jr.
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Samuel  Kenan  Jr.,  a  police officer who was previously
     2  employed by the city of Newburgh, in the county of Orange, a participat-
     3  ing employer in the New York state and local police and fire  retirement
     4  system,  and  who  is  currently  employed by the city of Peekskill, for
     5  reasons not ascribable to his own negligence failed  to  make  a  timely
     6  application  to  participate in the optional twenty year retirement plan
     7  established pursuant to section 384-d of the retirement and social secu-
     8  rity law while employed by the city  of  Newburgh.  Notwithstanding  any
     9  other provision of law to the contrary, upon the city of Newburgh filing
    10  with  the  state  comptroller,  within one year of the effective date of
    11  this act, a resolution of the city council together  with  certification
    12  that  such police officer did not bar himself from participation in such
    13  retirement plan as a result of his own negligence, such  police  officer
    14  may  elect to be granted full credit in the special twenty year plan for
    15  such service rendered with the city of Newburgh by filing a  request  to
    16  that  effect  with  the  state comptroller within eighteen months of the
    17  effective date of this act.
    18    § 2. All employer past service costs associated with implementing  the
    19  provisions of this act shall be borne by the city of Newburgh and may be
    20  amortized over a ten year period.
    21    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14171-12-8
        S. 7860--B                          2
          This  bill will allow the City of Newburgh to reopen the provisions of
        section 384-d of the Retirement  and  Social  Security  Law  for  former
        police  officer  Samuel Kenan Jr., who while an employee of the city was
        covered under the provisions of section 375-i. Officer Kenan is current-
        ly employed by the City of Peekskill and covered under 384-d.
          If  this bill is enacted, there will be an immediate past service cost
        of $149,000 to be borne by the City of Newburgh as a  one-time  payment.
        This  cost  assumes  a  payment date of February 1, 2019. If the City of
        Newburgh elects to amortize this cost over a 10-year period, the cost of
        the first year would be $19,800.
          There will be no increase in anticipated future annual  costs  as  the
        member continues to be covered by 384-d.
          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  June 4, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No. 2018-120,  prepared  by
        the Actuary for the New York State and Local Retirement System.