Bill Text: NY S08218 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes the city of Little Falls, in the county of Herkimer, to offer participation in the optional twenty year retirement plan to police officer Justin Dibble.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2020-07-22 - referred to governmental employees [S08218 Detail]

Download: New_York-2019-S08218-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8218

                    IN SENATE

                                     April 22, 2020
                                       ___________

        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN ACT to authorize the city of Little Falls, in the county of Herkimer,
          to offer certain retirement options to police officer Justin Dibble

          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  city  of  Little  Falls, in the county of Herkimer, 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-d of the retirement and social secu-
     6  rity law to police officers employed by such city, is hereby  authorized
     7  to  make  participation in such plan available to Justin Dibble a police
     8  officer employed by the city of Little Falls, who, on the effective date
     9  of this act is covered under the provisions  of  section  375-i  of  the
    10  retirement  and social security law, and who, for reasons not ascribable
    11  to his own negligence failed to make a timely application to participate
    12  in such optional retirement plan. The city of Little Falls may so  elect
    13  by  filing with the state comptroller, on or before December 31, 2020, a
    14  resolution of its legislative body together with certification that such
    15  police officer did not bar himself from participation in such retirement
    16  plan as a result of his own negligence. Thereafter, such police  officer
    17  may  elect  to  be  covered  by  the  provisions of section 384-d of the
    18  retirement and social security law, and shall be entitled  to  the  full
    19  rights  and  benefits  associated  with  coverage under such section, by
    20  filing a request to that effect with the state comptroller on or  before
    21  June 30, 2021.
    22    §   2.  All  past  service  costs  associated  with  implementing  the
    23  provisions of this act shall be borne by the state.
    24    § 3. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This bill will allow the city of Little Falls to elect to  reopen  the
        provisions  of  Section  384-d of the Retirement and Social Security Law
        for police officer Justin Dibble.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15692-02-0
        S. 8218                             2

          If this bill is enacted during the 2020 legislative session and Justin
        Dibble becomes covered under the provisions of Section 384-d, we  antic-
        ipate  that  there  will  be  an increase of approximately $4,400 in the
        annual contributions of the city of Little Falls  for  the  fiscal  year
        ending March 31, 2021. In future years, this cost will vary as the bill-
        ing rates and salary of Justin Dibble change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of $114,000 which will be borne by the
        State of New York as a one-time payment. This estimate is based  on  the
        assumption that payment will be made on March 1, 2021.
          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, 2019  actuarial  valu-
        ation.    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 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, 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 March 30, 2020, and intended for use only  during
        the  2020  Legislative Session, is Fiscal Note No. 2020-102, prepared by
        the Actuary for the New York State and Local Retirement System.