Bill Text: NY S08281 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes the village of Endicott to offer an optional twenty year retirement plan to Police Officer Jennifer Quinn who is employed by such village.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-04-26 - REFERRED TO CIVIL SERVICE AND PENSIONS [S08281 Detail]

Download: New_York-2017-S08281-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8281
                    IN SENATE
                                     April 26, 2018
                                       ___________
        Introduced  by  Sen.  AKSHAR -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT to authorize the village of Endicott 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  Jennifer Quinn, a member of the New York state and local police and fire
     3  retirement  system,  who  was first employed as a police officer for the
     4  village of Endicott on August 7, 2000, and who, through no fault of  her
     5  own,  failed  to file a timely application to participate in the special
     6  twenty year retirement plan contained in section 384-d of the retirement
     7  and social security law resulting in the crediting of her  service  with
     8  the  village  of  Endicott  in  the retirement plan contained in section
     9  375-i of such law, shall be given  full  credit  in  the  section  384-d
    10  special  twenty  year retirement plan for such service upon the election
    11  of the village of Endicott to assume the additional cost of such service
    12  and her election to participate in such plan.  The village  of  Endicott
    13  may  so  elect  by,  within  one year of the effective date of this act,
    14  filing with the state comptroller a resolution of its local  legislative
    15  body  together  with  certification that such member did not bar herself
    16  from participation in such retirement plan as a result of her own negli-
    17  gence.  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.
    22    §   2.  All  past  service  costs  associated  with  implementing  the
    23  provisions of this act shall be borne by the village of Endicott and may
    24  be amortized over a period of five years.
    25    § 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.
                                                                   LBD14862-03-8
        S. 8281                             2
          This bill will allow the village of Endicott to elect  to  reopen  the
        provisions  of  Section  384-d of the Retirement and Social Security Law
        for police officer Jennifer Quinn.
          If this bill is enacted during the 2018 legislative session and Jenni-
        fer  Quinn  becomes  covered  under  the provisions of Section 384-d, we
        anticipate that there will be an increase of approximately $5,500 in the
        annual contributions of the village of  Endicott  for  the  fiscal  year
        ending March 31, 2019. In future years, this cost will vary as the bill-
        ing rates and salary of Jennifer Quinn change.
          In addition to the annual contributions discussed above, there will be
        an  immediate past service cost of $127,000, which would be borne by the
        village of Endicott as a one-time payment.   This estimate is  based  on
        the  assumption  that  payment  will be made on February 1, 2019. If the
        village of Endicott elects to amortize this cost over a 5  year  period,
        the cost for the first year would be $28,900.
          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 April 6, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No.  2018-62,  prepared  by
        the Actuary for the New York State and Local Retirement System.