Bill Text: NY S08840 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes Scott Berger to receive certain service credit under section 384-d of the retirement and social security law.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-07-22 - REFERRED TO RULES [S08840 Detail]

Download: New_York-2019-S08840-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8840

                    IN SENATE

                                      July 22, 2020
                                       ___________

        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to authorize Scott Berger to receive certain service credit under
          section 384-d of the retirement and social security law

          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  Scott  Berger,  a member of the New York state and local police and fire
     3  retirement system, who was employed as a police officer with the village
     4  of Frankfort, from May 5, 2000 through December, 2002, and who,  through
     5  no  fault of his own, failed to file a timely application to participate
     6  in the special twenty-year retirement plan contained in section 384-d of
     7  the retirement and social security law resulting in the crediting of his
     8  service with the village of Frankfort in  the  general  retirement  plan
     9  contained  in  section  375-c of such law, shall be granted such service
    10  credit under section 384-d of the retirement and social security law for
    11  his period of employment with  the  village  of  Frankfort,  provided  a
    12  request  to  that  effect is filed with the state comptroller within one
    13  year from the effective date of this act.
    14    § 2. All employer past service costs associated with implementing  the
    15  provisions  of  this  act shall be borne by the village of Frankfort and
    16  may be amortized over a period of ten years.
    17    § 3. This act shall take effect immediately.
    18    FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
    19    This bill would grant Scott Berger, a Tier 2 member of  the  New  York
    20  State  and  Local  Police and Fire Retirement System, additional service
    21  creditable under the provisions of section 384-d together  with  section
    22  384-e  of  the  Retirement  and Social Security Law for time worked as a
    23  police officer with the Village of Frankfort between May 2000 and Decem-
    24  ber 2002. Such service is  currently  creditable  only  in  the  age  55
    25  retirement  plan  of section 375-c. Officer Berger is currently employed
    26  by the City of Utica and covered under 384-e.
    27    If this bill is enacted during the  2020  legislative  session,  there
    28  will  be  an  immediate past service cost of approximately $36,000 which

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16995-03-0
        S. 8840                             2

     1  will be borne by the Village of Frankfort as a  one-time  payment.  This
     2  estimate  is based on the assumption that payment will be made on Febru-
     3  ary 1, 2021. If the Village of Frankfort elects to  amortize  this  cost
     4  over  a  10  year period, the cost for the first year including interest
     5  would be $4,760.
     6    There will be no increase in the annual contributions of the  City  of
     7  Utica.
     8    Summary of relevant resources:
     9    The  membership  data  used  in  measuring  the impact of the proposed
    10  change was the same as that used in the March 31, 2019  actuarial  valu-
    11  ation.    Distributions  and  other  statistics can be found in the 2019
    12  Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
    13  Report.
    14    The  actuarial assumptions and methods used are described in the 2015,
    15  2016, 2017, 2018, and 2019 Annual Report to the Comptroller on Actuarial
    16  Assumptions, and the Codes, Rules and Regulations of the  State  of  New
    17  York: Audit and Control.
    18    The Market Assets and GASB Disclosures are found in the March 31, 2019
    19  New  York  State  and  Local  Retirement System Financial Statements and
    20  Supplementary Information.
    21    I am a member of the American Academy of Actuaries and meet the Quali-
    22  fication Standards to render the actuarial opinion contained herein.
    23    This fiscal note does not constitute a legal opinion on the  viability
    24  of  the  proposed change nor is it intended to serve as a substitute for
    25  the professional judgment of an attorney.
    26    This estimate, dated July 21, 2020, and intended for use  only  during
    27  the  2020  Legislative Session, is Fiscal Note No. 2020-130, prepared by
    28  the Actuary for the New York State and Local Retirement System.