Bill Text: NY S09625 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes Scott Hoag, a city of Rome police officer, to receive certain credit under section 384-d of the retirement and social security law.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-05-16 - REFERRED TO CIVIL SERVICE AND PENSIONS [S09625 Detail]

Download: New_York-2023-S09625-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9625

                    IN SENATE

                                      May 16, 2024
                                       ___________

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

        AN ACT to authorize Scott Hoag 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 Hoag, a member of the New York state and  local  police  and  fire
     3  retirement  system, who is employed as a police officer with the city of
     4  Rome, and who, through no fault of his own,  failed  to  file  a  timely
     5  application  to  participate  in the special twenty-year retirement plan
     6  contained in section 384-d of the retirement  and  social  security  law
     7  resulting  in  the crediting of his service with the city of Rome in the
     8  general retirement plan contained in section 375-i of such law, shall be
     9  given full credit in the special twenty-year retirement  plan  upon  the
    10  election  of  the  city  of  Rome  to assume the additional cost of such
    11  service credit.  The city of Rome may so elect by filing with the  state
    12  comptroller,  within  six  months from the effective date of this act, a
    13  resolution of its local legislative  body  together  with  certification
    14  that  such police officer did not bar himself from participation in such
    15  retirement plan as a result of his own  negligence.    Thereafter,  such
    16  police  officer  may  elect  to  be covered by the provisions of section
    17  384-d of the retirement and social security law by filing a  request  to
    18  that effect with the state comptroller within six months from the effec-
    19  tive date of such resolution.
    20    §  2. All employer past service costs associated with implementing the
    21  provisions of this act shall be borne by the city of  Rome  and  may  be
    22  amortized over a ten-year period.
    23    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  would  allow  the City of Rome to reopen the provisions of
        section 384-d, together with 384-e, of the Retirement and Social Securi-
        ty Law for police officer Scott Hoag.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14466-02-4
        S. 9625                             2

          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate that there will be an increase of  approximately  $12,000  in  the
        annual  contributions  of  the  City  of Rome for the fiscal year ending
        March 31, 2025. In future years this cost will vary as the billing rates
        and salary of Scott Hoag change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $341,000 which will be
        borne by the City of Rome as a one-time payment. This  estimate  assumes
        that  payment  will  be  made  on  February 1, 2025. If the City of Rome
        elects to amortize this cost over a 10-year period, the  cost  for  each
        year including interest would be $43,500.
          Summary of relevant resources:
          Membership  data as of March 31, 2023 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al valuation.  Distributions and other statistics can be  found  in  the
        2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2023
        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, 2023
        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 4, 2024, and intended for use  only  during
        the  2024  Legislative Session, is Fiscal Note No. 2024-129, prepared by
        the Actuary for the New York State and Local Retirement System.