S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7475

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 13, 2015
                               ___________

Introduced  by M. of A. TEDISCO -- read once and referred to the Commit-
  tee on Governmental Employees

AN ACT to authorize the village of Scotia, in the county of Schenectady,
  to offer an optional twenty year retirement plan to firefighter Daniel
  Marchand

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law to the contrary,
the  village  of  Scotia,  in the county of Schenectady, a participating
employer in the New York state and  local  police  and  fire  retirement
system,  which  previously  elected  to  offer  the optional twenty year
retirement plan, established pursuant to section 384-d of the retirement
and social security law, to firefighters employed by  such  village,  is
hereby authorized to make participation in such plan available to Daniel
Marchand,  a  firefighter  employed  by  the village of Scotia, who, for
reasons not ascribable to his own negligence failed  to  make  a  timely
application to participate in such optional twenty year retirement plan.
The village of Scotia may so elect by filing with the state comptroller,
on  or  before  December  31, 2015, a resolution of the village board of
trustees together with certification that such firefighter did  not  bar
himself  from  participation  in such retirement plan as a result of his
own negligence. Thereafter, such firefighter may elect to be covered  by
the  provisions  of  section 384-d of the retirement and social security
law from the date he commenced his employment as a firefighter  by  such
village,  and  shall be entitled to the full rights and benefits associ-
ated with coverage under such section while so  employed,  by  filing  a
request  to that effect with the state comptroller on or before June 30,
2016.
  S  2.  All  past  service  costs  associated  with  implementing   the
provisions of this act shall be borne by the village of Scotia.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10656-02-5
              

A. 7475                             2

  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  will  allow  the  Village of Scotia to elect to reopen the
provisions of Section 384-d of the Retirement and  Social  Security  Law
for firefighter Daniel Marchand.
  If  this  bill  is  enacted  and  firefighter  Daniel Marchand becomes
covered under the provisions of Section 384-d, we anticipate that  there
will  be an increase of approximately $3,940 in the annual contributions
of the Village of Scotia for the fiscal year ending March 31,  2016.  In
future  years,  this  cost  will vary as the billing rates and salary of
firefighter Daniel Marchand change.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $6,550  which  would  be
borne  by the Village of Scotia as a one-time payment.  This estimate is
based on the assumption that payment will be made on February 1, 2016.
  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, 2014 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2014
Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012, 2013 and 2014 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, 2014
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 May 7, 2015, and intended for use only during the
2015 Legislative Session, is Fiscal Note No. 2015-102, prepared  by  the
Actuary  for  the  New  York  State and Local Police and Fire Retirement
System.