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

                                 4645--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              April 1, 2015
                               ___________

Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
  accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN ACT in relation to authorizing police officer Christopher J.  Cady to
  enroll  in  the  optional twenty-five year retirement plan for firemen
  and policemen with tier 3 status

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

  Section  1. Notwithstanding any other provisions of law to the contra-
ry, Christopher J. Cady, who is employed by the city  of  Ithaca  police
department as a police officer, and who, at the time of his joining such
police department, enrolled in the optional twenty year retirement plan,
established pursuant to section 384-d of the retirement and social secu-
rity  law, and who, is a member of the police and fire retirement system
with Tier 6 status, and who, for  reasons  not  ascribable  to  his  own
negligence  failed to enroll in the optional twenty-five year retirement
plan established pursuant to section 384 of the  retirement  and  social
security  law,  when  such  enrollment in such plan would have been more
beneficial to him and allowed him to have tier 3 status in  such  police
and  fire  retirement  system,  shall  be deemed to have enrolled in the
optional  twenty-five  year  retirement  plan  established  pursuant  to
section  384  of  the  retirement and social security law and be granted
tier 3 status in such police and fire retirement system if,  within  one
year  of the effective date of this act, he shall file a written request
to that effect with the state comptroller.
  S 2. No contributions made to the police and fire retirement system by
Christopher J. Cady shall be refunded to him pursuant to the  provisions
of this act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09653-06-6
              

S. 4645--A                          2

  S 3. All costs associated with the implementation of this act shall be
borne by the city of Ithaca.
  S 4. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This  bill  will  allow the City of Ithaca to reopen the provisions of
Section 384 of the Retirement and Social Security Law for police officer
Christopher J. Cady, thereby permitting him to become a  Tier  3  member
covered  under  the  provisions of Section 384. He currently is a Tier 6
member under Section 384-d and has  the  right  to  tier  reinstate  and
become  a  Tier 3 member under Section 384-d. Member contributions shall
not be refunded.
  If such legislation is enacted in the 2016 legislative session, it  is
estimated that there will not be an increase in the annual contributions
of the City of Ithaca for the fiscal year ending March 31, 2017.
  There will not be a past service cost.
  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, 2015  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2015
Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
Report.
  The  actuarial  assumptions and methods used are described in the 2015
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, 2015
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 24, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-103,  prepared  by
the Actuary for the New York State and Local Retirement System.