S T A T E   O F   N E W   Y O R K
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                                   6364
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 6, 2017
                                ___________
 
 Introduced by M. of A. ERRIGO -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  to  authorize  Matthew J. McFadden and Richard Gage to elect to
   participate in the optional twenty-year  retirement  plan  for  police
   officers employed by the village of Avon in the county of Livingston

   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 Avon,  in  the  county  of  Livingston,  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 police officers employed by such village, is
 hereby  authorized  to  make  participation  in  such  plan available to
 Matthew J. McFadden and Richard Gage, police officers employed  by  such
 village, who, for reasons not ascribable to their own negligence, failed
 to make a timely application to participate in such optional twenty-year
 retirement  plan.  Thereafter,  Matthew J. McFadden and Richard Gage may
 elect to be covered by the provisions of section 384-d of the retirement
 and social security law, and shall be entitled to the  full  rights  and
 benefits  associated with coverage under such section as well as section
 384-e of such law, by filing a request to that  effect  with  the  state
 comptroller on or before December 31, 2018.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the village of Avon.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow the village of Avon to reopen the provisions  of
 Section  384-d together with 384-e of the Retirement and Social Security
 Law for police officers Matthew J. McFadden and Richard Gage.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00082-02-7
              

 A. 6364                             2
 
   If this bill is enacted during the 2017 legislative session, we antic-
 ipate that there will be an increase  of  approximately  $8,300  in  the
 annual  contributions  of the village of Avon for the fiscal year ending
 March 31, 2018. In future years, this cost  will  vary  as  the  billing
 rates and salaries of these officers change.
   In addition to the annual contributions discussed above, there will be
 an  immediate past service cost of approximately $34,900, which would be
 borne by the village of Avon as a one-time  payment.  This  estimate  is
 based on the assumption that payment will be made on February 1, 2018.
   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, 2016  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2016
 Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2015
 and 2016 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, 2016
 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  February  3,  2017,  and intended for use only
 during the  2017  Legislative  Session,  is  Fiscal  Note  No.  2017-47,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.