S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8281
 
                             I N  S E N A T E
 
                              April 26, 2018
                                ___________
 
 Introduced  by  Sen.  AKSHAR -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize the village of Endicott to offer an optional  twenty
   year  retirement  plan  to  a  certain police officer employed by such
   village
 
   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,
 Jennifer Quinn, a member of the New York state and local police and fire
 retirement  system,  who  was first employed as a police officer for the
 village of Endicott on August 7, 2000, and who, through no fault of  her
 own,  failed  to file a timely application to participate in the special
 twenty year retirement plan contained in section 384-d of the retirement
 and social security law resulting in the crediting of her  service  with
 the  village  of  Endicott  in  the retirement plan contained in section
 375-i of such law, shall be given  full  credit  in  the  section  384-d
 special  twenty  year retirement plan for such service upon the election
 of the village of Endicott to assume the additional cost of such service
 and her election to participate in such plan.  The village  of  Endicott
 may  so  elect  by,  within  one year of the effective date of this act,
 filing with the state comptroller a resolution of its local  legislative
 body  together  with  certification that such member did not bar herself
 from participation in such retirement plan as a result of her own negli-
 gence.  Such police officer 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 by filing a request to that effect  with  the  state  comp-
 troller within eighteen months of the effective date of this act.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the village of Endicott and may
 be amortized over a period of five years.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14862-03-8

 S. 8281                             2
 
   This bill will allow the village of Endicott to elect  to  reopen  the
 provisions  of  Section  384-d of the Retirement and Social Security Law
 for police officer Jennifer Quinn.
   If this bill is enacted during the 2018 legislative session and Jenni-
 fer  Quinn  becomes  covered  under  the provisions of Section 384-d, we
 anticipate that there will be an increase of approximately $5,500 in the
 annual contributions of the village of  Endicott  for  the  fiscal  year
 ending March 31, 2019. In future years, this cost will vary as the bill-
 ing rates and salary of Jennifer Quinn change.
   In addition to the annual contributions discussed above, there will be
 an  immediate past service cost of $127,000, which would be borne by the
 village of Endicott as a one-time payment.   This estimate is  based  on
 the  assumption  that  payment  will be made on February 1, 2019. If the
 village of Endicott elects to amortize this cost over a 5  year  period,
 the cost for the first year would be $28,900.
   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, 2017  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2017
 Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  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, 2017
 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 April 6, 2018, and intended for use only during
 the 2018 Legislative Session, is Fiscal Note No.  2018-62,  prepared  by
 the Actuary for the New York State and Local Retirement System.