S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5391--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 11, 2019
                                ___________
 
 Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
   tee on Governmental Employees  --  recommitted  to  the  Committee  on
   Governmental  Employees  in accordance with Assembly Rule 3, sec. 2 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

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

                                                            LBD05579-05-0

 A. 5391--A                          2
 
   §  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:
   This  bill  would 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 2020 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 $5,800 in the
 annual contributions of the Village of  Endicott  for  the  fiscal  year
 ending March 31, 2021. 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 $152,000, which will 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, 2021. If the Village
 of Endicott elects to amortize this cost over a 5 year period, the  cost
 for the first year would be $34,600.
   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, 2019  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018 and 2019 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, 2019
 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  February  27,  2020, and intended for use only
 during the  2020  Legislative  Session,  is  Fiscal  Note  No.  2020-63,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.