S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6340
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 6, 2019
                                ___________
 
 Introduced  by  M.  of  A.  MANKTELOW  --  read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to authorize Bret Steve to receive certain service  credit  under
   section 384-d of the retirement and social security law
 
   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,
 Bret Steve, a member of the New York state and  local  police  and  fire
 retirement system, who was employed as a police officer with the village
 of  Clyde,  from  February  1,  1997 through November 30, 2001, and who,
 through no fault of his 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 his service with  the  village  of  Clyde  in  the  general
 retirement  plan  contained in section 375-i of such law, shall be given
 full credit in the special twenty-year retirement plan  for  such  addi-
 tional cost of such service upon the election of the village of Clyde to
 assume  the additional cost of such service. The village of Clyde may so
 elect by filing a resolution of its local legislative body together with
 certification that such police officer did not bar himself from  partic-
 ipation in such retirement plan as a result of his own negligence.
   §  2. All employer past service costs associated with implementing the
 provisions of this act shall be borne by the village of Clyde and may be
 amortized over a ten year period.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will grant Bret Steve, a Tier 2 member of the New York State
 and Local Police and Fire Retirement System, additional service credita-
 ble under the provisions of section 384-d of the Retirement  and  Social
 Security  Law,  for  time  worked  as a police officer of the Village of
 Clyde between February 1997 and November 2001. Such service is currently
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09931-02-9

 A. 6340                             2
 
 creditable in the age 55 retirement plan of section 375-c,  but  not  in
 the  20  year plan of section 384-d. Bret Steve is currently employed by
 the City of Geneva.
   If this legislation is enacted during the 2019 legislative session, we
 estimate  there  will be an immediate past service cost of approximately
 $140,000, which would be borne by the Village of  Clyde  as  a  one-time
 payment.  This  estimate is based on the assumption that payment will be
 made on February 1, 2020. If this cost is amortized over 10  years,  the
 cost for the first year, including interest, would be $18,600.
   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, 2018  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2018
 Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017 and 2018  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, 2018
 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  15,  2019, and intended for use only
 during the  2019  Legislative  Session,  is  Fiscal  Note  No.  2019-79,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.