S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6341
 
                        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 Jason Allen 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,
 Jason Allen, 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  Wolcott, from September 10, 1999 through November 24, 2000, 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  Wolcott  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 Wolcott
 to assume the additional cost of such service. The  village  of  Wolcott
 may  so  elect  by  filing  a  resolution  of its local legislative body
 together with certification that such police officer did not bar himself
 from participation in such retirement plan as a result of his own negli-
 gence.
   § 2. All employer past service costs associated with implementing  the
 provisions  of this act shall be borne by the village of Wolcott 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 Jason Allen, a Tier 2  member  of  the  New  York
 State  and  Local  Police and Fire Retirement System, additional service
 creditable under the provisions of section 384-d of the  Retirement  and
 Social  Security Law, for time worked as a police officer of the Village
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09493-02-9

 A. 6341                             2
 
 of Wolcott between September 1999 and November  2000.  Such  service  is
 currently creditable in the age 55 retirement plan on section 375-c, but
 not  in  the  20  year  plan  of section 384-d. Jason Allen is currently
 employed by the Town of Irondequoit.
   If this legislation is enacted during the 2019 legislative session, we
 estimate  there  will be an immediate past service cost of approximately
 $53,800, which would be borne by the Village of Wolcott  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 $7,160.
   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 judgement of an attorney.
   This  estimate,  dated  February  13,  2019, and intended for use only
 during the  2019  Legislative  Session,  is  Fiscal  Note  No.  2019-50,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.