S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2093--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2019
                                ___________
 
 Introduced  by  Sen.  AKSHAR -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05579-06-0
              

 S. 2093--A                          2
 
 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:
   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.