S T A T E   O F   N E W   Y O R K
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                                   7949
 
                             I N  S E N A T E
 
                               March 4, 2020
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Jason M. Schiedel to receive  certain  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 M. Schiedel, a member of the New York state and local  police  and
 fire retirement system covered under section 384-d of the retirement and
 social  security  law, who for the period beginning February 1, 1995 and
 ending February 28, 2003, was intermittently employed as a police  offi-
 cer  with the village of Gowanda, and who, for reasons not ascribable to
 his own negligence, was not granted service credit under  section  384-d
 of  the retirement and social security law for such period of employment
 with the village of Gowanda, shall be granted such service credit  under
 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  as  well  as  section  384-e of such law, provided that a
 request to that effect is filed with the state  comptroller  within  one
 year from the effective date of this act.
   § 2. All past service costs incurred in implementing the provisions of
 this act shall be borne by the village of Gowanda.
   § 3. This act shall take effect immediately.
   Fiscal Note.--Pursuant to Legislative Law, Section 50:
   This bill will grant service credit under section 384-d of the Retire-
 ment  and  Social Security Law to Jason M. Schiedel, a current member of
 the New York State and Local Police and Fire Retirement  System  (PFRS),
 for  the period beginning February 1, 1995 and ending February 28, 2003,
 during which he was intermittently employed as a police officer with the
 Village of Gowanda.
   If this bill is enacted during the  2020  legislative  session,  there
 will  be  an  immediate past service cost of approximately $45,800 which
 will be borne by the Village of Gowanda  as  a  one-time  payment.  This
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14903-04-0

 S. 7949                             2
 
 estimate  is based on the assumption that payment will be made on Febru-
 ary 1, 2021.
   There  will  be no increase in the annual contributions of the Village
 of Gowanda.
   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  24,  2020, and intended for use only
 during the  2020  Legislative  Session,  is  Fiscal  Note  No.  2020-51,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.