S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10411
 
                           I N  A S S E M B L Y
 
                               May 13, 2022
                                ___________
 
 Introduced   by   COMMITTEE  ON  RULES  --  (at  request  of  M.  of  A.
   J. A. Giglio) -- read once and referred to the  Committee  on  Govern-
   mental Employees
 
 AN ACT to authorize the county of Suffolk and the village of Nissequogue
   to  offer  an  optional  twenty-year retirement plan to police officer
   Bridget Topping

   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,
 the  county  of Suffolk and the village of Nissequogue, in the county of
 Suffolk, participating employers in the New York state and local  police
 and  fire  retirement  system,  which  previously  elected  to offer the
 optional twenty-year retirement plan, established  pursuant  to  section
 384-d  of  the  retirement  and  social security law, to police officers
 employed by such county and  village,  are  hereby  authorized  to  make
 participation  in such plan available to Bridget Topping, a police offi-
 cer employed full-time by the county of Suffolk  and  part-time  by  the
 village  of  Nissequogue,  who,  for  reasons  not ascribable to her own
 negligence, failed to make a timely application to participate  in  such
 optional  twenty-year  retirement  plan.  The  county of Suffolk and the
 village of Nissequogue may so elect by separately filing with the  state
 comptroller,  within  nine  months  of  the  effective date of this act,
 resolutions of its own county legislature and the village board of trus-
 tees together with certification that such police officer  did  not  bar
 herself  from  participation  in such retirement plan as a result of her
 own negligence. Thereafter, 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 as well as section 384-e of  such  law,
 by filing a request to that effect with the state comptroller within one
 year of the effective date of this act.
   §  2. All employer past service costs associated with implementing the
 provisions of this act shall be borne by the county of Suffolk  and  may
 be amortized over a ten-year period.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15721-02-2
 A. 10411                            2
 
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow the County of Suffolk and the Village of Nisseq-
 uogue  to  reopen the provisions of Section 384-d, together with Section
 384-e, of the Retirement and Social  Security  Law  for  police  officer
 Bridget Topping.
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate  that  there  will  be  an increase of approximately $9,200 in the
 annual contributions of the County of Suffolk and $2,100 in  the  annual
 contributions  of  the Village of Nissequogue for the fiscal year ending
 March 31, 2023. In future years, this cost  will  vary  as  the  billing
 rates and salary of Bridget Topping change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $398,000 which will be
 borne by the County of Suffolk as a one-time payment. This  estimate  is
 based  on  the assumption that payment will be made on February 1, 2023.
 If the County of Suffolk elects to amortize this  cost  over  a  10-year
 period, the cost for the first year including interest would be $50,800.
   Summary of relevant resources:
   Membership  data as of March 31, 2021 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2021 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2020
 and  2021 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, 2021
 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 May 12, 2022, and intended for  use  only  during
 the  2022  Legislative Session, is Fiscal Note No. 2022-142, prepared by
 the Actuary for the New York State and Local Retirement System.