S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7642--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2021
                                ___________
 
 Introduced  by M. of A. STECK -- read once and referred to the Committee
   on Governmental Employees -- reported and referred to the Committee on
   Ways and Means -- recommitted to the Committee on Ways  and  Means  in
   accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN ACT to authorize the town of Niskayuna, in the county of Schenectady,
   to  offer  certain  retirement  options  to John F. Connor, Jeffrey A.
   Relation, Joseph H. Twitty and Paul J. Daly, police officers  employed
   by such town
 
   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 town of Niskayuna, in the county  of  Schenectady,  a  participating
 employer  in  the  New  York  state and local police and fire retirement
 system, which previously elected to offer the optional  retirement  plan
 established pursuant to section 384 of the retirement and social securi-
 ty law to police officers employed by such town, is hereby authorized to
 make participation in such plan available to John F.  Connor, Jeffrey A.
 Relation, Joseph H. Twitty and Paul J. Daly, police officers employed by
 the  town  of  Niskayuna,  who,  on  the  effective date of this act are
 covered under the provisions of section  375-c  of  the  retirement  and
 social  security  law,  and who, for reasons not ascribable to their own
 negligence failed to make a timely application to  participate  in  such
 optional  retirement  plan. The town of Niskayuna may so elect by filing
 with the state comptroller, on or before June 30, 2023, a resolution  of
 its  legislative  body  together with certification that any such police
 officer did not bar  himself  or  herself  from  participation  in  such
 retirement  plan  as  a result of his or her own negligence. Thereafter,
 any such police officer may elect to be covered  by  the  provisions  of
 section  384  of  the  retirement  and social security law, and shall be

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09733-05-2
              

 A. 7642--A                          2
 
 entitled to the full rights and benefits associated with coverage  under
 such  section,  by  filing a request to that effect with the state comp-
 troller on or before June 30, 2024.
   § 2. All costs associated with implementing the provisions of this act
 shall be borne by the town of Niskayuna.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would allow the town of Niskayuna to reopen the provisions
 of Section 384 of the Retirement and Social Security Law for four police
 officers: John F. Connor, Jeffrey A. Relation, Joseph H. Twitty and Paul
 J. Daly.
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate that there will be an increase of  approximately  $34,000  in  the
 annual contributions of the town of Niskayuna for the fiscal year ending
 March  31,  2023.  In  future  years, this cost will vary as the billing
 rates and salary of the affected police officers change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of $712,000, which will be borne  by  the
 Town  of  Niskayuna as a one-time payment. This estimate is based on the
 assumption that payment will be made on February 1, 2023.
   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 March 30, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No. 2022-114,  prepared  by
 the Actuary for the New York State and Local Retirement System.