S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10444
 
                           I N  A S S E M B L Y
 
                               May 24, 2024
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Buttenschon)
   -- read once and referred to the Committee on Governmental Employees
 
 AN  ACT  to authorize Scott Hoag 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,
 Scott  Hoag,  a  member  of the New York state and local police and fire
 retirement system, who is employed as a police officer with the city  of
 Rome,  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 city of Rome  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 upon the
 election of the city of Rome to  assume  the  additional  cost  of  such
 service  credit.  The city of Rome may so elect by filing with the state
 comptroller, within six months from the effective date of  this  act,  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 negligence.  Thereafter, such
 police officer may elect to be covered  by  the  provisions  of  section
 384-d  of  the retirement and social security law by filing a request to
 that effect with the state comptroller within six months from the effec-
 tive date of such resolution.
   § 2. All employer past service costs associated with implementing  the
 provisions  of  this  act  shall be borne by the city of Rome 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 would allow the City of Rome to  reopen  the  provisions  of
 section 384-d, together with 384-e, of the Retirement and Social Securi-
 ty Law for police officer Scott Hoag.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14466-02-4
              

 A. 10444                            2
 
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate  that  there  will  be an increase of approximately $12,000 in the
 annual contributions of the City of Rome  for  the  fiscal  year  ending
 March 31, 2025. In future years this cost will vary as the billing rates
 and salary of Scott Hoag change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $341,000 which will be
 borne by the City of Rome as a one-time payment. This  estimate  assumes
 that  payment  will  be  made  on  February 1, 2025. If the City of Rome
 elects to amortize this cost over a 10-year period, the  cost  for  each
 year including interest would be $43,500.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation.  Distributions and other statistics can be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 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, 2023
 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 4, 2024, and intended for use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-129, prepared by
 the Actuary for the New York State and Local Retirement System.