Assembly Bill A9468

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9468
 
                           I N  A S S E M B L Y
 
                              March 14, 2024
                                ___________
 
 Introduced by M. of A. GALLAHAN -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN  ACT  in relation to authorizing Sgt. Bethany Kidd to receive certain
   service credit under a twenty year retirement plan
 
   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,
 Sergeant  Bethany  Kidd, a member of the New York state and local police
 and fire retirement system, who was appointed as a police  officer  with
 the  Seneca Falls Police Department, in the town of Seneca Falls, county
 of Seneca, on February 4, 2014, and who, through no fault  of  her  own,
 was  enrolled  to participate in the special twenty-five year retirement
 plan contained in section 384 of the retirement and social security law,
 shall be given full credit in the special twenty  year  retirement  plan
 contained in section 384-d of the retirement and social security law for
 such service upon the election of the town of Seneca Falls to assume the
 additional  cost  of such service. The town of Seneca Falls may so elect
 by filing with the state comptroller within 180 days  of  the  effective
 date  of  this  act, a resolution of its legislative body, together with
 certification that such police officer did not bar herself from  partic-
 ipation  in  such  retirement  plan  as  a result of her own negligence.
 Thereafter, such 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,  by  filing a request to such effect with the state comp-
 troller within one year 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 town of Seneca Falls, in
 the county of Seneca, 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  Town  of  Seneca  Falls  to  reopen  the
 provisions  of  section  384-d of the Retirement and Social Security Law
 for police officer Bethany Kidd.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13454-02-4
 A. 9468                             2
 
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be an increase of  approximately  $10,000  in  the
 annual  contributions  of  the  Town of Seneca Falls for the fiscal year
 ending March 31, 2025. In future years, this cost will vary as the bill-
 ing rates and salary of Bethany Kidd change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $161,000 which will be
 borne by the Town of Seneca Falls as a one-time payment.  This  estimate
 assumes  that  payment  will be made on February 1, 2025. If the Town of
 Seneca Falls elects to amortize this cost over  a  10-year  period,  the
 cost for each year including interest would be $20,600.
   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 January 22,  2024,  and  intended  for  use  only
 during  the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-74,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.