S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9489
 
                           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 Lt. Thomas Cleere 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,
 Lieutenant  Thomas  Cleere,  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 his
 own, was enrolled to participate in the  retirement  plan  contained  in
 section  375-i 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 himself from participation in  such
 retirement  plan  as  a  result of his 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  comptroller  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 Thomas Cleere.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13373-03-4
 A. 9489                             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 Thomas Cleere change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $149,000 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 $19,100.
   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 3, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No. 2024-8, prepared by the
 Actuary for the New York State and Local Retirement System.