S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8370--A
 
                             I N  S E N A T E
 
                             January 23, 2024
                                ___________
 
 Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 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 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  herself  from  participation  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  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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13454-04-4
              

 S. 8370--A                          2
 
   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.
   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.