S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8516
 
                             I N  S E N A T E
 
                             February 7, 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
 
 AN ACT in relation  to  authorizing  Sgt.  Angela  Anderson  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 Angela Anderson, 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 6, 2011, 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:
   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 Angela Anderson.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14224-02-4
 S. 8516                             2
 
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be an increase  of  approximately  $9,600  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 Angela Anderson change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $178,000 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 $22,700.
   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 February 2,  2024,  and  intended  for  use  only
 during  the  2024  Legislative  Session,  is  Fiscal  Note No. 2024-112,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.