S T A T E   O F   N E W   Y O R K
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                                   9254
 
                             I N  S E N A T E
 
                                May 7, 2024
                                ___________
 
 Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the retirement and social security law, in  relation  to
   the  mandatory  age  of  the members of the town of Southampton police
   department
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision m of section 384-d of the retirement and social
 security  law, as amended by chapter 476 of the laws of 2015, is amended
 to read as follows:
   m. Notwithstanding any inconsistent provision  of  law,  if  the  town
 board  of  the  town  of Southampton elects to make the benefits of this
 section available to the members of its police department,  each  member
 of  such  department  shall be separated from service upon completion of
 twenty years of service, provided, however,  that  the  town  board  may
 permit  a  member  to  continue  in service on an annual basis after the
 completion of twenty years of service, but in no event shall such annual
 service be continued after a member has attained age sixty  unless  such
 member  has not attained twenty years of service, EXCEPT HOWEVER, THAT A
 MEMBER OF SUCH DEPARTMENT WHO  HOLDS  THE  RANK  OF  CHIEF  WITHIN  SUCH
 DEPARTMENT MAY BE PERMITTED BY THE TOWN BOARD TO REMAIN IN SERVICE UNTIL
 SUCH MEMBER HAS ATTAINED THE AGE OF SIXTY-FIVE.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would amend subdivision m of Section 384-d of the Retirement
 and  Social  Security Law to allow a police officer employed by the Town
 of Southampton who holds the rank of chief to remain in  active  service
 until  attaining  age  65.  Currently,  such officers must separate from
 service after attaining age 60.
   If this bill is enacted during the  2024  Legislative  Session,  there
 could  be  additional  benefits for certain members who remain in active
 service beyond age 60, which would be  funded  by  the  normal  employer
 contributions.  If  such  members delay separation of service due to the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15297-03-4
              

 S. 9254                             2
 
 enactment of this bill, we do not anticipate any increases in the annual
 contribution rates for the Town of Southampton.
   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 May 3, 2024, and intended for use only during the
 2024 Legislative Session, is Fiscal Note No. 2024-172, prepared  by  the
 Actuary for the New York State and Local Retirement System.