S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7978
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 16, 2025
                                ___________
 
 Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN ACT in relation to authorizing Kevin Burns 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,
 Kevin  Burns,  a  member of the New York state and local police and fire
 retirement system, who was appointed as a firefighter with the  Bingham-
 ton  Fire  Department,  in  the city of Binghamton, county of Broome, on
 August 1, 2005, and who, through no fault of his 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 city of Binghamton to assume the additional
 cost of such service. The city of Binghamton 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  firefighter did not bar himself from participation in such retire-
 ment plan as a result of his own negligence. Thereafter, such firefight-
 er 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 city of Binghamton, in the
 county of Broome, 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.
                                                            LBD09866-03-5
              

 A. 7978                             2
 
   This bill would allow the City of Binghamton to reopen the  provisions
 of  section  384-d  of  the Retirement and Social Security Law for fire-
 fighter Kevin Burns.
   If this bill is enacted during the 2025 Legislative Session, we antic-
 ipate  that  there  will  be  an increase of approximately $5,400 in the
 annual contributions of the City  of  Binghamton  for  the  fiscal  year
 ending  March 31, 2026. In future years this cost will vary as the bill-
 ing rates and salary of Kevin Burns change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $235,000 which  will  be
 borne  by  the  City  of Binghamton as a one-time payment. This estimate
 assumes that payment will be made on February 1, 2026. If  the  City  of
 Binghamton  elects to amortize this cost over a 10-year period, the cost
 for the first year including interest would be $30,000.
   Summary of relevant resources:
   Membership data as of March 31, 2024 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2024 Report of the Actuary and the 2024 Annual  Comprehensive  Financial
 Report.  The actuarial assumptions and methods used are described in the
 2024  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, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
   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 March 6, 2025, and intended for use  only  during
 the 2025 Legislative Session, is Fiscal Note No. 2025-83. As Chief Actu-
 ary of the New York State and Local Retirement System, I, Aaron Schottin
 Young,  hereby certify that this analysis complies with applicable Actu-
 arial Standards of Practice as well as the Code of Professional  Conduct
 and Qualification Standards for Actuaries Issuing Statements of Actuari-
 al Opinion of the American Academy of Actuaries, of which I am a member.