S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7627
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2021
                                ___________
 
 Introduced by M. of A. DiPIETRO -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN  ACT  in relation to granting Blake Russell additional service credit
   with the New York state and local police and fire retirement system
 
   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,
 the village of Perry, in the county of Wyoming, a participating employer
 in the New York state and local police and fire retirement system, which
 previously  elected  to  offer the optional twenty year retirement plan,
 established pursuant to section 384-d of the retirement and social secu-
 rity law, to police officers employed by such village, is hereby author-
 ized to make participation in such plan available to Blake Russell,  who
 is  currently  employed  by  the village of Perry police department, and
 who, for reasons not ascribable to his own negligence, failed to make  a
 timely  application  to participate in such optional twenty year retire-
 ment plan. Thereafter, Blake Russell 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  as  well  as  section 384-e of such law,
 provided a request to that effect is filed with  the  state  comptroller
 within one year from the effective date of this act.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the village of Perry 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 Village of Perry  to  elect  to  reopen  the
 provisions  of  Section  384-d of the Retirement and Social Security Law
 for police officer Blake Russell.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10546-02-1
              

 A. 7627                             2
 
   If this bill is enacted during the 2021 legislative session and  Blake
 Russell becomes covered under the provisions of Section 384-d, we antic-
 ipate  that  there  will  be  an increase of approximately $3,400 in the
 annual contributions of the Village of Perry for the fiscal year  ending
 March  31,  2022.  In  future  years, this cost will vary as the billing
 rates and salary of Blake Russell change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of $11,700, which will be  borne  by  the
 Village  of  Perry  as a one-time payment. This estimate is based on the
 assumption that payment will be made on February 1, 2022. If the Village
 of Perry elects to amortize this cost over a 10 year  period,  the  cost
 for the first year would be $1,541.
   Summary of relevant resources:
   Membership  data as of March 31, 2020 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al valuation.  Distributions and other statistics can be  found  in  the
 2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2020
 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, 2020
 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 March 25, 2021, and intended for use only  during
 the  2021  Legislative Session, is Fiscal Note No. 2021-114, prepared by
 the Actuary for the New York State and Local Retirement System.