Senate Bill S6517

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6517

                            I N  S E N A T E

                            January 31, 2014
                               ___________

Introduced  by  Sen. KENNEDY -- 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 Sean William McCabe to file a  request
  for  change  of  benefit  coverage  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, Sean William
McCabe, who is currently a member of the New York state and local police
and fire retirement system, and who was first employed  by  the  Buffalo
Police Department on July 31, 2009, and by virtue of his date of employ-
ment  became  a  member  of the New York state and local police and fire
retirement system covered by the benefits of article 14 of  the  retire-
ment  and social security law and who, for reasons not ascribable to his
own negligence, elected to participate in the  non-contributory  retire-
ment plan contained in subdivision f of section 384 of such law, and who
subsequently  filed an election to be covered by the benefits of article
22 of such law, shall be deemed to be covered by the benefits of article
14 and the retirement plan contained in subdivision  f  of  section  384
retroactive  to  July 31, 2009 if, within one year of the effective date
of this act, he shall file a written request to  that  effect  with  the
state comptroller. Upon the granting of such status, Sean William McCabe
shall  be  granted a refund of any employee contributions made by him to
the New York state and local police and fire retirement system.
  S 2. All past service costs associated with the implementation of this
act shall be borne by the city of Buffalo.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--This bill will grant Tier 3 status in the New York State
and Local Police and Fire Retirement System to Sean William McCabe,  who
currently  has Tier 5 status and is employed by the City of Buffalo as a
police officer. He originally was assigned Tier 3 status, but he  subse-
quently filed an election form to become covered under the provisions of
Tier 5, as permitted pursuant to Chapter 501 of the Laws of 2009. Member
contributions made while in Tier 5 status will be refunded.

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

                                                           LBD13438-05-4

S. 6517                             2

  If this legislation is enacted during the 2014 legislative session, it
is  estimated  that there will be an increase of approximately $5,600 in
the annual contributions of the City of  Buffalo  for  the  fiscal  year
ending March 31, 2015. In future years, this cost will vary as the bill-
ing rates and salaries of Sean William McCabe change.
  In  addition  to the annual contributions discussed above, it is esti-
mated that there will be a past service cost of $12,700  which  will  be
borne  by  the City of Buffalo as a one-time payment, assuming that such
payment will be made on February 1, 2015.
  Summary of relevant resources:
  The membership data used in  measuring  the  impact  of  the  proposed
change  was  the same as that used in the March 31, 2013 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2013
Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012  and  2013  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, 2013
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 estimate, dated January 24, 2014 and intended for use only during
the 2014 Legislative Session, is Fiscal Note No.  2014-62,  prepared  by
the  Actuary for the New York State and Local Police and Fire Retirement
System.