Senate Bill S8044

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

                                  8044

                            I N  S E N A T E

                              June 7, 2016
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to authorize Matthew J. McFadden and Richard  Gage  to  elect  to
  participate  in  the  optional  twenty-year retirement plan for police
  officers employed by the village of Avon in the county of Livingston

  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  Avon,  in  the  county  of Livingston, 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 security law, to police officers employed by such village, is
hereby authorized to  make  participation  in  such  plan  available  to
Matthew  J.  McFadden and Richard Gage, police officers employed by such
village, who, for reasons not ascribable to their own negligence, failed
to make a timely application to participate in such optional twenty-year
retirement plan. Thereafter, Matthew J. McFadden and  Richard  Gage  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,  by filing a request to that effect with the state
comptroller on or before December 31, 2016.
  S  2.  All  past  service  costs  associated  with  implementing   the
provisions of this act shall be borne by the village of Avon.
  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This  bill would allow the village of Avon to reopen the provisions of
Section 384-d together with 384-e of the Retirement and Social  Security
Law for police officers Matthew J. McFadden and Richard Gage.
  If this bill is enacted during the 2016 legislative session, we antic-
ipate  that  there  will  be  an increase of approximately $7,440 in the
annual contributions of the village of Avon for the fiscal  year  ending

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15708-02-6
              

S. 8044                             2

March  31,  2017.  In  future  years, this cost will vary as the billing
rates and salaries of these officers change.
  In addition to the annual contributions discussed above, there will be
an  immediate past service cost of approximately $28,600, which would be
borne by the village of Avon as a one-time  payment.  This  estimate  is
based on the assumption that payment will be made on February 1, 2017.
  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, 2015  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2015
Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
Report.
  The  actuarial  assumptions and methods used are described in the 2015
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, 2015
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  June 2, 2016, and intended for use only during
the 2016 Legislative Session, is Fiscal Note No. 2016-107,  prepared  by
the Actuary for the New York State and Local Retirement System.