S T A T E O F N E W Y O R K
________________________________________________________________________
6781
2015-2016 Regular Sessions
I N A S S E M B L Y
April 2, 2015
___________
Introduced by M. of A. LIFTON -- read once and referred to the Committee
on Governmental Employees
AN ACT in relation to authorizing police officer Christopher J. Cady to
enroll in the optional twenty-five year retirement plan for firemen
and policemen with tier 3 status
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any other provisions of law to the contra-
ry, Christopher J. Cady, who is employed by the city of Ithaca police
department as a police officer, and who, at the time of his joining such
police department, enrolled in the optional twenty year retirement plan,
established pursuant to section 384-d of the retirement and social secu-
rity law, and who, is a member of the police and fire retirement system
with Tier 6 status, and who, for reasons not ascribable to his own
negligence failed to enroll in the optional twenty-five year retirement
plan established pursuant to section 384 of the retirement and social
security law, when such enrollment in such plan would have been more
beneficial to him and allowed him to have tier 3 status in such police
and fire retirement system, shall be deemed to have enrolled in the
optional twenty-five year retirement plan established pursuant to
section 384 of the retirement and social security law and be granted
tier 3 status in such police and fire retirement system if, on or before
December 31, 2015, he shall file a written request to that effect with
the state comptroller.
S 2. No contributions made to the police and fire retirement system by
Christopher J. Cady shall be refunded to him pursuant to the provisions
of this act.
S 3. All costs associated with the implementation of this act shall be
borne by the city of Ithaca.
S 4. 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.
LBD09653-04-5
A. 6781 2
This bill will allow the City of Ithaca to reopen the provisions of
Section 384 of the Retirement and Social Security Law for police officer
Christopher J. Cady, thereby permitting him to become a Tier 3 member
covered under the provisions of Section 384. He currently is a Tier 6
member under Section 384-d and has the right to tier reinstate and
become a Tier 3 member under Section 384-d. Member contributions shall
not be refunded.
If such legislation is enacted during the 2015 legislative session, it
is estimated that there will not be an increase in the annual contrib-
utions of the City of Ithaca for the fiscal year ending ending March 31,
2016.
There will not be a past service cost.
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, 2014 actuarial valu-
ation. Distributions and other statistics can be found in the 2014
Report of the Actuary and the 2014 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2010,
2011, 2012, 2013 and 2014 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, 2014
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 March 23, 2015, and intended for use only during
the 2015 Legislative Session, is Fiscal Note No. 2015-87, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.