Senate Bill S8073

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

                                  8073

                            I N  S E N A T E

                              June 10, 2016
                               ___________

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

AN ACT to authorize the city of Rochester, in the county of  Monroe,  to
  offer a certain retirement plan to certain police officers

  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 city of Rochester, in the county of Monroe, 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 city, is hereby authorized
to  make  participation in such plan available to David Blaho, MaryEllen
Monahan-Kenny, and Liza Dann, police officers employed by  the  city  of
Rochester,  who,  for  reasons  not  ascribable to their own negligence,
failed to make a timely application  to  participate  in  such  optional
twenty-year  retirement  plan.    The  city of Rochester may so elect by
filing with the comptroller, on or before December 31,  2017,  a  resol-
ution  of  its city council together with certification that such police
officers did not bar themselves from participation  in  such  retirement
plan as a result of their own negligence.  Thereafter, such police offi-
cers  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, includ-
ing  eligibility  for  participation in the plan established pursuant to
section 384-e of the retirement and social security  law,  by  filing  a
request  to that effect with the state comptroller on or before June 30,
2018.
  S  2.  All  past  service  costs  associated  with  implementing   the
provisions  of this act shall be borne by the city of Rochester, and may
be amortized, over a ten-year period.
  S 3. This act shall take effect immediately.
  Fiscal Note.--Pursuant to Legistlative Law Section 50:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15491-03-6
              

S. 8073                             2

  This bill would allow the city of Rochester to reopen  the  provisions
of  Section 384-d together with 384-e of the Retirement and Social Secu-
rity Law for police officers David Blaho,  MaryEllen  Monahan-Kenny  and
Liza Dann.
  If this bill is enacted during the 2016 legislative session, we antic-
ipate  that  there  will  be an increase of approximately $21,700 in the
annual contributions of the city of Rochester for the fiscal year ending
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 $291,000, which would be
borne  by  the city of Rochester as a one-time payment. This estimate is
based on the assumption that payment will be made on February  1,  2017.
If  the  city  of  Rochester elects to amortize this cost over a 10 year
period, the cost for the first year would be $38,700.
  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 9, 2016, and intended for  use  only  during
the  2016  Legislative Session, is Fiscal Note No. 2016-101, prepared by
the Actuary for the New York State and Local Retirement System.