Assembly Bill A11038

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11038
 
                           I N  A S S E M B L Y
 
                               May 31, 2018
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Wallace) --
   read once and referred to the Committee on Governmental Employees
 
 AN ACT to authorize Anthony J. Marrano to elect to  participate  in  the
   optional  twenty-year  retirement plan for police officers employed by
   the town of Lancaster in the county of Erie
 
   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, Anthony J.
 Marrano, currently a town of Lancaster police lieutenant and  member  of
 the  New  York state and local police and fire retirement system covered
 by section 384-e of the retirement and social security law, who for  the
 period beginning June 13, 1988 and ending January 23, 1993, was employed
 in the uniformed personnel of the department of corrections and communi-
 ty  supervision  where  he  was a member of the New York state and local
 employees' retirement system, and who, for reasons not ascribable to his
 own negligence, was not granted service credit under  section  384-e  of
 the retirement and social security law for his period of employment with
 the department of corrections and community supervision, shall be grant-
 ed  such service credit under section 384-e of the retirement and social
 security law, if on or before the thirty-first of December next succeed-
 ing the effective date of this act, he shall file a written  request  to
 that effect with the state comptroller.
   § 2. All past service costs incurred in implementing the provisions of
 this act shall be borne exclusively by the town of Lancaster.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This  bill  will  allow  police  officer Anthony J. Marrano to receive
 additional service credit in the New York State  and  Local  Police  and
 Fire Retirement System (PFRS) for service rendered as a correction offi-
 cer  and member of New York State and Local Employees' Retirement System
 (ERS) during the period beginning June  13,  1988  through  January  23,
 1993.  Officer Marrano is currently a Tier 2 PFRS member employed by the
 Town of Lancaster and covered by the provisions of Section 384-e of  the
 Retirement  and  Social  Security Law. This service credit earned in his
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD13545-04-8

 A. 11038                            2
 
 ERS 25 year plan would become creditable towards  retirement  under  his
 PFRS 20 year plan.
   If  this  bill  is  enacted,  there is no change in anticipated future
 annual costs as the member continues to be covered by 384-e. There  will
 be  an immediate past service cost of $41,700 to be borne by the Town of
 Lancaster as a one-time payment. The costs assumes  a  payment  date  of
 February 1, 2019.
   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, 2017  actuarial  valu-
 ation.  Distributions  and  other  statistics  can  be found in the 2017
 Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, and 2017 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  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, 2017
 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  November  15,  2017, and intended for use only
 during the 2018 Legislative Session, is Fiscal Note No. 2018-1, prepared
 by the Actuary for the New York State and Local Retirement System.