S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7860
 
                             I N  S E N A T E
 
                               March 5, 2018
                                ___________
 
 Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize the city of Newburgh, in the county  of  Orange,  to
   offer an optional twenty year retirement plan to police officer Samuel
   Kenan Jr.
 
   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 Newburgh, in the county of Orange, 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  Samuel  Kenan  Jr.,  a
 police officer who was previously employed by the city of Newburgh, who,
 for reasons not ascribable to his own negligence failed to make a timely
 application to participate in such optional twenty year retirement plan.
 The  city of Newburgh may so elect by filing with the state comptroller,
 within one year of the effective date of this act, a resolution  of  the
 town  board together with certification that such police officer did not
 bar himself from participation in such retirement plan as  a  result  of
 his  own  negligence.  Thereafter,  such  police officer 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 while so employed, by filing
 a request to that effect with  the  state  comptroller  within  eighteen
 months of the effective date of this act.
   §   2.  All  past  service  costs  associated  with  implementing  the
 provisions of this act shall be borne by the city of Newburgh.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will allow the City of Newburgh to reopen the provisions  of
 section  384-d  of  the  Retirement  and  Social Security Law for former
 police officer Samuel Kenan Jr., who while an employee of the  city  was
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14171-03-8

 S. 7860                             2
 
 covered under the provisions of section 375-i. Officer Kenan is current-
 ly employed by the City of Peekskill and covered under 384-d.
   If  this  bill  is  enacted,  there is no change in anticipated future
 annual costs as the member continues to be covered by 384-d. There  will
 be an immediate past service cost of $149,000 to be borne by the City of
 Newburgh  as  a  one-time  payment.  This cost 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 February 23, 2018,  and  intended  for  use  only
 during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-47,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7860--A
 
                             I N  S E N A T E
 
                               March 5, 2018
                                ___________
 
 Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 AN  ACT  to  authorize the city of Newburgh, in the county of Orange, to
   offer an optional twenty year retirement plan to police officer Samuel
   Kenan Jr.
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Samuel  Kenan  Jr.,  a  police officer who was previously
 employed by the city of Newburgh, in the county of Orange, a participat-
 ing employer in the New York state and local police and fire  retirement
 system,  and  who  is  currently  employed by the city of Peekskill, for
 reasons not ascribable to his own negligence failed  to  make  a  timely
 application  to  participate in the optional twenty year retirement plan
 established pursuant to section 384-d of the retirement and social secu-
 rity law while employed by the city  of  Newburgh.  Notwithstanding  any
 other provision of law to the contrary, upon the city of Newburgh filing
 with  the  state  comptroller,  within one year of the effective date of
 this act, a resolution of the city council together  with  certification
 that  such police officer did not bar himself from participation in such
 retirement plan as a result of his own negligence, such  police  officer
 may  elect to be granted full credit in the special twenty year plan for
 such service rendered with the city of Newburgh by filing a  request  to
 that  effect  with  the  state comptroller within eighteen months of the
 effective date of this act.
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions  of  this  act  shall  be borne by the cities of Newburgh and
 Peekskill. The city of Newburgh shall be responsible for twenty  percent
 of  such  costs  and  the city of Peekskill shall be responsible for the
 remaining eighty percent.
   § 3. 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.
              

                                                            LBD14171-09-8

 S. 7860--A                          2
 
   This bill will allow service  rendered  by  former  City  of  Newburgh
 police   officer  Samuel  Kenan  Jr.  to  become  creditable  under  the
 provisions of section 384-d of the Retirement and Social  Security  Law.
 While  an  employee  of  the  city,  Officer Kenan was covered under the
 provisions  of section 375-i. Officer Kenan is currently employed by the
 City of Peekskill and covered under 384-d.
   If this bill is enacted, will be a past service cost of $149,000 to be
 shared by the City of Newburgh and the City of Peekskill.  The  City  of
 Newburgh  will  be  responsible  for a one-time payment in the amount of
 $29,800. The City of  Peekskill  will  be  responsible  for  a  one-time
 payment  in  the amount of $119,200. This cost assumes a payment date of
 February 1, 2019.
   There will not be any increase in  the  future  annual  costs  as  the
 member continues to be covered by 384-d.
   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 April 25, 2018, and intended for use only during
 the 2018 Legislative Session, is Fiscal Note No.  2018-85,  prepared  by
 the Actuary for the New York State and Local Retirement System.