S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8208
 
                             I N  S E N A T E
 
                              April 18, 2018
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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 Cohoes, in  the  county  of  Albany,  to
   offer certain retirement options to police officer Jeffrey Bressette
 
   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 Cohoes, in the county of Albany, a participating employer in
 the New York state and local police and fire  retirement  system,  which
 previously  elected  to  offer  the optional retirement plan established
 pursuant to section 384-d of the retirement and social security  law  to
 police  officers  employed  by  such  city, is hereby authorized to make
 participation in such plan available to Jeffrey Bressette a police offi-
 cer employed by the city of Cohoes, who, on the effective date  of  this
 act  is  covered under the provisions of section 375-i of the retirement
 and social security law, and who, for reasons not ascribable to his  own
 negligence  failed  to  make a timely application to participate in such
 optional retirement plan. The city of Cohoes may so elect by filing with
 the state comptroller, on or before December 31, 2018, a  resolution  of
 its  legislative body together with certification that such police offi-
 cer 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 bene-
 fits associated with coverage under such section, by filing a request to
 that effect with the state comptroller on or before June 30, 2019.
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the city of Cohoes.
   § 3. This act shall take effect immediately.
   FISCAL  NOTE:    This bill will allow the City of Cohoes to reopen the
 provisions of section 384-d of the Retirement and  Social  Security  Law
 for  police  officer  Jeffery Bressette, who is currently covered by the
 provisions  of  section  375-i.  Officer  Bressette  is  also  currently
 employed  by  the  Town  of Coeymans, and was previously employed by the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14177-02-8

 S. 8208                             2
 
 Town of Waterford. Only his service and  salary  earned  in  association
 with  employment  by  the  City  of  Cohoes  will  become creditable and
 included in the calculation of final average  salary  toward  retirement
 under 384-d pursuant to this legislation.
   If this legislation is enacted during the 2018 legislative session, we
 anticipate that there will be an increase of approximately $6,200 in the
 annual  contributions  of  the City of Cohoes for the fiscal year ending
 March 31, 2019. In future years, this cost  will  vary  as  the  billing
 rates and salaries of Jeffery Bressette change.
   There is no past service cost associated with this bill.
   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 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, 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 January 31,  2018,  and  intended  for  use  only
 during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-41,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.