S T A T E   O F   N E W   Y O R K
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                                   5043
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 6, 2017
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Peter G. LaSala  to  elect  to  participate  in  the
   optional  twenty-year  retirement plan for police officers employed by
   the village of Potsdam in the county of St. Lawrence

   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  village  of Potsdam, in the county of St. Lawrence, 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 security law, to police officers employed by such village, is
 hereby authorized to make participation in such plan available to  Peter
 G.  LaSala,  a police officer employed by such village, who, for reasons
 not ascribable to his own negligence, failed to make a  timely  applica-
 tion to participate in such optional twenty-year retirement plan. There-
 after,  Peter  G.  LaSala  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 as well as section 384-e of such law, by filing  a  request
 to  that  effect  with  the  state comptroller on or before December 31,
 2017.
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions  of this act shall be borne by the village of Potsdam and may
 be amortized over a period of ten years.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This bill will allow the Village of Potsdam to reopen  the  provisions
 of  Sections  34-d, along with 384-e for police officer Peter LaSala. He
 is the only member that will be affected.

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

                                                            LBD02563-03-7

 S. 5043                             2
 
   If this legislation is enacted during the 2017 legislative session, we
 anticipate that there will be an increase of approximately $3,500 in the
 annual contributions of the Village  of  Potsdam  for  the  fiscal  year
 ending March 31, 2018. In future years, this cost will vary as the bill-
 ing rates and salaries of Peter LaSala change.
   In addition to the annual contributions discussed above, there will be
 a one-time past service cost of $7,320 which will be borne by Village of
 Potsdam  as  a  one-time  payment, assuming that payment will be made on
 February 1, 2018. If the village of Potsdam elects to amortize this cost
 over a 10 year period, the past service cost for the first year would be
 approximately $970.
   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, 2016 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2016
 Report  of  the  Actuary  and  the  2016  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2015
 and  2016 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, 2016
 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 14, 2017,  and  intended  for  use  only
 during  the  2017  Legislative  Session,  is  Fiscal  Note  No. 2017-34,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.