S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 5075                                                  A. 6400
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                               March 7, 2017
                                ___________
 
 IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Civil Service
   and Pensions
 
 IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
   to the Committee on Governmental Employees

 AN ACT to authorize the town of East Hampton, in the county of  Suffolk,
   to offer certain retirement options to police officer Katherine Izzo
 
   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 town of East Hampton, in the  county  of  Suffolk,  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 secu-
 rity  law to police officers employed by such village, is hereby author-
 ized to make participation in such plan  available  to  Katherine  Izzo,
 registration  number 0B50333-3, a police officer employed by the town of
 East Hampton, who, on the effective date of this act  is  covered  under
 the provisions of section 384 of the retirement and social security law,
 and who, for reasons not ascribable to her own negligence failed to make
 a  timely  application  to participate in such optional retirement plan.
 The town of East Hampton may so elect by filing  with  the  state  comp-
 troller, on or before December 31, 2017, a resolution of its legislative
 body  together  with  certification that such police officer did not bar
 herself from participation in such retirement plan as a  result  of  her
 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, by filing a request to that effect
 with the state comptroller on or before June 30, 2018.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09763-04-7

 S. 5075                             2                            A. 6400
 
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the town of East Hampton.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will allow the Town of East Hampton to reopen the provisions
 of Section 384-d for police officer Katherine Izzo.
   If this legislation is enacted during the 2017 legislative session, we
 anticipate that there will be an increase of approximately $5,300 in the
 annual  contributions  of  the  Town of East Hampton for the fiscal year
 ending March 31, 2018. In future years, this cost will vary as the bill-
 ing rates and salaries of Katherine Izzo change.
   In addition to the annual contributions discussed above, there will be
 a one-time past service cost of $15,500 which will be borne by  Town  of
 East  Hampton  as a one-time payment, assuming that payment will be made
 on February 1, 2018.
   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 16, 2017,  and  intended  for  use  only
 during  the  2017  Legislative  Session,  is  Fiscal  Note  No. 2017-57,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.