Assembly Bill A10867

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10867
 
                           I N  A S S E M B L Y
 
                               July 24, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Buttenschon)
   -- read once and referred to the Committee on Governmental Employees
 
 AN ACT to authorize Scott Berger to receive certain service credit under
   section 384-d of the retirement and social security law
 
   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,
 Scott Berger, a member of the New York state and local police  and  fire
 retirement system, who was employed as a police officer with the village
 of  Frankfort, from May 5, 2000 through December, 2002, and who, through
 no fault of his own, failed to file a timely application to  participate
 in the special twenty-year retirement plan contained in section 384-d of
 the retirement and social security law resulting in the crediting of his
 service  with  the  village  of Frankfort in the general retirement plan
 contained in section 375-c of such law, shall be  granted  such  service
 credit under section 384-d of the retirement and social security law for
 his  period  of  employment  with  the  village of Frankfort, provided a
 request to that effect is filed with the state  comptroller  within  one
 year from the effective date of this act.
   §  2. All employer past service costs associated with implementing the
 provisions of this act shall be borne by the village  of  Frankfort  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  would  grant Scott Berger, a Tier 2 member of the New York
 State and Local Police and Fire Retirement  System,  additional  service
 creditable  under  the provisions of section 384-d together with section
 384-e of the Retirement and Social Security Law for  time  worked  as  a
 police officer with the Village of Frankfort between May 2000 and Decem-
 ber  2002.  Such  service  is  currently  creditable  only in the age 55
 retirement plan of section 375-c. Officer Berger is  currently  employed
 by the City of Utica and covered under 384-e.
   If  this  bill  is  enacted during the 2020 legislative session, there
 will be an immediate past service cost of  approximately  $36,000  which
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD16995-03-0

 A. 10867                            2
 
 will  be  borne  by the Village of Frankfort as a one-time payment. This
 estimate is based on the assumption that payment will be made on  Febru-
 ary  1,  2021.  If the Village of Frankfort elects to amortize this cost
 over  a  10  year period, the cost for the first year including interest
 would be $4,760.
   There will be no increase in the annual contributions of the  City  of
 Utica.
   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, 2019  actuarial  valu-
 ation.    Distributions  and  other  statistics can be found in the 2019
 Report of the  Actuary  and  the  2019  Comprehensive  Annual  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2015,
 2016, 2017, 2018, and 2019 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, 2019
 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 fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated July 21, 2020, and intended for use  only  during
 the  2020  Legislative Session, is Fiscal Note No. 2020-130, prepared by
 the Actuary for the New York State and Local Retirement System.