Senate Bill S5969B

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5969--B
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced by Sens. GALLIVAN, KENNEDY -- 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  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee
 
 AN ACT to authorize Paul O'Brien to receive certain 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, Paul O'Brien,
 currently a village of East Aurora police officer and member of the  New
 York  state  and  local  police  and  fire  retirement system covered by
 section 384-d of the retirement and social  security  law,  who  between
 September 18, 1995 and September 1, 2006 was employed by the Erie county
 sheriff's  department  where  he  was a member of the New York state and
 local employees' retirement system, and who, for reasons not  ascribable
 to  his  own  negligence,  was  not granted service credit under section
 384-d of the retirement and  social  security  law  for  his  period  of
 employment  with  the Erie county sheriff's department, shall be granted
 such service credit under section 384-d of  the  retirement  and  social
 security law and shall be entitled to the full rights and benefits asso-
 ciated  with  coverage  under  such  section, provided a request to that
 effect is filed with the state comptroller  within  one  year  from  the
 effective date of this act.
   § 2. All past service costs incurred in implementing the provisions of
 this act shall be borne by the village of East Aurora.
   § 3. This act shall take effect immediately.
   Fiscal Note.-- Pursuant to Legislative Law, Section 50:
   This bill will grant service credit under section 384-d of the Retire-
 ment  and  Social  Security Law to Paul O'Brien, a current member of the

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

                                                            LBD11843-03-9

 S. 5969--B                          2
 
 New York State and Local Police and Fire Retirement System  (PFRS),  for
 the period of September 18, 1995 through September 1, 2006, during which
 he  was  employed  as a deputy sheriff in Erie County. Currently, deputy
 sheriff  service  is not creditable in a PFRS twenty year police retire-
 ment plan.
   If this bill is enacted during the 2020 legislative  session  and  Mr.
 O'Brien  transfers  this  service  credit  to the PFRS, there will be an
 immediate past service cost of  approximately  $421,000  which  will  be
 borne by the Village of East Aurora as a one-time payment. This estimate
 is  based  on  the  assumption  that payment will be made on February 1,
 2021.
   There will be no increase in the annual contributions of  the  Village
 of East Aurora.
   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 December 18, 2019,  and  intended  for  use  only
 during the 2020 Legislative Session, is Fiscal Note No. 2020-7, prepared
 by the Actuary for the New York State and Local Retirement System.