Senate Bill S8055

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8055
 
                             I N  S E N A T E
 
                              March 13, 2020
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Mark E. Dole to elect to participate in the optional
   twenty-year retirement plan for police officers employed by  the  town
   of Eden in the county of Erie
 
   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,
 Mark E. Dole, who is currently a retired member of the  New  York  State
 and  local police and fire retirement system covered under section 384-d
 of the retirement and social security law, who for the period  beginning
 January  3,  1996 and ending September of 2000, was employed as a police
 officer with the town of Eden, 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 such period of  employment
 with  the  town  of  Eden,  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 associated with coverage under
 such section as well as section 384-e  of  such  law,  provided  that  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 town of Eden.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This bill would grant service credit under section 384-d together with
 section 384-e of the Retirement and Social Security Law to Mark E. Dole,
 a current retiree of the New  York  State  and  Local  Police  and  Fire
 Retirement  System,  for  the  period  beginning January 1996 and ending
 September 2000, during which he was employed as a police officer in  the
 Town of Eden.
   If  this  bill  is  enacted during the 2020 legislative session, there
 will be an immediate past service cost of  approximately  $24,100  which
 will  be  borne by the Town of Eden as a one-time payment. This estimate
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14976-03-0

 S. 8055                             2
 
 is based on the assumption that payment will  be  made  on  February  1,
 2021.
   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 March 11, 2020, and intended for use only  during
 the  2020  Legislative  Session, is Fiscal Note No. 2020-33, prepared by
 the Actuary for the New York State and Local Retirement System.