S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10316
 
                           I N  A S S E M B L Y
 
                              April 22, 2020
                                ___________
 
 Introduced by M. of A. LIFTON -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  to authorize the city of Cortland, in the county of Cortland to
   offer an optional twenty-year retirement plan  to  firefighter  Travis
   Marshall
 
   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 city of Cortland, in the county of Cortland, a participating employ-
 er 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 firefighters employed by such city, is  hereby  author-
 ized  to make participation in such plan available to Travis Marshall, a
 firefighter employed by the city  of  Cortland,  who,  for  reasons  not
 ascribable to his own negligence, failed to make a timely application to
 participate  in  such  optional twenty-year retirement plan. The city of
 Cortland may so elect by filing with the state  comptroller,  within  12
 months of the effective date of this act, a resolution of its own common
 council  together  with  certification that such firefighter did not bar
 himself from participation in such retirement plan as a  result  of  his
 own negligence.  Thereafter, such firefighter 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 within 6 months of  the  city  of  Cortland's
 filing.
   §  2.  All  past  costs associated with implementing the provisions of
 this act shall be borne by the city of Cortland, 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:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15532-02-0
              

 A. 10316                            2
 
   This  bill  would  allow  the  City of Cortland to elect to reopen the
 provisions of Section 384-d of the Retirement and  Social  Security  Law
 for firefighter Travis Marshall.
   If this bill is enacted during the 2020 legislative session and Travis
 Marshall  becomes  covered  under  the  provisions  of Section 384-d, we
 anticipate that there will be an increase of approximately $2,600 in the
 annual contributions of the City of Cortland for the fiscal year  ending
 March  31,  2021.  In  future  years, this cost will vary as the billing
 rates and salary of Travis Marshall change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of $13,600, which will be  borne  by  the
 City  of  Cortland  as a one-time payment. This estimate is based on the
 assumption that payment will be made on February 1, 2021. If the City of
 Cortland elects to amortize this cost over a 10 year  period,  the  cost
 for the first year would be $1,790.
   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 12, 2020, and intended for use only  during
 the  2020  Legislative  Session, is Fiscal Note No. 2020-82, prepared by
 the Actuary for the New York State and Local Retirement System.