S T A T E   O F   N E W   Y O R K
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                                   3547
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 8, 2019
                                ___________
 
 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 Dustin Waldron 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,
 the village of East Aurora, in  the  county  of  Erie,  a  participating
 employer  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 police officers employed by such village, is
 hereby authorized to make participation in such plan available to Dustin
 Waldron, a police officer employed by such village, who, for reasons not
 ascribable to his own negligence, failed to make a timely application to
 participate  in  such  optional twenty-year retirement plan. Thereafter,
 Dustin Waldron 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 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  associated  with  implementing  the
 provisions of this act shall be borne by the village of East Aurora  and
 may be amortized over a period of five years.
   § 3. This act shall take effect immediately.
   Fiscal Note.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow  the  Village  of  East  Aurora to reopen the
 provisions of Section 384-d together with Section 384-e of  the  Retire-
 ment and Social Security Law for police officer Dustin Waldron.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07650-03-9
              

 S. 3547                             2
 
   If this bill is enacted during the 2019 legislative session and Dustin
 Waldron  becomes  covered under the provisions of Section 384-d together
 with Section 384-e, we anticipate that there  will  be  an  increase  of
 approximately  $8,500 in the annual contributions of the village of East
 Aurora  for the fiscal year ending March 31, 2020. In future years, this
 cost will vary as the billing rates and salary of Dustin Waldron change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of $75,700 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,  2020.  If  the
 village  of East Aurora elects to amortize this cost over a 5 year peri-
 od, the cost for the first year would be $17,300.
   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, 2018 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2018
 Report  of  the  Actuary  and  the  2018  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016,  2017  and  2018  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, 2018
 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 February 6,  2019,  and  intended  for  use  only
 during  the  2019  Legislative  Session,  is  Fiscal  Note  No. 2019-35,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.