S T A T E   O F   N E W   Y O R K
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                                   4790
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 25, 2019
                                ___________
 
 Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize the city of Oswego, in the county of Oswego to offer
   an optional twenty-year retirement  plan  to  police  officer  Zackary
   Quinones

   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 Oswego, in the county of Oswego, 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 secu-
 rity law, to police officers employed by such city, is hereby authorized
 to make participation in such plan  available  to  Zackary  Quinones,  a
 police  officer  employed  by  the  city of Oswego, 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
 Oswego  may  so elect by filing with the state comptroller, on or before
 December 31, 2019, a resolution of its own common council together  with
 certification  that such police officer did not bar himself from partic-
 ipation in such retirement plan as a result of his own negligence. Ther-
 eafter, such police officer 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  comp-
 troller on or before June 30, 2020.
   §  2.  All  past  costs associated with implementing the provisions of
 this act shall be borne by the city of Oswego, 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.
              

                                                            LBD10750-05-9

 S. 4790                             2
 
   This bill would allow the city of Oswego to reopen the  provisions  of
 Section 384-d of the Retirement and Social Security Law for police offi-
 cer Zackary Quinones.
   If  this  bill is enacted during the 2019 legislative session and this
 member becomes covered under the provisions of Section 384-d, we  antic-
 ipate  that  there  will  be  an increase of approximately $2,400 in the
 annual contributions of the city of Oswego for the  fiscal  year  ending
 March  31,  2020.  In  future  years, this cost will vary as the billing
 rates and salary of Zackary Quinones change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $10,100  which  will  be
 borne  by  the  city  of  Oswego as a one-time payment. This estimate is
 based on the assumption that payment will be made on February  1,  2020.
 If  the city of Oswego elects to amortize this cost over a 10 year peri-
 od, the cost for the first year would be $1,350.
   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 March 22, 2019, and intended for use only  during
 the  2019  Legislative  Session, is Fiscal Note No. 2019-92, prepared by
 the Actuary for the New York State and Local Retirement System.