S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6459--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               June 12, 2019
                                ___________
 
 Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules  --  recommitted  to
   the  Committee on Civil Service and Pensions in accordance with Senate
   Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee

 AN ACT to authorize the town of Clarkstown to offer a certain retirement
   option  to  Clarkstown police officers Edward Fairclough, Kyle McKier-
   nan, Corry Doyle, and Sean Weaver
 
   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  town  of Clarkstown, a participating employer in the New York state
 and local police and fire retirement system, which previously elected to
 offer the optional retirement plan established pursuant to section 384-d
 of the retirement and social security law to police officers employed by
 such police department, is hereby authorized to  make  participation  in
 such  plan  available  to  police  officer Edward Fairclough who, on the
 effective date of this act is covered under the  provisions  of  section
 375-i  of the retirement and social security law, and to police officers
 Kyle McKiernan, Corry Doyle, and Sean Weaver who, on the effective  date
 of  this  act  are  covered  under  the provisions of section 384 of the
 retirement and social security law and who, for reasons  not  ascribable
 to  their  own negligence failed to make a timely application to partic-
 ipate in such optional  retirement  plan.  Thereafter,  police  officers
 Edward  Fairclough,  Kyle  McKiernan,  Corry  Doyle, and Sean Weaver 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 one year of the
 effective date of this act.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11974-06-0
              

 S. 6459--A                          2
 
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the town of Clarkstown.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  will allow the town of Clarkstown to reopen the provisions
 of Section 384-d of the Retirement and Social Security  Law  (RSSL)  for
 police  officers Edward Fairclough, Kyle McKiernan, Corry Doyle and Sean
 Weaver.
   If this bill is enacted during the 2020 legislative session and Edward
 Fairclough, Kyle McKiernan, Corry Doyle and Sean Weaver  become  covered
 under  the provisions of Section 384-d, we anticipate that there will be
 an increase of approximately $24,000 in the annual contributions of  the
 town  of Clarkstown for the fiscal year ending March 31, 2021. In future
 years, this cost will vary as the billing  rates  and  salary  of  these
 police officers change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of $106,000 which will be borne by the
 town of Clarkstown as a one-time payment. This estimate 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 February 24, 2020,  and  intended  for  use  only
 during  the  2020  Legislative  Session,  is  Fiscal  Note  No. 2020-46,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.