S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7263
 
                             I N  S E N A T E
 
                             January 15, 2020
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize James Renna 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,
 James Renna, a member of the New York state and local  police  and  fire
 retirement system, who was employed as a police officer with the town of
 Clay,  from December 7, 1992 through April 11, 1994, and who, through no
 fault of his own, failed to file a timely application to participate  in
 the  special  twenty-year  retirement plan contained in section 384-d of
 the retirement and social security law resulting in the crediting of his
 service with the town of Clay in the general retirement  plan  contained
 in  section 375-i of such law, shall be given full credit in the special
 twenty-year  retirement  plan  for  such  additional  service  upon  the
 election  of  the  town  of  Clay  to assume the additional cost of such
 service. The town of Clay may so elect by filing  a  resolution  of  its
 local  legislative  body  together  with  certification that such police
 officer did not bar himself from participation in such  retirement  plan
 as a result of his own negligence.
   §  2. All employer past service costs associated with implementing the
 provisions of this act shall be borne by the town of  Clay  and  may  be
 amortized over a ten year period.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
   This  bill  will  grant  James  Renna, a Tier 2 member of the New York
 State and Local Police and Fire Retirement  System,  additional  service
 creditable  under  the provisions of section 384-d together with section
 384-e of the Retirement and Social Security Law, for time  worked  as  a
 police  officer  with  the  Town of Clay between December 1992 and April
 1994. Such service is currently creditable only in the age 55 retirement
 plan of section 375-g. Officer Renna is currently employed by  the  City
 of Syracuse and covered under 384-d together with 384-e.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD11765-06-0

 S. 7263                             2
 
   If this bill is enacted, there will be no change in anticipated future
 annual  costs  as  the  member continues to be covered by 384-d together
 with 384-e. There will be an immediate past service cost of  $38,500  to
 be  borne by the Town of Clay as a one-time payment. This cost assumes a
 payment date of February 1, 2021. If the Town of Clay elects to amortize
 this  cost  over  a 10-year period, the cost for the first year would be
 $5,090.
   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 December 17, 2019,  and  intended  for  use  only
 during  the  2020  Legislative  Session,  is  Fiscal  Note  No. 2020-17,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.