S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8216--A
 
                             I N  S E N A T E
 
                              April 22, 2020
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 AN  ACT  to authorize certain police officers 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,
 Christopher  R.   Sniffen and Cody N. Whittaker, members of the New York
 state and local police and fire retirement system, who were appointed as
 police officers with the village of Cobleskill on July 7, 2014, and who,
 through no fault of their own,  were  enrolled  to  participate  in  the
 special twenty-five year retirement plan contained in section 384 of the
 retirement  and  social  security law, shall be given full credit in the
 special twenty year retirement plan contained in section  384-d  of  the
 retirement and social security law for such service upon the election of
 the village of Cobleskill to assume the additional cost of such service.
 The  village  of  Cobleskill may so elect by filing with the state comp-
 troller within 180 days of the effective date of this act, a  resolution
 of  its  legislative  body, together with certification that such police
 officers did not bar themselves from participation  in  such  retirement
 plan  as a result of their own negligence. Thereafter, such officers 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 this effect with the state comptroller within one year of 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 Cobleskill and
 may be amortized over a ten year period.
   § 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.
              

                                                            LBD13305-04-0

 S. 8216--A                          2
 
   This  bill  will  allow  the  village  of  Cobleskill  to  reopen  the
 provisions  of  section  384-d of the Retirement and Social Security Law
 for police officers Christopher R. Sniffen and Cody N. Whittaker.
   If  this  bill  is  enacted  during  the 2020 legislative session, and
 Christopher R. Sniffen and Cody N. Whittaker become  covered  under  the
 provisions  of section 384-d, there will be an increase of approximately
 $4,400 in the annual contributions of the village of Cobleskill 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 approximately $20,200  which  will  be
 borne  by the village of Cobleskill as a one-time payment. This estimate
 is based on the assumption that payment will  be  made  on  February  1,
 2021.  If  the village of Cobleskill elects to amortize this cost over a
 10 year period, the cost for  the  first  year  would  be  approximately
 $2,670.
   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 January 2, 2020, and intended for use only during
 the  2020  Legislative  Session, is Fiscal Note No. 2020-22, prepared by
 the Actuary for the New York State and Local Retirement System.