The New York State Senate

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10046--A
 
                           I N  A S S E M B L Y
 
                              April 29, 2022
                                ___________
 
 Introduced  by M. of A. SCHMITT -- read once and referred to the Commit-
   tee on Governmental Employees -- committee discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN  ACT  to  authorize Kevin Brischoux 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,
 Kevin  Brischoux,  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  Goshen,  from July 14, 2002 through November 2, 2003, 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 Goshen in the general  retire-
 ment  plan contained in section 375-c of such law, shall be granted such
 service credit under section 384-d of the retirement and social security
 law for his period of employment with the town  of  Goshen,  provided  a
 request  to  that  effect is filed with the state comptroller within one
 year from the effective date of this act.
   § 2. All employer past service costs associated with implementing  the
 provisions  of  this act shall be borne by the town of Goshen 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:
   This bill would grant Kevin C. Brischoux, 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 of the  Retire-
 ment  and Social Security Law (RSSL) for time worked as a police officer
 of the Town of Goshen.  Such service is currently creditable in the  age
 55  retirement  plan of section 375-c of the RSSL but not in the 20-year
 plan of section 384-d. Kevin C. Brischoux is currently employed  by  the
 City of Middletown. No member contributions will be refunded pursuant to
 this act.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14493-04-2
 A. 10046--A                         2
 
   If  this  bill  is  enacted during the 2022 legislative session, there
 will be an immediate past service cost of  approximately  $27,400  which
 will  be  borne by the Town of Goshen as a one-time payment.  This esti-
 mate is based on the assumption that payment will be made on February 1,
 2023.  If the Town of Goshen elects to amortize this cost over a 10-year
 period, the cost for the first year including interest would be $3,490.
   Summary of relevant resources:
   Membership data as of March 31, 2021 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2021 actuari-
 al  valuation.    Distributions and other statistics can be found in the
 2021 Report of the Actuary and the 2021 Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 and 2021 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, 2021
 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  May 12, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No. 2022-135,  prepared  by
 the Actuary for the New York State and Local Retirement System.