S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7444
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 10, 2021
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on Governmental Employees
 
 AN ACT to authorize the town of Orangetown to offer a certain retirement
   option  to  Orangetown  police officers Patrick J. Casey, Elizabeth M.
   Muckell and Keith E. Trojan

   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 Orangetown, 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  Patrick J. Casey who, on the
 effective date of this act is covered under the  provisions  of  section
 384  of  the  retirement and social security law, and to police officers
 Elizabeth M. Muckell and Keith E. Trojan who, on the effective  date  of
 this  act  are  covered  under  the  provisions  of section 375-i 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
 Patrick J.  Casey, Elizabeth M. Muckell and Keith E. Trojan 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  bene-
 fits 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.
   §  2.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the town of Orangetown.
   § 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.
              

                                                            LBD10568-02-1

 A. 7444                             2
 
   This  bill  would  allow the Town of Orangetown to elect to reopen the
 provisions of Section 384-d together with 384-e of  the  Retirement  and
 Social  Security  Law for police officers Patrick J. Casey, Elizabeth M.
 Muckell, and Keith E. Trojan.
   If  this bill is enacted during the 2021 legislative session and Offi-
 cers Casey, Muckell, and Trojan become covered under the  provisions  of
 Section  384-d  together with 384-e, we anticipate that there will be an
 increase of approximately $41,000 in the  annual  contributions  of  the
 Town  of Orangetown for the fiscal year ending March 31, 2022. In future
 years, this cost will vary as the billing rates and salaries of Officers
 Casey, Muckell, and Trojan change.
   In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $124,000 which  will  be
 borne  by the Town of Orangetown as a one-time payment. This estimate is
 based on the assumption that payment will be made on February 1, 2022.
   Summary of relevant resources:
   Membership data as of March 31, 2020 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2020 Report of the Actuary and the 2020 Comprehensive  Annual  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 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, 2020
 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 April 8, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No. 2021-116,  prepared  by
 the Actuary for the New York State and Local Retirement System.