Senate Bill S3595

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3595
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2021
                                ___________
 
 Introduced by Sens. GALLIVAN, KENNEDY -- read twice and ordered printed,
   and when printed to be committed to the Committee on Civil Service and
   Pensions
 
 AN  ACT  to  authorize  Nicholas  Budney to receive certain 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, Nicholas
 Budney, currently a town of Hamburg police officer and member of the New
 York state and local  police  and  fire  retirement  system  covered  by
 section  384-d  of  the  retirement and social security law, who between
 January 25, 2001 and June 5, 2006 was employed by the Erie county  sher-
 iff's  department  where he was a member of the New York state and local
 employees' retirement system, and who, for reasons not ascribable to his
 own negligence, was not granted service credit under  section  384-d  of
 the retirement and social security law for his period of employment with
 the  Erie  county  sheriff's  department,  shall be granted such service
 credit under section 384-d of the retirement and social security law and
 shall be entitled to the full rights and benefits associated with cover-
 age under such section, provided a request to that effect is filed  with
 the  state  comptroller  within one year from the effective date of this
 act.
   § 2. All past service costs incurred in implementing the provisions of
 this act shall be borne by the Town of Hamburg.
   § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will grant service credit under section 384-d of the Retire-
 ment and Social Security Law to Nicholas Budney, a current member of the
 New York State and Local Police and Fire Retirement System  (PFRS),  for
 the period of January 25, 2001 through June 5, 2006, during which he was
 employed as a deputy sheriff in Erie County and a member of the New York
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04179-02-1

 S. 3595                             2
 
 State  and  Local  Employees' Retirement System (ERS). Currently, deputy
 sheriff service is not creditable in a PFRS twenty year  police  retire-
 ment plan.
   If  this  bill  is enacted during the 2021 legislative session and Mr.
 Budney transfers his service credit to the PFRS, there will be an  imme-
 diate past service cost of approximately $328,000 which will be borne by
 the Town of Hamburg as a one-time payment. This estimate is based on the
 assumption that payment will be made on February 1, 2022.
   There  will  be no increase in the annual contributions of the Town of
 Hamburg.
   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  January  11,  2021,  and intended for use only
 during the  2021  Legislative  Session,  is  Fiscal  Note  No.  2021-44,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.