Senate Bill S4274A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4274--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 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 -- recommitted to the Committee on Civil Service and Pensions
   in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to authorize Paul O'Brien 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, Paul O'Brien,
 currently a village of East Aurora 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
 September 18, 1995 and September 1, 2006 was employed by the Erie county
 sheriff'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 asso-
 ciated  with  coverage  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 village of East Aurora.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  grant  service  credit  under  section 384-d of the
 Retirement and Social Security Law to Paul O'Brien, a current member  of

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04183-04-2
              

 S. 4274--A                          2
 
 the  New  York  State  and  Local  Police  and  Fire  Retirement  System
 (NYSLPFRS) employed by the Village of East Aurora,  for  the  period  of
 September  18,  1995  through  September  1,  2006,  during which he was
 employed  as  a deputy sheriff in Erie County. Currently, deputy sheriff
 service is not creditable in a NYSLPFRS  twenty-year  police  retirement
 plan.
   If  this  bill is enacted during the 2022 legislative session and Paul
 O'Brien transfers his deputy sheriff service  credit  to  the  NYSLPFRS,
 there  will  be an immediate past service cost of approximately $425,000
 which will be borne by the Village of East Aurora as a one-time payment.
 This estimate is based on the assumption that payment will  be  made  on
 February 1, 2023.
   There  will  be no increase in the annual contributions of the Village
 of East Aurora.
   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 March 11, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No.  2022-90,  prepared  by
 the Actuary for the New York State and Local Retirement System.