Senate Bill S4444

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4444
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2021
                                ___________
 
 Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Bret Steve 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,
 Bret Steve, a member of the New York state and  local  police  and  fire
 retirement system, who was employed as a police officer with the village
 of  Clyde,  from  February  1,  1997 through November 30, 2001, 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  village  of  Clyde  in  the  general
 retirement  plan  contained in section 375-i of such law, shall be given
 full credit in the special twenty-year retirement plan  for  such  addi-
 tional cost of such service upon the election of the village of Clyde to
 assume  the additional cost of such service. The village of Clyde may so
 elect by filing a resolution of its local legislative body together with
 certification that such police officer did not bar himself from  partic-
 ipation in such retirement plan as a result of his own negligence.
   §  2. All employer past service costs associated with implementing the
 provisions of this act shall be borne by the village of Clyde and may be
 amortized over a ten year period.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would grant Bret Steve, 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  Retirement  and
 Social  Security Law, for time worked as a police officer of the Village
 of Clyde between February  1997  and  November  2001.  Such  service  is
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

 S                                                          LBD04634-03-1

 S. 4444                             2
 
 currently creditable in the age 55 retirement plan of section 375-c, but
 not  in  the  20  year  plan  of  section 384-d. Bret Steve is currently
 employed by the City of Geneva.
   If  this  bill  is  enacted during the 2021 legislative session, there
 will be an immediate past service cost of  approximately  $50,000  which
 will  be borne by the Village of Clyde as a one-time payment. This esti-
 mate is based on the assumption that payment will be made on February 1,
 2022.  If the Village of Clyde elects to amortize this cost  over  a  10
 year  period,  the  cost  for the first year including interest would be
 $6,600.
   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  13,  2021,  and intended for use only
 during the  2021  Legislative  Session,  is  Fiscal  Note  No.  2021-29,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.