The New York State Senate

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4117
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2021
                                ___________
 
 Introduced  by  Sen.  AKSHAR -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize the village of Endicott to offer an optional  twenty
   year  retirement  plan  to  a  certain police officer employed by such
   village

   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,
 Jennifer Quinn, a member of the New York state and local police and fire
 retirement  system,  who  was first employed as a police officer for the
 village of Endicott on August 7, 2000, and who, through no fault of  her
 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 her  service  with
 the  village  of  Endicott  in  the retirement plan contained in section
 375-i of such law, shall be given  full  credit  in  the  section  384-d
 special  twenty  year retirement plan for such service upon the election
 of the village of Endicott to assume the additional cost of such service
 and her election to participate in such plan.  The village  of  Endicott
 may  so  elect  by,  within  one year of the effective date of this act,
 filing with the state comptroller a resolution of its local  legislative
 body  together  with  certification that such member did not bar herself
 from participation in such retirement plan as a result of her own negli-
 gence.  Such police officer 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 benefits associated with coverage under
 such section by filing a request to that effect  with  the  state  comp-
 troller within eighteen months 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 village of Endicott and may
 be amortized over a period of five years.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD04156-02-1

 S. 4117                             2
 
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would allow the Village of Endicott to elect to reopen the
 provisions of Section 384-d of the Retirement and  Social  Security  Law
 for police officer Jennifer Quinn.
   If this bill is enacted during the 2021 legislative session and Jenni-
 fer  Quinn  becomes  covered  under  the provisions of Section 384-d, we
 anticipate that there will be an increase of approximately $8,300 in the
 annual contributions of the Village of  Endicott  for  the  fiscal  year
 ending March 31, 2022. In future years, this cost will vary as the bill-
 ing rates and salary of Jennifer Quinn change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of $151,000, which will be borne by the
 Village of Endicott as a one-time payment. This estimate is based on the
 assumption that payment will be made on February 1, 2022. If the Village
 of Endicott elects to amortize this cost over a 5 year period, the  cost
 for the first year would be $34,400.
   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. 2021-17,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.