S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4443
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2021
                                ___________
 
 Introduced  by  Sen. RITCHIE -- 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 Clayton 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,
 Joshua  David,  a member of the New York state and local police and fire
 retirement system who was employed as a police officer for  the  village
 of  Clayton in 2009, and who through no fault of his own, failed to file
 a timely application to participate in the special twenty  year  retire-
 ment  plan contained in section 384-d of the retirement and social secu-
 rity law resulting in the crediting of his service with the  village  of
 Clayton  in  the retirement plan contained in section 375-e 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
 Clayton to assume the additional cost of such service and  his  election
 to participate in such plan.  The village of Clayton may so elect within
 one  year  of  the  effective date of this act, by filing with the state
 comptroller a resolution of its local  legislative  body  together  with
 certification that such member did not bar himself from participation in
 such retirement plan as a result of his own negligence.
   §  2. 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.
   §  3.  All employer past service costs associated with the implementa-
 tion of this act shall be borne by the village of Clayton,  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.
              

                                                            LBD05049-02-1

 S. 4443                             2
 
   § 4. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  allow the Village of Clayton to elect to reopen the
 provisions of Section 384-d of the Retirement and  Social  Security  Law
 for police officer Joshua David.
   If  this bill is enacted during the 2021 legislative session and Offi-
 cer David becomes covered under the  provisions  of  Section  384-d,  we
 anticipate  that  there  will be an increase of approximately $10,000 in
 the annual contributions of the Village of Clayton for the  fiscal  year
 ending March 31, 2022. In future years, this cost will vary as the bill-
 ing rates and salary of Officer David change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $85,000 which will be
 borne by the Village of Clayton 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 Clayton elects to amortize this  cost  over  a  5-year
 period, the cost for the first year including interest would be $19,300.
   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 19,  2021,  and  intended  for  use  only
 during  the  2021  Legislative  Session,  is  Fiscal  Note  No. 2021-30,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.