The New York State Senate

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8505
 
                             I N  S E N A T E
 
                               March 8, 2022
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Nicholas Moore, Joshua Golden and Nathan Kasprzak 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,
 the city of Plattsburgh, a participating employer in the New York  state
 local  police  and  fire retirement system, is hereby authorized to make
 participation in the 384-d special twenty year retirement plan  pursuant
 to  section 384-d of the retirement and social security law available to
 Nicholas Moore, a police officer employed with  the  Plattsburgh  Police
 Department  with a start date of February 21, 2014, who, for reasons not
 ascribable to his own negligence, was enrolled in  the  special  twenty-
 five year retirement plan contained within section 384 of the retirement
 and social security law. Officer Moore shall be given full credit in the
 special  twenty  year plan contained within section 384-d of the retire-
 ment and social security law for such service upon election of the  city
 of Plattsburgh to assume the additional cost of such service.
   §  2.  Notwithstanding any other provision of law to the contrary, the
 city of Plattsburgh, a participating employer  in  the  New  York  state
 local  police  and  fire retirement system, is hereby authorized to make
 participation in the 384-d special twenty year retirement plan  pursuant
 to  section 384-d of the retirement and social security law available to
 Joshua Golden, a police officer employed  with  the  Plattsburgh  Police
 Department  with a start date of February 21, 2014, who, for reasons not
 ascribable to his own negligence, was enrolled in  the  special  twenty-
 five year retirement plan contained within section 384 of the retirement
 and  social  security  law. Officer Golden shall be given full credit in
 the special twenty year plan  contained  within  section  384-d  of  the
 retirement and social security law for such service upon election of the
 city of Plattsburgh to assume the additional cost of such service.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14926-02-2

 S. 8505                             2
 
   §  3.  Notwithstanding any other provision of law to the contrary, the
 city of Plattsburgh, a participating employer  in  the  New  York  state
 local  police  and  fire retirement system, is hereby authorized to make
 participation in the 384-d special twenty year retirement plan  pursuant
 to  section 384-d of the retirement and social security law available to
 Nathan Kasprzak, a police officer employed with the  Plattsburgh  Police
 Department  with a start date of February 28, 2014, who, for reasons not
 ascribable to his own negligence, was enrolled in  the  special  twenty-
 five year retirement plan contained within section 384 of the retirement
 and  social security law. Officer Kasprzak shall be given full credit in
 the special twenty year plan  contained  within  section  384-d  of  the
 retirement and social security law for such service upon election of the
 city of Plattsburgh to assume the additional cost of such service.
   §  4.  The  city  of Plattsburgh may so elect by filing with the state
 comptroller within 180 days of the effective date of this act, a  resol-
 ution  of  its  legislative  body, together with certification that such
 police officers did  not  bar  themselves  from  participation  in  such
 retirement  plan  as  a result of their own negligence. Thereafter, such
 officers may elect to be covered by the provisions of section  384-d  of
 the  retirement  and  social security law, and shall be entitled to full
 rights and benefits associated with the coverage under such section,  by
 filing  a  request  to this effect with the state comptroller within one
 year of the effective date of this act.
   §  5.  All  past  service  costs  associated  with  implementing   the
 provisions of this act shall be borne by the city of Plattsburgh and may
 be amortized over a period of five years.
   § 6. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow the City of Plattsburgh to reopen the provisions
 of  Section  384-d  of the Retirement and Social Security Law for police
 officers Nicholas Moore, Joshua Golden and Nathan Kasprzak.
   If this bill is enacted during the 2022 legislative session, we antic-
 ipate that there will be an increase  of  approximately  $9,700  in  the
 annual  contributions  of  the  City  of Plattsburgh for the fiscal year
 ending March 31, 2023. In future years, this cost will vary as the bill-
 ing rates and salary of Nicholas Moore, Joshua Golden and Nathan  Kaspr-
 zak change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of approximately $69,400 which will be
 borne by the City of Plattsburgh as a one-time payment. This estimate is
 based on the assumption that payment will be made on February  1,  2023.
 If  the  City  of Plattsburgh elects to amortize this cost over a 5-year
 period, the cost for the first year including interest would be $15,500.
   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.
 S. 8505                             3

   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 7, 2022, and intended for use only during
 the 2022 Legislative Session, is Fiscal Note No. 2022-102,  prepared  by
 the Actuary for the New York State and Local Retirement System.