Senate Bill S2121A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2121--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 18, 2023
                                ___________
 
 Introduced  by Sen. GALLIVAN -- 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  Michelle Rickard 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, Michelle Rick-
 ard, currently a town of Hamburg 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
 January 21, 2003 and June 22, 2008 was employed by the Erie county sher-
 iff's  department where she was a member of the New York state and local
 employees' retirement system, and who, for reasons not ascribable to her
 own negligence, was not granted service credit under  section  384-d  of
 the retirement and social security law for her 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 associated with cover-
 age 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.  Prior to Michelle Rickard submitting such request, she must  first
 file  an  application for tier reinstatement with the New York state and
 local police and fire retirement system, as she has previously withdrawn
 her membership with the New York state and local  employees'  retirement
 system.  Once  any  costs  associated with Michelle Rickard's tier rein-
 statement to her prior membership are paid in full by her,  she  may  be
 granted  the  service  credit and such service credit will be creditable
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00564-03-4
              

 S. 2121--A                          2
 
 service under section 384-d of the retirement and  social  security  law
 for Michelle Rickard.
   § 2. All past service costs incurred in implementing the provisions of
 this act shall be borne by the town of Hamburg.
   § 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 Michelle Rickard, a current member
 of the New York State  and  Local  Police  and  Fire  Retirement  System
 (NYSLPFRS)  employed  by  the Town of Hamburg, for the period of January
 21, 2003 through June 22, 2008, during which time they were 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  2024  Legislative  Session,  there
 will  be  an immediate past service cost of approximately $213,000 which
 will be borne by the Town of Hamburg as a one-time payment.  This  esti-
 mate assumes that payment will be made on February 1, 2025.
   This  bill  will  not  increase the future annual contributions of the
 Town of Hamburg.
   Michelle Rickard must file and complete an application for tier  rein-
 statement with the NYSLPFRS for service credit to be granted.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation.  Distributions and other statistics can be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 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, 2023
 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 3, 2024, and intended for use only during
 the 2024 Legislative Session, is Fiscal Note No.  2024-59,  prepared  by
 the Actuary for the New York State and Local Retirement System.