Senate Bill S9543A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9543--A
 
                             I N  S E N A T E
 
                               May 16, 2024
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 AN ACT granting retroactive retirement service credit to David M. Sturtz
 
   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,  David  M.
 Sturtz,  currently  a  village of Liverpool 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
 October 14, 2002 and April 12, 2011 was employed by the Onondaga  county
 sheriff's  department  where  he  was a member of the New York state and
 local employees' retirement system, and who, for reasons not  ascribable
 to  his  own  negligence,  was  not granted service credit under section
 384-d of the retirement and  social  security  law  for  his  period  of
 employment  with  the  Onondaga  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 bene-
 fits associated with coverage 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 David M. Sturtz submitting such
 request, he shall first file an application for transfer  of  membership
 with the New York state and local employees' retirement system. Upon the
 completion  of  such  transfer,  David  M. Sturtz shall not be granted a
 refund of any employee contributions made by him to the New  York  state
 and local employees' retirement system.
   §  2.  All  past  services costs associated with the implementation of
 this act shall be borne by the village of Liverpool.
   § 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 (RSSL) to David M. Sturtz, a current
 member of the New York State and Local Police and Fire Retirement System
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15444-03-4
 S. 9543--A                          2
 
 (NYSLPFRS) employed by the Village of Liverpool, for the period of Octo-
 ber 14, 2002 through  April  12,  2011,  during  which  time  they  were
 employed  by  the  Onondaga County sheriff's department. Currently, such
 service  with the Onondaga County sheriff's department is not creditable
 in a NYSLPFRS twenty-year police retirement plan.
   If this bill is enacted during the 2024 Legislative Session, we antic-
 ipate that there will be an increase  of  approximately  $1,800  in  the
 annual  contributions  of  the  Village of Liverpool for the fiscal year
 ending March 31, 2025. In future years this cost will vary as the  bill-
 ing rates and salary of David M. Sturtz change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past service cost of approximately $274,000 which will be
 borne by the Village of Liverpool as a one-time payment.  This  estimate
 assumes that payment will be made on February 1, 2025.
   This  bill  will  not  increase the future annual contributions of the
 Village of Liverpool.
   David M. Sturtz must transfer the service credit earned while employed
 by the Onondaga County sheriff's department to the NYSLPFRS  before  the
 service credit can be granted under section 384-d of the RSSL.
   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 May 16, 2024, and intended for  use  only  during
 the  2024  Legislative Session, is Fiscal Note No. 2024-178, prepared by
 the Actuary for the New York State and Local Retirement System.