S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2342--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 20, 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 Mark E. Dole to elect to participate in the optional
   twenty-year  retirement  plan for police officers employed by the town
   of Eden in the county of Erie
 
   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,
 Mark  E.  Dole,  who is currently a retired member of the New York State
 and local police and fire retirement system covered under section  384-d
 of  the retirement and social security law, who for the period beginning
 January 3, 1996 and ending September of 2000, was employed as  a  police
 officer  with  the  town of Eden, 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 such period of employment
 with the town of Eden,  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 coverage  under
 such  section  as  well  as  section  384-e of such law, provided that a
 request to that effect is filed with the state  comptroller  within  one
 year from the effective date of this act.
   § 2. All past service costs incurred in implementing the provisions of
 this act shall be borne by the town of Eden.
   § 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, together
 with section 384-e, of the Retirement and Social Security Law to Mark E.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00552-03-4
              

 S. 2342--A                          2
 
 Dole, a current retiree of the New York State and Local Police and  Fire
 Retirement  System,  for  the  period  beginning January 1996 and ending
 September 2000, during which they were employed as a police  officer  in
 the Town of Eden.
   If  this  bill  is  enacted during the 2024 Legislative Session, there
 will be an immediate past service cost of  approximately  $32,400  which
 will  be  borne by the Town of Eden as a one-time payment. This estimate
 assumes that payment will be made on February 1, 2025.
   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  16,  2024,  and intended for use only
 during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-61,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.