Bill Text: NY A07818 | 2015-2016 | General Assembly | Introduced

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Bill Title: Authorizes Bradley M. Fuerst to participate in the optional 20 year retirement plan for police officers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-06-18 - substituted by s5453a [A07818 Detail]

Download: New_York-2015-A07818-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7818
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 27, 2015
                                      ___________
       Introduced  by  M.  of  A.  PALMESANO  --  read once and referred to the
         Committee on Governmental Employees
       AN ACT authorizing Bradley M. Fuerst to participate in the  optional  20
         year retirement plan for police officers in the village of Addison
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any other provision of law to the contrary,
    2  Bradley M. Fuerst, a member of the New York state and local  police  and
    3  fire  retirement  system,  who began employment as a police officer with
    4  the village of Addison on July 27, 2009 and currently  remains  employed
    5  by  such village, and who, through no fault of his own, failed to file a
    6  timely application to participate in the special twenty year  retirement
    7  plan pursuant to section 384-d of the retirement and social security law
    8  resulting in the crediting of his service with the village of Addison in
    9  the  general  retirement  plan  contained  in section 375-e of such law,
   10  shall be given full credit in the special twenty  year  retirement  plan
   11  for  such  service upon the election of the village of Addison to assume
   12  the additional cost of such service. The village of Addison may so elect
   13  by filing with the state comptroller, on or before December 31, 2015,  a
   14  resolution  of the village board of trustees together with certification
   15  that such police officer did not bar himself from participation in  such
   16  retirement  plan  as  a  result  of his own negligence. Thereafter, such
   17  police officer may elect to be covered  by  the  provisions  of  section
   18  384-d  of  the  retirement  and  social  security  law  from the date he
   19  commenced his employment as a police officer by such village, and  shall
   20  be  entitled  to  the  full rights and benefits associated with coverage
   21  under such section while so employed, by filing a request to that effect
   22  with the state comptroller on or before June 30, 2016.
   23    S  2.  All  past  service  costs  associated  with  implementing   the
   24  provisions of this act shall be borne by the village of Addison.
   25    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10392-03-5
       A. 7818                             2
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  will  allow  the Village of Addison to elect to reopen the
       provisions of Section 384-d of the Retirement and  Social  Security  Law
       for police officer Bradley Fuerst.
         If  this  bill is enacted and officer Fuerst becomes covered under the
       provisions of Section  384-d,  we  anticipate  that  there  will  be  an
       increase  of  approximately  $3,500  in  the annual contributions of the
       Village of Addison for the fiscal year ending March 31, 2016. In  future
       years,  this cost will vary as the billing rates and salary of the offi-
       cer Fuerst change.
         We estimate that there will not be a past  service  cost  due  to  the
       enactment of this legislation.
         Summary of relevant resources:
         The  membership  data  used  in  measuring  the impact of the proposed
       change was the same as that used in the March 31, 2014  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2014
       Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
       Report.
         The  actuarial assumptions and methods used are described in the 2010,
       2011, 2012, 2013 and 2014 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, 2014
       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  estimate,  dated  May 21, 2015, and intended for use only during
       the 2015 Legislative Session, is Fiscal Note No. 2015-118,  prepared  by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.