Bill Text: NY S06633 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Authorizes the county of Suffolk and the village of Nissequogue, in the county of Suffolk, to offer the 20-year retirement option to Bridget Topping, a police officer employed by such county and village.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-05 - PRINT NUMBER 6633A [S06633 Detail]

Download: New_York-2023-S06633-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6633

                               2023-2024 Regular Sessions

                    IN SENATE

                                       May 2, 2023
                                       ___________

        Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions

        AN ACT to authorize the county of Suffolk and the village of Nissequogue
          to offer an optional twenty-year retirement  plan  to  police  officer
          Bridget Topping

          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  the county of Suffolk and the village of Nissequogue, in the  county  of
     3  Suffolk,  participating employers in the New York state and local police
     4  and fire retirement  system,  which  previously  elected  to  offer  the
     5  optional  twenty-year  retirement  plan, established pursuant to section
     6  384-d of the retirement and social  security  law,  to  police  officers
     7  employed  by  such  county  and  village,  are hereby authorized to make
     8  participation in such plan available to Bridget Topping, a police  offi-
     9  cer  employed  full-time  by  the county of Suffolk and part-time by the
    10  village of Nissequogue, who, for  reasons  not  ascribable  to  her  own
    11  negligence,  failed  to make a timely application to participate in such
    12  optional twenty-year retirement plan. The  county  of  Suffolk  and  the
    13  village  of Nissequogue may so elect by separately filing with the state
    14  comptroller, within nine months of  the  effective  date  of  this  act,
    15  resolutions of its own county legislature and the village board of trus-
    16  tees  together  with  certification that such police officer did not bar
    17  herself from participation in such retirement plan as a  result  of  her
    18  own  negligence. Thereafter, such police officer may elect to be covered
    19  by the provisions of section 384-d of the retirement and social security
    20  law and shall be entitled to the full  rights  and  benefits  associated
    21  with  coverage  under such section as well as section 384-e of such law,
    22  by filing a request to that effect with the state comptroller within one
    23  year of the effective date of this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07215-02-3
        S. 6633                             2

     1    § 2. All employer past service costs associated with implementing  the
     2  provisions  of  this act shall be borne by the county of Suffolk and may
     3  be amortized over a ten-year period.
     4    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would allow the County of Suffolk and the Village of Nisseq-
        uogue  to  reopen the provisions of section 384-d, together with section
        384-e, of the Retirement and Social  Security  Law  for  police  officer
        Bridget Topping.
          If this bill is enacted during the 2023 legislative session, we antic-
        ipate  that  there  will  be an increase of approximately $11,000 in the
        annual contributions of the County of Suffolk and $1,800 in  the  annual
        contributions  of  the Village of Nissequogue for the fiscal year ending
        March 31, 2024. In future years, these costs will vary  as  the  billing
        rates and salary of Bridget Topping change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $449,000 which will be
        borne by the County of Suffolk as  a  one-time  payment.  This  estimate
        assumes  that payment will be made on February 1, 2024. If the County of
        Suffolk elects to amortize this cost over a 10-year period, the cost for
        the first year including interest would be $57,300.
          Summary of relevant resources:
          Membership data as of March 31, 2022 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2022 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2022 Report of the Actuary and the 2022 Annual  Comprehensive  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2020,
        2021, and 2022 Annual Report to the  Comptroller  on  Actuarial  Assump-
        tions,  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, 2022
        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 2, 2023, and intended for use only during the
        2023  Legislative  Session, is Fiscal Note No. 2023-150, prepared by the
        Actuary for the New York State and Local Retirement System.