Bill Text: NY A08300 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 8300 (Prior Session Legislation)

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

Bill Title: Authorizes the town of Clarkstown to offer a certain retirement option to Clarkstown police officers Edward Fairclough, Kyle McKiernan, Corry Doyle, and Sean Weaver.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2020-11-27 - signed chap.290 [A08300 Detail]

Download: New_York-2019-A08300-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                          8300

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 13, 2019
                                       ___________

        Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
          Committee on Governmental Employees

        AN ACT to authorize the town of Clarkstown to offer a certain retirement
          option to Clarkstown police officers Edward Fairclough,  Kyle  McKier-
          nan, Corry Doyle, and Sean Weaver

          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 town of Clarkstown, a participating employer in the New  York  state
     3  and local police and fire retirement system, which previously elected to
     4  offer the optional retirement plan established pursuant to section 384-d
     5  of the retirement and social security law to police officers employed by
     6  such  police  department,  is hereby authorized to make participation in
     7  such plan available to police officer  Edward  Fairclough  who,  on  the
     8  effective  date  of  this act is covered under the provisions of section
     9  375-i of the retirement and social security law, and to police  officers
    10  Kyle  McKiernan, Corry Doyle, and Sean Weaver who, on the effective date
    11  of this act are covered under the  provisions  of  section  384  of  the
    12  retirement  and  social security law and who, for reasons not ascribable
    13  to their own negligence failed to make a timely application  to  partic-
    14  ipate  in  such  optional  retirement  plan. Thereafter, police officers
    15  Edward Fairclough, Kyle McKiernan, Corry  Doyle,  and  Sean  Weaver  may
    16  elect to be covered by the provisions of section 384-d of the retirement
    17  and  social  security  law, and shall be entitled to the full rights and
    18  benefits associated with  coverage  under  such  section,  by  filing  a
    19  request to that effect with the state comptroller within one year of the
    20  effective date of this act.
    21    §   2.  All  past  service  costs  associated  with  implementing  the
    22  provisions of this act shall be borne by the town of Clarkstown.
    23    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11974-04-9

        A. 8300                             2

          This bill will allow the town of Clarkstown to reopen  the  provisions
        of  Section  384-d  of the Retirement and Social Security Law (RSSL) for
        police officers Edward Fairclough, Kyle McKiernan, Corry Doyle and  Sean
        Weaver.
          If this bill is enacted during the 2019 legislative session and Edward
        Fairclough,  Kyle  McKiernan, Corry Doyle and Sean Weaver become covered
        under the provisions of Section 384-d, we anticipate that there will  be
        an increase of approximately $20,000 in annual contributions of the town
        of  Clarkstown  for  the  fiscal  year  ending March 31, 2020. In future
        years, this cost will vary as the billing  rates  and  salary  of  these
        police officers change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of $77,100, which will be borne by the
        town of Clarkstown as a one-time payment. This estimate is based on  the
        assumption that payment will be made on February 1, 2020.
          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, 2018  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  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, 2018
        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  June 4, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No. 2019-133,  prepared  by
        the Actuary for the New York State and Local Retirement System.