Bill Text: NY A08329 | 2019-2020 | General Assembly | Introduced

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

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Bill Title: Authorizes Stephen Watkins to receive certain service credit under section 384-d of the retirement and social security law.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-09 - print number 8329a [A08329 Detail]

Download: New_York-2019-A08329-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8329

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 14, 2019
                                       ___________

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

        AN  ACT  to  authorize Stephen Watkins to elect to be covered by section
          384-d of the retirement and social security law

          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  Stephen  Watkins,  a  member  of the New York state and local police and
     3  fire retirement system, who was employed as a police  officer  with  the
     4  town of Manlius, from August 5, 2005 through September 12, 2016, and who
     5  is  currently  employed  as  a police officer with the town of Camillus,
     6  since September 12, 2016, and who, through no fault of  his  own,  twice
     7  failed  to file a timely application to participate in the special twen-
     8  ty-year retirement plan contained in section 384-d of the retirement and
     9  social security law resulting in the crediting of his service  with  the
    10  town  of Manlius and the town of Camillus in the general retirement plan
    11  contained in section 375-c of such law, shall be given  full  credit  in
    12  the special twenty-year retirement plan upon the election of the town of
    13  Camillus  to  assume  the  additional  cost of such service. The town of
    14  Camillus may so elect by filing with the state comptroller,  within  180
    15  days of the effective date of this act, a resolution of its local legis-
    16  lative body together with certification that such police officer did not
    17  bar  himself  from  participation in such retirement plan as a result of
    18  his own negligence.  Thereafter, such police officer  may  elect  to  be
    19  covered  by the provisions of section 384-d of the retirement and social
    20  security law, and shall be entitled to  the  full  rights  and  benefits
    21  associated with coverage under such section, by filing a request to that
    22  effect  with the state comptroller within one year of the effective date
    23  of this act.  If the town of Camillus elects to  file  such  resolution,
    24  such  police officer shall be given full credit for his time as a police
    25  officer with the town of Manlius and the town of Camillus.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11918-04-9
        A. 8329                             2

     1    § 2. All employer past service costs associated with implementing  the
     2  provisions of this act shall be borne by the town of Camillus and may be
     3  amortized over a ten year period.
     4    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  the  Town  of Camillus to elect to reopen the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for  police  officer Stephen Watkins. If the Town of Camillus so elects,
        Officer Watkins will be given full credit under the special twenty  year
        plan  for  service  rendered  as  a police officer with both the Town of
        Camillus and the Town of Manlius.
          If this bill is enacted during the 2019 legislative session and  Offi-
        cer  Watkins  becomes  covered under the provisions of Section 384-d, we
        anticipate that there will be an increase of approximately $6,800 in the
        annual contributions of the Town of Camillus for the fiscal year  ending
        March 31, 2020. In future years, this cost will vary as the billing rate
        and salary of Officer Watkins change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past  service cost of $112,000 which will be borne by the
        Town of Camillus as a one-time payment. This estimate is  based  on  the
        assumption that payment will be made on February 1, 2020. If the Town of
        Camillus  elects  to  amortize this cost over a 10 year period, the cost
        for the first year would be $14,800.
          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 7, 2019, and intended for  use  only  during
        the  2019  Legislative Session, is Fiscal Note No. 2019-127, prepared by
        the Actuary for the New York State and Local Retirement System.