Bill Text: NY A10867 | 2019-2020 | General Assembly | Introduced
Bill Title: Authorizes Scott Berger 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) 2020-07-24 - referred to governmental employees [A10867 Detail]
Download: New_York-2019-A10867-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10867 IN ASSEMBLY July 24, 2020 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Buttenschon) -- read once and referred to the Committee on Governmental Employees AN ACT to authorize Scott Berger to receive certain service credit under 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 Scott Berger, a member of the New York state and local police and fire 3 retirement system, who was employed as a police officer with the village 4 of Frankfort, from May 5, 2000 through December, 2002, and who, through 5 no fault of his own, failed to file a timely application to participate 6 in the special twenty-year retirement plan contained in section 384-d of 7 the retirement and social security law resulting in the crediting of his 8 service with the village of Frankfort in the general retirement plan 9 contained in section 375-c of such law, shall be granted such service 10 credit under section 384-d of the retirement and social security law for 11 his period of employment with the village of Frankfort, provided a 12 request to that effect is filed with the state comptroller within one 13 year from the effective date of this act. 14 § 2. All employer past service costs associated with implementing the 15 provisions of this act shall be borne by the village of Frankfort and 16 may be amortized over a period of ten years. 17 § 3. This act shall take effect immediately. 18 FISCAL NOTE.--Pursuant to Legislative Law, Section 50: 19 This bill would grant Scott Berger, a Tier 2 member of the New York 20 State and Local Police and Fire Retirement System, additional service 21 creditable under the provisions of section 384-d together with section 22 384-e of the Retirement and Social Security Law for time worked as a 23 police officer with the Village of Frankfort between May 2000 and Decem- 24 ber 2002. Such service is currently creditable only in the age 55 25 retirement plan of section 375-c. Officer Berger is currently employed 26 by the City of Utica and covered under 384-e. 27 If this bill is enacted during the 2020 legislative session, there 28 will be an immediate past service cost of approximately $36,000 which EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16995-03-0A. 10867 2 1 will be borne by the Village of Frankfort as a one-time payment. This 2 estimate is based on the assumption that payment will be made on Febru- 3 ary 1, 2021. If the Village of Frankfort elects to amortize this cost 4 over a 10 year period, the cost for the first year including interest 5 would be $4,760. 6 There will be no increase in the annual contributions of the City of 7 Utica. 8 Summary of relevant resources: 9 The membership data used in measuring the impact of the proposed 10 change was the same as that used in the March 31, 2019 actuarial valu- 11 ation. Distributions and other statistics can be found in the 2019 12 Report of the Actuary and the 2019 Comprehensive Annual Financial 13 Report. 14 The actuarial assumptions and methods used are described in the 2015, 15 2016, 2017, 2018, and 2019 Annual Report to the Comptroller on Actuarial 16 Assumptions, and the Codes, Rules and Regulations of the State of New 17 York: Audit and Control. 18 The Market Assets and GASB Disclosures are found in the March 31, 2019 19 New York State and Local Retirement System Financial Statements and 20 Supplementary Information. 21 I am a member of the American Academy of Actuaries and meet the Quali- 22 fication Standards to render the actuarial opinion contained herein. 23 This fiscal note does not constitute a legal opinion on the viability 24 of the proposed change nor is it intended to serve as a substitute for 25 the professional judgment of an attorney. 26 This estimate, dated July 21, 2020, and intended for use only during 27 the 2020 Legislative Session, is Fiscal Note No. 2020-130, prepared by 28 the Actuary for the New York State and Local Retirement System.