Bill Text: NY S01577 | 2015-2016 | General Assembly | Amended

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Bill Title: Relates to authorizing the city of Syracuse to offer an optional retirement plan to police officer Thomas R. Nicolini.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2016-06-10 - PRINT NUMBER 1577A [S01577 Detail]

Download: New_York-2015-S01577-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1577--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    January 13, 2015
                                       ___________
        Introduced  by  Sens.  DeFRANCISCO,  VALESKY  --  read twice and ordered
          printed, and when printed to be committed to the  Committee  on  Civil
          Service  and Pensions -- recommitted to the Committee on Civil Service
          and Pensions in accordance with Senate Rule 6,  sec.  8  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN  ACT  to authorize the city of Syracuse, in the county of Onondaga to
          offer an optional twenty year retirement plan to police officer Thomas
          R.  Nicolini
          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 city of Syracuse, in the county of Onondaga, a participating employ-
     3  er  in  the  New York state and local police and fire retirement system,
     4  which previously elected to offer the optional  twenty  year  retirement
     5  plan, established pursuant to section 384-d of the retirement and social
     6  security  law,  to  police  officers  employed  by  such town, is hereby
     7  authorized to make participation in such plan  available  to  Thomas  R.
     8  Nicolini, a police officer employed by the city of Syracuse with a start
     9  date of July 23, 1999, who, for reasons not ascribable to his own negli-
    10  gence,  failed  to  make  a  timely  application  to participate in such
    11  optional twenty year retirement plan. The city of Syracuse may so  elect
    12  by  filing with the state comptroller, on or before December 31, 2016, a
    13  resolution of its town  board  together  with  certification  that  such
    14  police officer did not bar himself from participation in such retirement
    15  plan  as a result of his own negligence. Thereafter, such police officer
    16  may elect to be covered by  the  provisions  of  section  384-d  of  the
    17  retirement  and  social  security law, and shall be entitled to the full
    18  rights and benefits associated with  coverage  under  such  section,  by
    19  filing  a request to that effect with the state comptroller on or before
    20  June 30, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07459-03-6
        S. 1577--A                          2
     1    § 2. All past costs associated with  implementing  the  provisions  of
     2  this act shall be borne by the city of Syracuse.
     3    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  the  City  of Syracuse to elect to reopen the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for police officer Thomas R. Nicolini.
          If  this  bill is enact and Officer Nicolini becomes covered under the
        provisions of Section  384-d,  we  anticipate  that  there  will  be  an
        increase of approximately $9,700 in the annual contributions of the City
        of  Syracuse for the fiscal year ending March 31, 2017. In future years,
        this cost will vary as the billing rates and salary of Officer  Nicolini
        change.
          In addition to the annual contributions discussed above, there will be
        an  immediate past service cost of approximately $303,000 which would be
        borne by the City of Syracuse as a one-time payment.  This  estimate  is
        based on the assumption that payment will be made on February 1, 2017.
          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, 2015  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2015
        Report of the  Actuary  and  the  2015  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        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 Asset and GASB Disclosures are found in the March 31,  2015
        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 February 23, 2016,  and  intended  for  use  only
        during  the  2016  Legislative  Session,  is  Fiscal  Note  No. 2016-69,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.