Bill Text: NY S02342 | 2023-2024 | General Assembly | Introduced

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

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Bill Title: Authorizes Mark E. Dole to elect to participate in the optional twenty-year retirement plan for police officers employed by the town of Eden in the county of Erie.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-16 - PRINT NUMBER 2342A [S02342 Detail]

Download: New_York-2023-S02342-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2342

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 20, 2023
                                       ___________

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

        AN ACT to authorize Mark E. Dole to elect to participate in the optional
          twenty-year retirement plan for police officers employed by  the  town
          of Eden in the county of Erie

          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  Mark E. Dole, who is currently a retired member of the  New  York  State
     3  and  local police and fire retirement system covered under section 384-d
     4  of the retirement and social security law, who for the period  beginning
     5  January  3,  1996 and ending September of 2000, was employed as a police
     6  officer with the town of Eden, and who, for reasons  not  ascribable  to
     7  his  own  negligence, was not granted service credit under section 384-d
     8  of the retirement and social security law for such period of  employment
     9  with  the  town  of  Eden,  shall  be  granted such service credit under
    10  section 384-d of the retirement and social security  law  and  shall  be
    11  entitled  to the full rights and benefits associated with coverage under
    12  such section as well as section 384-e  of  such  law,  provided  that  a
    13  request  to  that  effect is filed with the state comptroller within one
    14  year from the effective date of this act.
    15    § 2. All past service costs incurred in implementing the provisions of
    16  this act shall be borne by the town of Eden.
    17    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would grant service credit under section 384-d together with
        section 384-e of the Retirement and Social Security Law to Mark E. Dole,
        a current retiree of the New  York  State  and  Local  Police  and  Fire
        Retirement  System,  for  the  period  beginning January 1996 and ending
        September 2000, during which they were employed as a police  officer  in
        the Town of Eden.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00552-02-3
        S. 2342                             2

          If  this  bill  is  enacted during the 2023 legislative session, there
        will be an immediate past service cost of  approximately  $31,100  which
        will  be  borne by the Town of Eden as a one-time payment. This estimate
        assumes that payment will be made on February 1, 2024.
          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.
          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 January 18,  2023,  and  intended  for  use  only
        during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-15,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.