Bill Text: NY S03528 | 2015-2016 | General Assembly | Introduced

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

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Bill Title: Relates to the authorization of the New York state and local police and fire retirement system to designate Sean William McCabe as a Tier III member.

Spectrum: Bipartisan Bill

Status: (Passed) 2016-09-29 - SIGNED CHAP.361 [S03528 Detail]

Download: New_York-2015-S03528-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3528
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 11, 2015
                                      ___________
       Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT in relation to authorizing Sean William McCabe to file a  request
         for  change  of  benefit  coverage  with  the New York state and local
         police and fire retirement system
         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, Sean William
    2  McCabe, who is currently a member of the New York state and local police
    3  and fire retirement system, and who was first employed  by  the  Buffalo
    4  Police Department on July 31, 2009, and by virtue of his date of employ-
    5  ment  became  a  member  of the New York state and local police and fire
    6  retirement system covered by the benefits of article 14 of  the  retire-
    7  ment  and social security law and who, for reasons not ascribable to his
    8  own negligence, elected to participate in the  non-contributory  retire-
    9  ment plan contained in subdivision f of section 384 of such law, and who
   10  subsequently  filed an election to be covered by the benefits of article
   11  22 of such law, shall be deemed to be covered by the benefits of article
   12  14 and the retirement plan contained in subdivision  f  of  section  384
   13  retroactive  to  July 31, 2009 if, within one year of the effective date
   14  of this act, he shall file a written request to  that  effect  with  the
   15  state comptroller. Upon the granting of such status, Sean William McCabe
   16  shall  be  granted a refund of any employee contributions made by him to
   17  the New York state and local police and fire retirement system.
   18    S 2. All past service costs associated with the implementation of this
   19  act shall be borne by the city of Buffalo.
   20    S 3. This act shall take effect immediately.
         FISCAL NOTE. -- This bill will grant Tier 3 status  in  the  New  York
       State  and  Local  Police  and  Fire  Retirement  System to Sean William
       McCabe, who currently has Tier 5 status and is employed by the  City  of
       Buffalo  as  a police officer. He originally was assigned Tier 3 status,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03260-02-5
       S. 3528                             2
       but he subsequently filed an election form to become covered  under  the
       provisions  of  Tier 5, as permitted pursuant to Chapter 504 of the Laws
       of 2009. Member contributions made  while  in  Tier  5  status  will  be
       refunded.
         If this legislation is enacted during the 2015 legislative session, it
       is  estimated  that there will be an increase of approximately $5,200 in
       the annual contributions of the City of  Buffalo  for  the  fiscal  year
       ending March 31, 2016. In future years, this cost will vary as the bill-
       ing rates and salaries of Sean William McCabe change.
         In  addition  to the annual contributions discussed above, it is esti-
       mated that there will be a past service cost of $21,200  which  will  be
       borne  by  the City of Buffalo as a one-time payment, assuming that such
       payment will be made on February 1, 2016.
         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, 2014 actuarial valu-
       ation.  Distributions and other statistics can  be  found  in  the  2014
       Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
       Report.
         The actuarial assumptions and methods used are described in the  2010,
       2011,  2012, 2013 and 2014 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, 2014
       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 5,  2015,  and  intended  for  use  only
       during  the  2015  Legislative  Session,  is  Fiscal  Note  No. 2015-57,
       prepared by the Actuary for the New York State and Local Police and Fire
       Retirement System.