Bill Text: NY S04135 | 2019-2020 | General Assembly | Amended
Bill Title: Authorizes the city of Newburgh, in the county of Orange, to offer police officer Samuel Kenan Jr. an optional 20 year retirement plan.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-12-12 - SIGNED CHAP.636 [S04135 Detail]
Download: New_York-2019-S04135-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4135--A 2019-2020 Regular Sessions IN SENATE March 1, 2019 ___________ Introduced by Sen. SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to authorize the city of Newburgh, in the county of Orange, to offer an optional twenty year retirement plan to police officer Samuel Kenan Jr. The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Samuel Kenan Jr., a police officer who was previously 2 employed from May 28, 1996 through October 6, 2001 by the city of 3 Newburgh, in the county of Orange, a participating employer in the New 4 York state and local police and fire retirement system, and who is 5 currently employed by the city of Peekskill, for reasons not ascribable 6 to his own negligence failed to make a timely application to participate 7 in the optional twenty year retirement plan established pursuant to 8 section 384-d of the retirement and social security law while employed 9 by the city of Newburgh. Notwithstanding any other provision of law to 10 the contrary, upon the city of Newburgh filing with the state comp- 11 troller, within one year of the effective date of this act, a resolution 12 of the city council together with certification that such police officer 13 did not bar himself from participation in such retirement plan as a 14 result of his own negligence, such police officer may elect to be grant- 15 ed full credit in the special twenty year plan for such service rendered 16 with the city of Newburgh by filing a request to that effect with the 17 state comptroller within eighteen months of the effective date of this 18 act. 19 § 2. All employer past service costs associated with implementing the 20 provisions of this act shall be borne by the city of Newburgh and may be 21 amortized over a ten year period. 22 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09548-04-9S. 4135--A 2 FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will grant Samuel Kenan Jr., a Tier 2 member of the New York State and Local Police and Fire Retirement System, additional service creditable under the provisions of section 384-d of the Retirement and Social Security Law, for time worked as a police officer with the City of Newburgh between May 1996 and October 2001. Such service is currently creditable only in the age 55 retirement plan of section 375-i. Officer Kenan is currently employed by the City of Peekskill and covered under 384-d. If this bill is enacted, there will be no change in anticipated future annual costs as the member continues to be covered by 384-d. There will be an immediate past service costs of $178,000 to be borne by the City of Newburgh as a one-time payment. This cost assumes a payment date of February 1, 2020. If the City of Newburgh elects to amortize this cost over a 10 year period, the cost for the first year would be $23,700. Summary of relevant resources: The membership data used in measuring the impact of the proposed change was the same as used in the March 31, 2018 actuarial valuation. 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 February 15, 2019, and intended for use only during the 2019 Legislative Session, is Fiscal Note No. 2019-75, prepared by the Actuary for the New York State and Local Retirement System.