Bill Text: NY S04724 | 2019-2020 | General Assembly | Introduced

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Bill Title: Grants William J. Cooley additional service credit within the New York state and local police and fire retirement system.

Spectrum: Bipartisan Bill

Status: (Vetoed) 2019-12-16 - VETOED MEMO.235 [S04724 Detail]

Download: New_York-2019-S04724-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4724
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 22, 2019
                                       ___________
        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 in relation to granting  William  J.  Cooley  additional  service
          credit  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, William J.
     2  Cooley, currently a city of Buffalo police officer and member of the New
     3  York state and local  police  and  fire  retirement  system  covered  by
     4  section  384-d  of  the  retirement and social security law, who for the
     5  period beginning November 12, 2002 and  ending  in  July  of  2006,  was
     6  employed  as  a  deputy  sheriff by the Erie County Sheriff's Department
     7  where he was a member of the New York state and local employees' retire-
     8  ment system, and who, for reasons not ascribable to his own  negligence,
     9  was not granted service credit under section 384-d of the retirement and
    10  social  security  law  for his period of employment with the Erie County
    11  Sheriff's Department, shall be granted such service credit under section
    12  384-d of the retirement and social security law, if  on  or  before  the
    13  thirty-first of December next succeeding the effective date of this act,
    14  he  shall  file  a  written  request to that effect with the state comp-
    15  troller.
    16    § 2. All past service costs incurred in implementing the provisions of
    17  this act shall be borne by the city of Buffalo.
    18    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant service credit under section 384-d of the Retire-
        ment and Social Security Law to William J. Cooley, a current  member  of
        the  New  York State and Local Police and Fire Retirement System (PFRS),
        for the period of November 12, 2002 through July of 2006,  during  which
        he  was  employed  as a deputy sheriff in Erie County. Currently, deputy
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02857-02-9
        S. 4724                             2
        sheriff service is not creditable in a PFRS twenty year  police  retire-
        ment plan.
          If  this  bill  is  enacted during the 2019 legislative session, there
        will be an immediate past service cost of approximately  $352,000  which
        will  be  borne by the City of Buffalo as a one-time payment. This esti-
        mate is based on the assumption that payment will be made on February 1,
        2020.
          There will be no increase in the annual contributions of the  City  of
        Buffalo.
          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, 2018  actuarial  valu-
        ation.    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 March 21, 2019, and intended for use only during
        the 2019 Legislative Session, is Fiscal Note No.  2019-94,  prepared  by
        the Actuary for the New York State and Local Retirement System.