Bill Text: NY S04790 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes the city of Oswego to offer an optional twenty year retirement plan to police officer Zackary Quinones, who, for reasons not ascribable to his own negligence, failed to make a timely application to participate in such plan previously established by the retirement and social security law.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2019-09-13 - signed chap.277 [S04790 Detail]

Download: New_York-2019-S04790-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4790
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 25, 2019
                                       ___________
        Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT to authorize the city of Oswego, in the county of Oswego to offer
          an optional twenty-year retirement  plan  to  police  officer  Zackary
          Quinones
          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 Oswego, in the county of Oswego, a participating employer in
     3  the New York state and local police and fire  retirement  system,  which
     4  previously  elected  to  offer the optional twenty-year retirement plan,
     5  established pursuant to section 384-d of the retirement and social secu-
     6  rity law, to police officers employed by such city, is hereby authorized
     7  to make participation in such plan  available  to  Zackary  Quinones,  a
     8  police  officer  employed  by  the  city of Oswego, who, for reasons not
     9  ascribable to his own negligence, failed to make a timely application to
    10  participate in such optional twenty-year retirement plan.   The city  of
    11  Oswego  may  so elect by filing with the state comptroller, on or before
    12  December 31, 2019, a resolution of its own common council together  with
    13  certification  that such police officer did not bar himself from partic-
    14  ipation in such retirement plan as a result of his own negligence. Ther-
    15  eafter, such police officer may elect to be covered by the provisions of
    16  section 384-d of the retirement and social security law,  and  shall  be
    17  entitled  to the full rights and benefits associated with coverage under
    18  such section, by filing a request to that effect with  the  state  comp-
    19  troller on or before June 30, 2020.
    20    §  2.  All  past  costs associated with implementing the provisions of
    21  this act shall be borne by the city of Oswego, and may be amortized over
    22  a period of ten years.
    23    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10750-05-9
        S. 4790                             2
          This bill would allow the city of Oswego to reopen the  provisions  of
        Section 384-d of the Retirement and Social Security Law for police offi-
        cer Zackary Quinones.
          If  this  bill is enacted during the 2019 legislative session and this
        member becomes covered under the provisions of Section 384-d, we  antic-
        ipate  that  there  will  be  an increase of approximately $2,400 in the
        annual contributions of the city of Oswego for the  fiscal  year  ending
        March  31,  2020.  In  future  years, this cost will vary as the billing
        rates and salary of Zackary Quinones change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $10,100  which  will  be
        borne  by  the  city  of  Oswego as a one-time payment. This estimate is
        based on the assumption that payment will be made on February  1,  2020.
        If  the city of Oswego elects to amortize this cost over a 10 year peri-
        od, the cost for the first year would be $1,350.
          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 22, 2019, and intended for use only  during
        the  2019  Legislative  Session, is Fiscal Note No. 2019-92, prepared by
        the Actuary for the New York State and Local Retirement System.