Bill Text: NY S05686 | 2017-2018 | General Assembly | Introduced

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

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Bill Title: Authorizes the port authority of New York and New Jersey to offer a certain retirement option to port authority police officers Eddy Stelter, Scarlet M. Cooper, William A. Mudry, John F. Fitzpatrick and Hugh A. Johnson.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2018-12-28 - SIGNED CHAP.475 [S05686 Detail]

Download: New_York-2017-S05686-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5686
                               2017-2018 Regular Sessions
                    IN SENATE
                                     April 25, 2017
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT to authorize the port authority of New York  and  New  Jersey  to
          offer  a  certain  retirement option to port authority police officers
          Eddy Stelter, Scarlet M. Cooper, and William A. Mudry
          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  port authority of New York and New Jersey, a participating employer
     3  in the New York state and local police and fire retirement system, which
     4  previously elected to offer the  optional  retirement  plan  established
     5  pursuant  to  section 384-d of the retirement and social security law to
     6  police officers employed by such authority, is hereby authorized to make
     7  participation in such plan available to police  officers  Eddy  Stelter,
     8  Scarlet  M.  Cooper, and William A. Mudry, who, on the effective date of
     9  this act are covered under  the  provisions  of  section  375-i  of  the
    10  retirement  and social security law, and who, for reasons not ascribable
    11  to their own negligence failed to make a timely application  to  partic-
    12  ipate in such optional retirement plan. Thereafter, police officers Eddy
    13  Stelter, Scarlet M. Cooper, and William A. Mudry may elect to be covered
    14  by the provisions of section 384-d of the retirement and social security
    15  law,  and  shall  be entitled to the full rights and benefits associated
    16  with coverage under such section, by filing a  request  to  that  effect
    17  with the state comptroller within one year of the effective date of this
    18  act.
    19    §   2.  All  past  service  costs  associated  with  implementing  the
    20  provisions of this act shall be borne by the port authority of New  York
    21  and New Jersey.
    22    § 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.
                                                                   LBD10539-02-7
        S. 5686                             2
          This  bill will allow the port authority of New York and New Jersey to
        reopen the provisions of Section 384-d  of  the  Retirement  and  Social
        Security  Law  for  police  officers Eddy Stelter, Scarlet M. Cooper and
        William A. Mudry. They are currently covered under Section 375-i.
          If this legislation is enacted during the 2017 legislative session, we
        anticipate  that  there  will be an increase of approximately $27,000 in
        the annual contributions of the port  authority  of  New  York  and  New
        Jersey  for the fiscal year ending March 31, 2018. In future years, this
        cost will vary as the billing rates and salaries of these 3 police offi-
        cers change.
          In addition to the annual contributions discussed above, there will be
        a one-time past service cost of $881,000 which will be borne by the port
        authority of New York and New Jersey as a one-time payment.  This  esti-
        mate is based on the assumption that payment will be made on February 1,
        2018.
          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, 2016  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2016
        Report of the  Actuary  and  the  2016  Comprehensive  Annual  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2015
        and 2016 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, 2016
        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 March 28, 2017, and intended for use only during
        the 2017 Legislative Session, is Fiscal Note No.  2017-76,  prepared  by
        the Actuary for the New York State and Local Retirement System.