Bill Text: NY S05966 | 2019-2020 | General Assembly | Amended

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Bill Title: Authorizes Nicholas Budney, a town of Hamburg police officer, to receive certain credit under section 384-d of the retirement and social security law.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S05966 Detail]

Download: New_York-2019-S05966-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         5966--B

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 16, 2019
                                       ___________

        Introduced by Sens. GALLIVAN, KENNEDY -- 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  --  committee  discharged,
          bill  amended,  ordered  reprinted  as amended and recommitted to said
          committee

        AN ACT to authorize Nicholas Budney  to  receive  certain  credit  under
          section 384-d of the retirement and social security law

          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,  Nicholas
     2  Budney, currently a town of Hamburg 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  between
     5  January  25, 2001 and June 5, 2006 was employed by the Erie county sher-
     6  iff's department where he was a member of the New York state  and  local
     7  employees' retirement system, and who, for reasons not ascribable to his
     8  own  negligence,  was  not granted service credit under section 384-d of
     9  the retirement and social security law for his period of employment with
    10  the Erie county sheriff's department,  shall  be  granted  such  service
    11  credit under section 384-d of the retirement and social security law and
    12  shall be entitled to the full rights and benefits associated with cover-
    13  age  under such section, provided a request to that effect is filed with
    14  the state comptroller within one year from the effective  date  of  this
    15  act.
    16    § 2. All past service costs incurred in implementing the provisions of
    17  this act shall be borne by the Town of Hamburg.
    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 Nicholas Budney, a current member of the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11838-03-9
        S. 5966--B                          2

        New  York  State and Local Police and Fire Retirement System (PFRS), for
        the  period of January 25, 2001 through June 5, 2006,  during  which  he
        was employed as a deputy sheriff in Erie County. Currently, deputy sher-
        iff  service  is  not creditable in a PFRS twenty year police retirement
        plan.
          If this bill is enacted during the 2020 legislative  session  and  Mr.
        Budney transfers this service credit to the PFRS, there will be an imme-
        diate past service cost of approximately $310,000 which will be borne by
        the Town of Hamburg as a one-time payment. This estimate is based on the
        assumption that payment will be made on February 1, 2021.
          There  will  be no increase in the annual contributions of the Town of
        Hamburg.
          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, 2019 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2019
        Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2015,
        2016,  2017, 2018 and 2019 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, 2019
        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 November 26, 2019,  and  intended  for  use  only
        during the 2020 Legislative Session, is Fiscal Note No. 2020-4, prepared
        by the Actuary for the New York State and Local Retirement System.