Bill Text: NY S07399 | 2017-2018 | General Assembly | Amended

Bill Title: Authorizes the village of Lynbrook to offer an optional twenty year retirement plan to Police Officer Ronald J. Fleury who is employed by such village.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2018-12-21 - SIGNED CHAP.437 [S07399 Detail]

Download: New_York-2017-S07399-Amended.html

                STATE OF NEW YORK
            Cal. No. 746
                    IN SENATE
                                    January 12, 2018
        Introduced  by Sens. BROOKS, KAMINSKY -- read twice and ordered printed,
          and when printed to be committed to the Committee on Civil Service and
          Pensions -- reported favorably from said committee, ordered  to  first
          and  second  report,  ordered  to a third reading, amended and ordered
          reprinted, retaining its place in the order of third reading
        AN ACT to authorize the village of Lynbrook to offer an optional  twenty
          year  retirement  plan  to  a  certain police officer employed by such
          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  village  of  Lynbrook,  in  the  county  of Nassau, a participating
     3  employer in the New York state and  local  police  and  fire  retirement
     4  system,  which  previously  elected  to  offer  the optional twenty year
     5  retirement system, established pursuant to section 384-d of the  retire-
     6  ment  and  social  security  law,  to  police  officers employed by such
     7  village, is hereby authorized to make participation in such plan  avail-
     8  able  to  Ronald  J.  Fleury,  a  member of the New York state and local
     9  police and fire retirement system,  who  was  first  employed  with  the
    10  village  of  Lynbrook  police  department  on  April  28, 1994, and who,
    11  through no fault of his own, failed to  file  a  timely  application  to
    12  participate  in  such plan. Thereafter, Ronald J. Fleury may elect to be
    13  covered by the provisions of section 384-d of the retirement and  social
    14  security  law,  and  shall  be  entitled to the full rights and benefits
    15  associated with coverage under such section by filing a request to  that
    16  effect with the state comptroller on or before December 31, 2018.
    17    §  2. All employer past service costs associated with implementing the
    18  provisions of this act shall be borne by the village of Lynbrook and may
    19  be amortized over a ten year period.
    20    § 3. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This bill will allow the village of Lynbrook to elect  to  reopen  the
        provisions  of  Section  384-d of the Retirement and Social Security Law
        for police officer Ronald J. Fleury.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 7399--A                          2
          If this bill is enacted and Mr. Fleury elects to become covered  under
        the  provisions  of  Section  384-d, we anticipate that there will be an
        increase of approximately $6,400 in  the  annual  contributions  of  the
        village of Lynbrook for the fiscal year ending March 31, 2019. In future
        years, this cost will vary as the billing rates and salary of Mr. Fleury
          In  addition to the annual contribution discussed above, there will be
        an immediate past service cost of approximately $118,000 which  will  be
        borne by the village of Lynbrook as a one-time payment. This estimate is
        based  on  the assumption that payment will be made on February 1, 2019.
        If the village of Lynbrook elects to amortize this cost over a  10  year
        period, the cost for the first year would be $15,800.
          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, 2017  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2017
        Report of the  Actuary  and  the  2017  Comprehensive  Annual  Financial
          The  actuarial assumptions and methods used are described in the 2015,
        2016 and 2017 Annual Report to the Comptroller on Actuarial  Assumptions
        and  the Codes Rules and Regulations of the State of New York: Audit and
          The Market Assets and GASB Disclosures are found in the March 31, 2017
        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 April 16, 2018, and intended for use only during
        the 2018 Legislative Session, is Fiscal Note No.  2018-84,  prepared  by
        the Actuary for the New York State and Local Retirement System.