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

New York Senate Bill 7399 (Prior Session Legislation)

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

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-Introduced.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7399
                    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
        AN ACT to authorize the village of Lynbrook to offer an optional  twenty
          year  retirement  plan  to  a  certain police officer employed by such
          village
          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  Ronald  J.   Fleury, a member of the New York state and local police and
     3  fire retirement system, who was  first  employed  with  the  village  of
     4  Lynbrook  police department on April 28, 1994, and who, through no fault
     5  of his own, failed to file a timely application to  participate  in  the
     6  special  twenty  year  retirement plan contained in section 384-d of the
     7  retirement and social security law resulting in  the  crediting  of  his
     8  service with the village of Lynbrook in the retirement plan contained in
     9  section 384 of such law, shall be given full credit in the special twen-
    10  ty  year  retirement  plan  for  such  service  upon the election of the
    11  village of Lynbrook to assume the additional cost of such  service.  The
    12  village  of  Lynbrook  may so elect by, within one year of the effective
    13  date of this act, filing with the state comptroller a resolution of  its
    14  local  legislative body together with certification that such member did
    15  not bar himself from participation in such retirement plan as  a  result
    16  of his own negligence.
    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.
    21    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.
          If this bill is enacted and  Mr.  Fleury  becomes  covered  under  the
        provisions  of  Section  384-d,  we  anticipate  that  there  will be an
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13664-05-7

        S. 7399                             2
        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
        changes.
          In addition to the annual contributions 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 Comprehensive
        Annual Financial Report.
          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
        Control.
          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 December 15, 2017,  and  intended  for  use  only
        during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-24,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.