Bill Text: NY S08370 | 2023-2024 | General Assembly | Amended

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Bill Title: Authorizes Sgt. Bethany Kidd to receive certain service credit under a twenty year retirement plan for service with the Seneca Falls Police Department.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-03-20 - PRINT NUMBER 8370A [S08370 Detail]

Download: New_York-2023-S08370-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         8370--A

                    IN SENATE

                                    January 23, 2024
                                       ___________

        Introduced  by  Sen.  O'MARA -- 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

        AN  ACT  in relation to authorizing Sgt. Bethany Kidd to receive certain
          service credit under a twenty year retirement plan

          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  Sergeant  Bethany  Kidd, a member of the New York state and local police
     3  and fire retirement system, who was appointed as a police  officer  with
     4  the  Seneca Falls Police Department, in the town of Seneca Falls, county
     5  of Seneca, on February 4, 2014, and who, through no fault  of  her  own,
     6  was  enrolled to participate in the retirement plan contained in section
     7  375-i of the retirement and social security law,  shall  be  given  full
     8  credit  in  the special twenty year retirement plan contained in section
     9  384-d of the retirement and social security law for  such  service  upon
    10  the  election  of the town of Seneca Falls to assume the additional cost
    11  of such service. The town of Seneca Falls may so elect  by  filing  with
    12  the state comptroller within 180 days of the effective date of this act,
    13  a  resolution  of its legislative body, together with certification that
    14  such police officer did not  bar  herself  from  participation  in  such
    15  retirement  plan  as  a  result of her own negligence.  Thereafter, such
    16  officer may elect to be covered by the provisions of  section  384-d  of
    17  the  retirement  and  social  security law, and shall be entitled to the
    18  full rights and benefits associated with coverage under such section, by
    19  filing a request to such effect with the state  comptroller  within  one
    20  year of the effective date of this act.
    21    §   2.  All  past  service  costs  associated  with  implementing  the
    22  provisions of this act shall be borne by the town of  Seneca  Falls,  in
    23  the county of Seneca, and may be amortized over a ten year period.
    24    § 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.
                                                                   LBD13454-04-4
        S. 8370--A                          2

          This  bill  would  allow  the  Town  of  Seneca  Falls  to  reopen the
        provisions of section 384-d of the Retirement and  Social  Security  Law
        for police officer Bethany Kidd.
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate  that  there  will  be an increase of approximately $10,000 in the
        annual contributions of the Town of Seneca Falls  for  the  fiscal  year
        ending March 31, 2025. In future years, this cost will vary as the bill-
        ing rates and salary of Bethany Kidd change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $161,000 which will be
        borne by the Town of Seneca Falls as a one-time payment.  This  estimate
        assumes  that  payment  will be made on February 1, 2025. If the Town of
        Seneca Falls elects to amortize this cost over  a  10-year  period,  the
        cost for each year including interest would be $20,600.
          Summary of relevant resources:
          Membership  data as of March 31, 2023 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2023
        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, 2023
        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 January 22,  2024,  and  intended  for  use  only
        during  the  2024  Legislative  Session,  is  Fiscal  Note  No. 2024-74,
        prepared by the Actuary for the New  York  State  and  Local  Retirement
        System.