S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7086

                            I N  S E N A T E

                             April 25, 2014
                               ___________

Introduced  by  Sen.  YOUNG  -- 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 Alfred to offer  an  optional  twenty
  year retirement plan to police officer Ryan McKee

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law to the contrary,
the village of Alfred, a participating employer in the  New  York  state
and local police and fire retirement system, which previously elected to
offer  the optional twenty year retirement plan, established pursuant to
section 384-d of the retirement and social security law, to police offi-
cers employed by such village, is  hereby  authorized  to  make  partic-
ipation  in such plan available to Ryan McKee, a police officer employed
by the village of Alfred, who, for reasons not  ascribable  to  his  own
negligence,  failed  to make a timely application to participate in such
optional twenty year retirement plan.   The village  of  Alfred  may  so
elect  by  filing  with the state comptroller, on or before December 31,
2014, a resolution of its local legislative body together  with  certif-
ication  that such police officer did not bar himself from participation
in such retirement plan as a result of his own  negligence.  Thereafter,
such police officer may elect to be covered by the provisions of section
384-d  of  the retirement and social security law, and shall be entitled
to the full rights and benefits  associated  with  coverage  under  such
section,  by  filing a request to that effect with the state comptroller
on or before June 30, 2015.
  S 2. All employer past service costs associated with implementing  the
provisions  of  this act shall be borne by the village of Alfred and may
be amortized over a ten year period.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--This bill will allow the Village of Alfred to  elect  to
reopen  the  provisions  of  Section  384-d of the Retirement and Social
Security Law for police officer Ryan P. McKee.
  If this bill is enacted and Officer McKee 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.
              

                                                           LBD13281-02-4

S. 7086                             2

increase of approximately $4,300 in  the  annual  contributions  of  the
Village  of  Alfred for the fiscal year ending March 31, 2015. In future
years, this cost will vary as the billing rates and  salary  of  Officer
McKee change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past  service cost of approximately $3,670 which would be
borne by the Village of Alfred as a one-time payment.  This estimate  is
based  on  the assumption that payment will be made on February 1, 2015.
If the Village of Alfred so elects, this cost may be  amortized  over  a
period  of ten (10) years. The cost for the first year, including inter-
est, would be approximately $500.
  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, 2013 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2013
Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012  and  2013  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, 2013
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 19,  2013  and  intended  for  use  only
during  the  2014  Legislative  Session,  is  Fiscal Note No.   2014-43,
prepared by the Actuary for the New York State and Local Police and Fire
Retirement System.