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

                                  9582

                          I N  A S S E M B L Y

                               May 9, 2014
                               ___________

Introduced by M. of A. GIGLIO -- read once and referred to the Committee
  on Governmental Employees

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

A. 9582                             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.