What's happening
This bill allows five specified Port Authority police officers to join a different retirement plan, with costs paid by the Port Authority.
Why it matters
Addresses a missed administrative opportunity. This bill specifically helps five named officers who missed the chance to enroll in a more advantageous retirement plan (Section 384-d) through no fault of their own, correcting a bureaucratic oversight that could have lasting financial implications for them.
Ensures no cost to taxpayers. All additional costs—both the one-time “past service cost” (~$546,000) and the increased annual contributions (~$49,000 for FY 2019)—will be paid by the Port Authority, not by New York State or its taxpayers.
Sets a limited precedent. By tailoring the legislation to just five individuals, the bill avoids opening the door to a broader or ongoing policy change, but it could serve as a reference point for future exceptions for similarly situated employees.
Affects retirement security and benefits. Moving from Section 375-i to 384-d could mean earlier retirement eligibility and/or more generous pension benefits for these officers, potentially impacting their long-term financial planning and well-being.
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Who cares
Headline styles
Retirement Option for Police
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Substituted by S5686A
- Ordered to third reading rules cal.159
- Rules report cal.159
- Reported
- Reported referred to rules
- Reported referred to ways and means
- Print number 7501a
- Amend (t) and recommit to governmental employees
- Referred to governmental employees
- Reported referred to ways and means
- Referred to governmental employees
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Expand Police Retirement Option
Signed by Governor · Sponsor Martin J. Golden
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7501--A
2017-2018 Regular Sessions
IN ASSEMBLY
April 28, 2017
Introduced by M. of A. ABBATE -- read once and referred to the Committee on Governmental Employees -- recommitted to the Committee on Governmental Employees in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to authorize the port authority of New York and New Jersey to offer a certain retirement option to port authority police officers Eddy Stelter, Scarlet M. Cooper, William A. Mudry, John F. Fitzpatrick, and Hugh A. Johnson
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Notwithstanding any other provision of law to the contrary, the port authority of New York and New Jersey, a participating employer in the New York state and local police and fire retirement system, which previously elected to offer the optional retirement plan established pursuant to section 384-d of the retirement and social security law to police officers employed by such authority, is hereby authorized to make participation in such plan available to police officers Eddy Stelter, Scarlet M. Cooper, William A. Mudry, John F. Fitzpatrick and Hugh A. Johnson who, on the effective date of this act are covered under the provisions of section 375-i of the retirement and social security law, and who, for reasons not ascribable to their own negligence failed to make a timely application to participate in such optional retirement plan. Thereafter, police officers Eddy Stelter, Scarlet M. Cooper, William A. Mudry, John F. Fitzpatrick and Hugh A. Johnson 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 within one year of the effective date of this act.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10539-03-8
A. 7501--A 2
§ 2. All past service costs associated with implementing the provisions of this act shall be borne by the port authority of New York and New Jersey.
§ 3. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill will allow the port authority of New York and New Jersey to
reopen the provisions of Section 384-d of the Retirement and Social
Security Law for police officers Eddy Stelter, Scarlet M. Cooper,
William A. Mudry, John F. Fitzpatrick, and Hugh A. Johnson. They are
currently covered under Section 375-i.
If this legislation is enacted during the 2018 legislative session, we
anticipate that there will be an increase of approximately $49,000 in
the annual contributions of the port authority of New York and New
Jersey for the fiscal year ending March 31, 2019. In future years, this
cost will vary as the billing rates and salaries of these 5 police offi-
cers change.
In addition to the annual contributions discussed above, there will be
a one-time past service cost of $546,000 which will be borne by the port
authority of New York and New Jersey as a one-time payment. This esti-
mate is based on the assumption that payment will be made on February 1,
2019.
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
Report.
The actuarial assumptions and methods used are described in the 2015,
2016, and 2017 Annual Report to the Comptroller on Actuarial Assump-
tions, 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-
fications Standards to render the actuarial opinion contained herein.
This estimate, dated January 30, 2018, and intended for use only
during the 2018 Legislative Session, is Fiscal Note No. 2018-49,
prepared by the Actuary for the New York State and Local Retirement
System.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.