Lynbrook Police Retirement Option

Section 1. Notwithstanding any other provision of law to the contrary, the village of Lynbrook, in the county of Nassau, 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 system, established pursuant to section 384-d of the retirement and social security law, to police officers employed by such village, is hereby authorized to make participation in such plan available to Ronald J. Fleury, a member of the New York state and local police and fire retirement system, who was first employed with the village of Lynbrook police department on April 28, 1994, and who, through no fault of his own, failed to file a timely application to participate in such plan. Thereafter, Ronald J. Fleury 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 December 31, 2018.

§ 2. All employer past service costs associated with implementing the provisions of this act shall be borne by the village of Lynbrook and may be amortized over a ten year period.

§ 3. This act shall take effect immediately.

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.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD13664-10-8

A. 9580--A 2

If this bill is enacted and Mr. Fleury elects to become covered under

the provisions of Section 384-d, we anticipate that there will be an

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 contribution 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 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 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 April 16, 2018, and intended for use only during

the 2018 Legislative Session, is Fiscal Note No. 2018-84, prepared by

the Actuary for the New York State and Local Retirement System.