Let Officer Izzo Retire Early

Section 1. Notwithstanding any other provision of law to the contrary, the town of East Hampton, in the county of Suffolk, 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 village, is hereby authorized to make participation in such plan available to Katherine Izzo, registration number 0B50333-3, a police officer employed by the town of East Hampton, who, on the effective date of this act is covered under the provisions of section 384 of the retirement and social security law, and who, for reasons not ascribable to her own negligence failed to make a timely application to participate in such optional retirement plan. The town of East Hampton may so elect by filing with the state comptroller, on or before December 31, 2017, a resolution of its legislative body together with certification that such police officer did not bar herself from participation in such retirement plan as a result of her 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, 2018.

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

[ ] is old law to be omitted.

LBD09763-04-7

S. 5075 2 A. 6400

§ 2. All past service costs associated with implementing the provisions of this act shall be borne by the town of East Hampton.

§ 3. This act shall take effect immediately.

FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

This bill will allow the Town of East Hampton to reopen the provisions

of Section 384-d for police officer Katherine Izzo.

If this legislation is enacted during the 2017 legislative session, we

anticipate that there will be an increase of approximately $5,300 in the

annual contributions of the Town of East Hampton for the fiscal year

ending March 31, 2018. In future years, this cost will vary as the bill-

ing rates and salaries of Katherine Izzo change.

In addition to the annual contributions discussed above, there will be

a one-time past service cost of $15,500 which will be borne by Town of

East Hampton as a one-time payment, assuming that payment will be made

on February 1, 2018.

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, 2016 actuarial valu-

ation. Distributions and other statistics can be found in the 2016

Report of the Actuary and the 2016 Comprehensive Annual Financial

Report.

The actuarial assumptions and methods used are described in the 2015

and 2016 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, 2016

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 February 16, 2017, and intended for use only

during the 2017 Legislative Session, is Fiscal Note No. 2017-57,

prepared by the Actuary for the New York State and Local Retirement

System.