Credit Police Service Years

Section 1. Notwithstanding any other provision of law to the contrary, Bret Steve, a member of the New York state and local police and fire retirement system, who was employed as a police officer with the village of Clyde, from February 1, 1997 through November 30, 2001, and who, through no fault of his own, failed to file a timely application to participate in the special twenty-year retirement plan contained in section 384-d of the retirement and social security law resulting in the crediting of his service with the village of Clyde in the general retirement plan contained in section 375-i of such law, shall be given full credit in the special twenty-year retirement plan for such additional cost of such service upon the election of the village of Clyde to assume the additional cost of such service. The village of Clyde may so elect by filing a resolution of its local legislative body together with certification that such police officer did not bar himself from participation in such retirement plan as a result of his own negligence.

§ 2. All employer past service costs associated with implementing the provisions of this act shall be borne by the village of Clyde 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 grant Bret Steve, a Tier 2 member of the New York State

and Local Police and Fire Retirement System, additional service credita-

ble under the provisions of section 384-d of the Retirement and Social

Security Law, for time worked as a police officer of the Village of

Clyde between February 1997 and November 2001. Such service is currently

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

[ ] is old law to be omitted.

LBD09931-02-9

A. 6340 2

creditable in the age 55 retirement plan of section 375-c, but not in

the 20 year plan of section 384-d. Bret Steve is currently employed by

the City of Geneva.

If this legislation is enacted during the 2019 legislative session, we

estimate there will be an immediate past service cost of approximately

$140,000, which would be borne by the Village of Clyde as a one-time

payment. This estimate is based on the assumption that payment will be

made on February 1, 2020. If this cost is amortized over 10 years, the

cost for the first year, including interest, would be $18,600.

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, 2018 actuarial valu-

ation. Distributions and other statistics can be found in the 2018

Report of the Actuary and the 2018 Comprehensive Annual Financial

Report.

The actuarial assumptions and methods used are described in the 2015,

2016, 2017 and 2018 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, 2018

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 fiscal note does not constitute a legal opinion on the viability

of the proposed change nor is it intended to serve as a substitute for

the professional judgment of an attorney.

This estimate, dated February 15, 2019, and intended for use only

during the 2019 Legislative Session, is Fiscal Note No. 2019-79,

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

System.