Grant Police Retirement Credit

Section 1. Notwithstanding any other provision of law to the contrary, Jason Allen, 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 Wolcott, from September 10, 1999 through November 24, 2000, 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 Wolcott 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 Wolcott to assume the additional cost of such service. The village of Wolcott 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 Wolcott 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 Jason Allen, a Tier 2 member of the New York

State and Local Police and Fire Retirement System, additional service

creditable under the provisions of section 384-d of the Retirement and

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

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

[ ] is old law to be omitted.

LBD09493-02-9

A. 6341 2

of Wolcott between September 1999 and November 2000. Such service is

currently creditable in the age 55 retirement plan on section 375-c, but

not in the 20 year plan of section 384-d. Jason Allen is currently

employed by the Town of Irondequoit.

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

estimate there will be an immediate past service cost of approximately

$53,800, which would be borne by the Village of Wolcott 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 $7,160.

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 judgement of an attorney.

This estimate, dated February 13, 2019, and intended for use only

during the 2019 Legislative Session, is Fiscal Note No. 2019-50,

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

System.