Grant Officer Extra Retirement Credit

Section 1. Notwithstanding any other provision of law, William J. Cooley, currently a city of Buffalo police officer and member of the New York state and local police and fire retirement system covered by section 384-d of the retirement and social security law, who for the period beginning November 12, 2002 and ending in July of 2006, was employed as a deputy sheriff by the Erie County Sheriff's Department where he was a member of the New York state and local employees' retirement system, and who, for reasons not ascribable to his own negligence, was not granted service credit under section 384-d of the retirement and social security law for his period of employment with the Erie County Sheriff's Department, shall be granted such service credit under section 384-d of the retirement and social security law, if on or before the thirty-first of December next succeeding the effective date of this act, he shall file a written request to that effect with the state comptroller.

§ 2. All past service costs incurred in implementing the provisions of this act shall be borne by the city of Buffalo.

§ 3. This act shall take effect immediately.

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

This bill will grant service credit under section 384-d of the Retire-

ment and Social Security Law to William J. Cooley, a current member of

the New York State and Local Police and Fire Retirement System (PFRS),

for the period of November 12, 2002 through July of 2006, during which

he was employed as a deputy sheriff in Erie County. Currently, deputy

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

[ ] is old law to be omitted.

LBD02857-02-9

S. 4724 2

sheriff service is not creditable in a PFRS twenty year police retire-

ment plan.

If this bill is enacted during the 2019 legislative session, there

will be an immediate past service cost of approximately $352,000 which

will be borne by the City of Buffalo as a one-time payment. This esti-

mate is based on the assumption that payment will be made on February 1,

2020.

There will be no increase in the annual contributions of the City of

Buffalo.

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 March 21, 2019, and intended for use only during

the 2019 Legislative Session, is Fiscal Note No. 2019-94, prepared by

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