S08126 Summary:

Authorizes Lt. Thomas Cleere to change his service credit from the improved career retirement plan to a 20 year retirement plan.
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S08126 Actions:

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S08126 Committee Votes:

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S08126 Floor Votes:

There are no votes for this bill in this legislative session.
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S08126 Memo:

Memo not available
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S08126 Text:

                STATE OF NEW YORK
                    IN SENATE
                                     January 8, 2024
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT in relation to authorizing Lt. Thomas Cleere to  receive  certain
          service credit under a twenty year retirement plan
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding any other provision of law to the contrary,
     2  Lieutenant Thomas Cleere, a member of  the  New  York  state  and  local
     3  police and fire retirement system, who was appointed as a police officer
     4  with  the  Seneca  Falls Police Department, in the town of Seneca Falls,
     5  county of Seneca, on February 4, 2014, and who, through no fault of  his
     6  own,  was  enrolled  to  participate in the retirement plan contained in
     7  section 375-i of the retirement and social security law, shall be  given
     8  full  credit  in  the  special  twenty year retirement plan contained in
     9  section 384-d of the retirement and social security law for such service
    10  upon the election of the town of Seneca Falls to assume  the  additional
    11  cost  of  such  service. The town of Seneca Falls may so elect by filing
    12  with the state comptroller within 180 days of the effective date of this
    13  act, a resolution of its legislative body, together  with  certification
    14  that  such police officer did not bar himself from participation in such
    15  retirement plan as a result of his own  negligence.    Thereafter,  such
    16  officer  may  elect  to be covered by the provisions of section 384-d of
    17  the retirement and social security law, and shall  be  entitled  to  the
    18  full rights and benefits associated with coverage under such section, by
    19  filing  a  request  to such effect with the state comptroller within one
    20  year of the effective date of this act.
    21    §  2.  All  past  service  costs  associated  with  implementing   the
    22  provisions  of  this  act shall be borne by the town of Seneca Falls, in
    23  the county of Seneca, and may be amortized over a ten year period.
    24    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill  would  allow  the  Town  of  Seneca  Falls  to  reopen  the
        provisions  of  section  384-d of the Retirement and Social Security Law
        for police officer Thomas Cleere.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 8126                             2
          If this bill is enacted during the 2024 Legislative Session, we antic-
        ipate that there will be an increase of  approximately  $10,000  in  the
        annual  contributions  of  the  Town of Seneca Falls for the fiscal year
        ending March 31, 2025. In future years, this cost will vary as the bill-
        ing rates and salary of Thomas Cleere change.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $149,000 which will be
        borne by the Town of Seneca Falls as a one-time payment.  This  estimate
        assumes  that  payment  will be made on February 1, 2025. If the Town of
        Seneca Falls elects to amortize this cost over  a  10-year  period,  the
        cost for each year including interest would be $19,100.
          Summary of relevant resources:
          Membership  data as of March 31, 2023 was used in measuring the impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al valuation. Distributions and other statistics can  be  found  in  the
        2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
          The actuarial assumptions and methods used are described in  the  2023
        Annual  Report  to  the  Comptroller  on  Actuarial Assumptions, and the
        Codes, Rules and Regulations  of  the  State  of  New  York:  Audit  and
          The Market Assets and GASB Disclosures are found in the March 31, 2023
        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 January 3, 2024, and intended for use only during
        the 2024 Legislative Session, is Fiscal Note No. 2024-8, prepared by the
        Actuary for the New York State and Local Retirement System.
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