Bill Text: NY A07441 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes the city of Newburgh to offer an optional 20 year retirement plan, pursuant to section 384-d of the retirement and social security law, to certain police officers and firefighters employed by such city.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-08-17 - signed chap.434 [A07441 Detail]

Download: New_York-2011-A07441-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7441
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      May 4, 2011
                                      ___________
       Introduced by M. of A. KIRWAN -- read once and referred to the Committee
         on Governmental Employees
       AN  ACT  to  authorize the city of Newburgh, in the county of Orange, to
         offer an optional twenty year retirement plan to certain police  offi-
         cers and firefighters
         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  the city of Newburgh, in the county of Orange, a participating  employer
    3  in the New York state and local police and fire retirement system, which
    4  previously  elected  to  offer the optional twenty year retirement plan,
    5  established pursuant to section 384-d of the retirement and social secu-
    6  rity law, to police officers and firefighters employed by such city,  is
    7  hereby authorized to make participation in such plan available to Daniel
    8  Cameron,  Lorenzo D'Angelico, John Jenerose, Matthew M. Kirwan and Kevin
    9  Romero, police officers, and Robert Bain Jr., Mark  Bethea  and  William
   10  Wiseman, firefighters employed by the city of Newburgh, who, for reasons
   11  not  ascribable  to  their own negligence failed to make timely applica-
   12  tions to participate in such optional twenty year retirement plan.
   13    The city of Newburgh may so elect  by  filing  with  the  state  comp-
   14  troller,  on  or before December 31, 2011, a resolution of its governing
   15  body together with certification that such  police  officers  and  fire-
   16  fighters  did  not  bar themselves from participation in such retirement
   17  plan as a result of their own negligence. Thereafter, such police  offi-
   18  cers  and  firefighters  may  elect  to  be covered by the provisions of
   19  section 384-d of the retirement and social security law,  and  shall  be
   20  entitled  to the full rights and benefits associated with coverage under
   21  such section, by filing a request to that effect with  the  state  comp-
   22  troller on or before June 30, 2012.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06154-05-1
       A. 7441                             2
    1    S   2.  All  past  service  costs  associated  with  implementing  the
    2  provisions of this act shall be borne by the city  of  Newburgh  over  a
    3  period of ten years.
    4    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill will allow the City of Newburgh to reopen the  provisions of
       Section 384-d of the Retirement and Social Security Law for police offi-
       cers  Daniel  Cameron,  Lorenzo  D'Angelico,  John  Jenerose, Matthew M.
       Kirwan, Kevin Romero and firefighters Robert Bain Jr,  Mark  Bethea  and
       William Wiseman.
         If this legislation is enacted during the 2011 legislative session, we
       anticipate  that  there  will be an increase of approximately $45,700 in
       the annual contributions of the City of Newburgh  for  the  fiscal  year
       ending March 31, 2012.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $620,000, which would be
       borne  by  the  City of Newburgh as a one-time payment. This estimate is
       based on the assumption that payment will be made on February  1,  2012.
       The  City  of  Newburgh may amortize this cost over a period of ten (10)
       years. The first year cost, including interest,  will  be  approximately
       $84,000.
         This  estimate,  dated  April 6, 2011 and intended for use only during
       the 2011 Legislative Session, is Fiscal Note No. 2011-156,  prepared  by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.