S T A T E O F N E W Y O R K
________________________________________________________________________
7478
2013-2014 Regular Sessions
I N A S S E M B L Y
May 22, 2013
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Introduced by M. of A. SANTABARBARA -- read once and referred to the
Committee on Governmental Employees
AN ACT to allow Joel Lochner to join the optional twenty year retirement
plan, city of Amsterdam, county of Montgomery
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 Amsterdam, in the county of Montgomery, a participating
3 employer in the New York state and local police and fire retirement
4 system, which previously elected to offer the optional twenty year
5 retirement plan, established pursuant to section 384-d of the retirement
6 and social security law, to police officers employed by such city, is
7 hereby authorized to make participation in such plan available to Joel
8 Lochner, a police officer employed by the city of Amsterdam, who, for
9 reasons not ascribable to his own negligence failed to make a timely
10 application to participate in such optional twenty year retirement plan.
11 Thereafter, Joel Lochner, may elect to be covered by the provisions of
12 section 384-d of the retirement and social security law as a Tier 5
13 member, and shall be entitled to the full rights and benefits associated
14 with coverage under such section, by filing a request to that effect
15 with the state comptroller on or before December 31, 2013.
16 S 2. All past service costs associated with implementing the
17 provisions of this act shall be borne by the city of Amsterdam and may
18 be amortized over a period of five years.
19 S 3. This act shall take effect immediately.
FISCAL NOTE.--This bill will allow the city of Amsterdam to elect to
reopen the provisions of Section 384-d of the Retirement and Social
Security Law for police officer Joel Lochner.
If this bill were enacted, we anticipate that there will be an
increase of approximately $3,600 in the annual contributions of the city
of Amsterdam for the fiscal year ending March 31, 2014.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10547-02-3
A. 7478 2
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $9,400 which would be
borne by the city of Amsterdam as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2014.
If the past service cost is amortized over a period of five (5) years,
the past service costs for the first year including interest, would be
approximately $2,200.
Summary of relevant resources:
Data: March 31, 2012 Actuarial Year End File with distributions of
membership and other statistics displayed in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
Assumptions and Methods: 2010, 2011 and 2012 Annual Report to the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
Market Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary Informa-
tion.
Valuations of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 Actuarial Valuations report.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
This estimate, dated May 8, 2013 and intended for use only during the
2013 Legislative Session, is Fiscal Note No. 2013-133, prepared by the
Actuary for the New York State and Local Police and Fire Retirement
System.