Bill Text: NY S04584 | 2013-2014 | General Assembly | Amended

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Bill Title: Authorizes Eric Brown to participate in the optional twenty year retirement plan.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2013-07-31 - SIGNED CHAP.268 [S04584 Detail]

Download: New_York-2013-S04584-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4584--A                                            A. 6643--A
                              2013-2014 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                    April 12, 2013
                                      ___________
       IN  SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Civil Service
         and Pensions -- committee discharged, bill amended, ordered  reprinted
         as amended and recommitted to said committee
       IN  ASSEMBLY  -- Introduced by M. of A. BUTLER -- read once and referred
         to the Committee on Governmental Employees  --  committee  discharged,
         bill  amended,  ordered  reprinted  as amended and recommitted to said
         committee
       AN ACT to allow Eric Brown to join the optional twenty  year  retirement
         plan, city of Johnstown, county of Fulton
         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 Johnstown, in the county of Fulton, 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 firefighters employed by such city, is hereby authorized to
    7  make  participation  in such plan available to Eric Brown, a firefighter
    8  employed by the city of Johnstown, who, for reasons  not  ascribable  to
    9  his own negligence failed to make a timely application to participate in
   10  such optional twenty year retirement plan.  The city of Johnstown may so
   11  elect  by  filing  with the state comptroller, on or before December 31,
   12  2013, a resolution of its governing  body  together  with  certification
   13  that  such  firefighter  did  not bar himself from participation in such
   14  retirement plan as a result of  his  own  negligence.  Thereafter,  Eric
   15  Brown, may elect to be covered by the provisions of section 384-d of the
   16  retirement  and  social  security  law  as a Tier 5 member, and shall be
   17  entitled to the full rights and benefits associated with coverage  under
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10022-03-3
       S. 4584--A                          2                         A. 6643--A
    1  such  section,  by  filing a request to that effect with the state comp-
    2  troller on or before December 31, 2013.
    3    S   2.  All  past  service  costs  associated  with  implementing  the
    4  provisions of this act shall be borne by the city of Johnstown  and  may
    5  be amortized over a period of five years.
    6    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  would  allow  Eric D. Brown, a firefighter employed by the
       City of Johnstown, to elect to become covered under  the  provisions  of
       Section  384-d  of  the  Retirement  and Social Security Law as a Tier 5
       member. He is currently covered under the  provisions  of  the  20  year
       retirement plan in Article 14.
         If such legislation is enacted during the 2013 legislative session, we
       anticipate  that  there  will  not be an increase in the annual contrib-
       utions of the City of Johnstown for the fiscal  year  ending  March  31,
       2014.
         There also will be no past service cost.
         Summary of relevant resources:
         Data:  March  31,  2012  Actuarial Year End File with distributions of
       membership and other statistics displayed in  the  2011  Report  of  the
       Actuary and 2011 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 29, 2013 and intended for use only during the
       2013  Legislative  Session, is Fiscal Note No. 2013-158, prepared by the
       Actuary for the New York State and  Local  Police  and  Fire  Retirement
       System.