Bill Text: NY S06781 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes the village of Ellenville to offer an optional twenty year retirement plan to certain police officers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-21 - SUBSTITUTED BY A9588 [S06781 Detail]

Download: New_York-2011-S06781-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6781
                                   I N  S E N A T E
                                    March 21, 2012
                                      ___________
       Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize the village of Ellenville to offer an optional twen-
         ty year retirement plan to certain police officers
         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 contra-
    2  ry, the village of Ellenville, a participating employer in the New  York
    3  state  and  local  police  and  fire retirement system, which previously
    4  elected to offer the optional twenty year retirement  plan,  established
    5  pursuant  to section 384-d of the retirement and social security law, to
    6  police officers employed by such town,  is  hereby  authorized  to  make
    7  participation  in  such  plan  available to Michael Jeter, LaMark Logan,
    8  Daniel Persell, Christopher Rosa, Robert Ross, and Vanessa Nixon-Tomlin,
    9  police officers employed by the Village of Ellenville, who, for  reasons
   10  not ascribable to their own negligence, failed to make a timely applica-
   11  tion  to  participate  in such optional twenty year retirement plan. The
   12  village of Ellenville may so elect by filing with the state comptroller,
   13  on or before December 31, 2012, a resolution of  its  local  legislative
   14  body  together  with certification that such police officers did not bar
   15  themselves from participation in such retirement plan  as  a  result  of
   16  their  own  negligence. Thereafter, such police officers may elect to be
   17  covered by the provisions of section 384-d of the retirement and  social
   18  security  law,  and  shall  be  entitled to the full rights and benefits
   19  associated with coverage under such section, by filing a request to that
   20  effect with the state comptroller on or before June 30, 2013.
   21    S  2.  All  past  service  costs  associated  with  implementing   the
   22  provisions  of  this act shall be borne by the village of Ellenville and
   23  may be amortized over a ten year period.
   24    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  will  allow  the  Village  of  Ellenville  to  reopen  the
       provisions  of  Section  384-d of the Retirement and Social Security Law
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14921-02-2
       S. 6781                             2
       for police officers Michael Jeter, LaMark Logan, Daniel Persell,  Chris-
       topher Rosa, Robert Ross and Vanessa Nixon-Tomlin.
         If this legislation is enacted during the 2012 legislative session, we
       anticipate that there will be an increase of approximately $6,800 in the
       annual  contributions  of  the Village of Ellenville for the fiscal year
       ending March 31, 2013.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $100,000, which would be
       borne by the Village of Ellenville as a one-time payment. This  estimate
       is  based  on  the  assumption  that payment will be made on February 1,
       2013. The Village of Ellenville may amortize this cost over a period  of
       ten (10) years. The first year cost, including interest, will be approx-
       imately $13,500.
         Summary of relevant resources:
         Data:  March  31,  2011  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  and  2011 Annual Report to the Comp-
       troller on Actuarial Assumptions, Codes Rules  and  Regulations  of  the
       State of New York: Audit and Control.
         Market  Assets and GASB Disclosures: March 31, 2011 New York State and
       Local Retirement System Financial Statements and Supplementary  Informa-
       tion.
         Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
       the 2011 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 March 16, 2012, and intended for use only  during
       the  2012  Legislative Session, is Fiscal Note No. 2012-114, prepared by
       the Actuary for the New York State and Local Police and Fire  Retirement
       System.