Bill Text: NY S07430 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 7430 (Prior Session Legislation)

Introduced

Bill Title: Authorizes the city of Rochester to offer the optional twenty-year retirement plan established pursuant to section 384-d of the retirement and social security law.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-05-15 - REFERRED TO CIVIL SERVICE AND PENSIONS [S07430 Detail]

Download: New_York-2011-S07430-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7430
                                   I N  S E N A T E
                                     May 15, 2012
                                      ___________
       Introduced  by  Sen.  ROBACH -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize the city of Rochester, in the county of  Monroe,  to
         offer a certain 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 contrary,
    2  the city of Rochester, in the county of Monroe, 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 employed by such city, is hereby authorized
    7  to  make  participation  in  such  plan  available to David Blaho, Kevin
    8  Powers, Lourdes Baez, Carol McDermott, MaryEllen Monahan-Kenny, and Liza
    9  Dann, police officers employed  by  the  city  of  Rochester,  who,  for
   10  reasons  not ascribable to their own negligence, failed to make a timely
   11  application to participate in such optional twenty-year retirement plan.
   12  The city of Rochester may so elect by filing with the comptroller, on or
   13  before December 31, 2012, a resolution of its city council together with
   14  certification that such police officers  did  not  bar  themselves  from
   15  participation  in  such  retirement plan as a result of their own negli-
   16  gence.  Thereafter, such police officers may elect to be covered by  the
   17  provisions  of  section 384-d of the retirement and social security law,
   18  and shall be entitled to the full rights and  benefits  associated  with
   19  coverage  under such section, including eligibility for participation in
   20  the plan established pursuant to section 384-e  of  the  retirement  and
   21  social  security  law, by filing a request to that effect with the state
   22  comptroller on or before June 30, 2013.
   23    S 2. All employer costs associated with implementing the provisions of
   24  this act shall be borne by the city of Rochester, and may  be  amortized
   25  over a ten-year period.
   26    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15405-02-2
       S. 7430                             2
         This  bill  will  allow  the City of Rochester to reopen section 384-d
       together with section 384-e of the Retirement and  Social  Security  Law
       for  police  officers  David  Blaho,  Kevin  Powers, Lourdes Baez, Carol
       McDermott, MaryEllen Monahan-Kenny and Liza Dann.
         If  this bill is enacted during the 2012 legislative session and these
       police officers become covered under the  provisions  of  section  384-d
       together  with  384-e,  we  anticipate that there will be an increase of
       approximately $33,800 in the annual contributions of the City of Roches-
       ter 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 $772,000 which would  be
       borne by the City of Rochester. This estimate is based on the assumption
       that payment will be made on February 1, 2013. If this cost is amortized
       over  a ten year period, the cost for the first year, including interest
       would be approximately $105,000.
         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 May 2, 2012 and intended for use only during the
       2012 Legislative Session, is Fiscal Note No. 2012-142, prepared  by  the
       Actuary  for  the  New  York  State and Local Police and Fire Retirement
       System.