Bill Text: NY A06122 | 2015-2016 | General Assembly | Introduced
Bill Title: Authorizes Christopher Chapeton to file a request for change of benefit coverage with the New York state and local police and fire retirement system to grant him coverage under article 22 of the retirement and social security law.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-06 - referred to governmental employees [A06122 Detail]
Download: New_York-2015-A06122-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6122
2015-2016 Regular Sessions
I N A S S E M B L Y
March 16, 2015
___________
Introduced by M. of A. MAYER -- read once and referred to the Committee
on Governmental Employees
AN ACT in relation to authorizing Christopher Chapeton to file a request
for change of benefit coverage with the New York state and local
police and fire retirement system
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, Christopher
2 Chapeton, who is currently a member of the New York state and local
3 police and fire retirement system, and who was first employed as a fire-
4 fighter by the City of Yonkers on October 1, 2009, and by virtue of his
5 date of employment became a member of the New York state and local
6 police and fire retirement system who elected to participate in the
7 optional twenty year retirement plan contained in section 384-d of the
8 retirement and social security law, and who subsequently, for reasons
9 not ascribable to his own negligence, failed to file a timely election
10 to be covered by the benefits of article 22 of such law, shall be deemed
11 to be covered by the benefits of such article 22 if, within one year of
12 the effective date of this act, he shall file a written request to that
13 effect with the state comptroller.
14 S 2. All past service costs associated with the implementation of this
15 act shall be borne by the city of Yonkers.
16 S 3. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill would allow Christopher Chapeton, a firefighter employed by
the City of Yonkers, to elect to become covered under the provisions of
Section 384-e 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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09193-04-5
A. 6122 2
If such legislation is enacted during the 2015 legislative session, we
anticipate that there will not be an increase in the annual contrib-
utions of the City of Yonkers for the fiscal year ending March 31, 2016.
There also will be no past service cost.
Summary of relevant resources:
The membership data used in measuring the impact of the proposed
change was the same as that used in the March 31, 2014 actuarial valu-
ation. Distributions and other statistics can be found in the 2014
Report of the Actuary and the 2014 Comprehensive Annual Financial
Report.
The actuarial assumptions and methods used are described in the 2010,
2011, 2012, 2013 and 2014 Annual Report to the Comptroller on Actuarial
Assumptions, and the Codes Rules and Regulations of the State of New
York: Audit and Control.
The Market Assets and GASB Disclosures are found in the March 31, 2014
New York State and Local Retirement System Financial Statements and
Supplementary Information.
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 February 19, 2015 and intended for use only
during the 2015 Legislative Session, is Fiscal Note No. 2015-70,
prepared by the Actuary for the New York State and Local Police and Fire
Retirement System.
