Bill Text: NY A07030 | 2013-2014 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2013-06-19 - substituted by s5239 [A07030 Detail]

Download: New_York-2013-A07030-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7030
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 30, 2013
                                      ___________
       Introduced by M. of A. ABINANTI -- read once and referred to the Commit-
         tee on Governmental Employees
       AN  ACT  to  authorize the village of Sleepy Hollow to offer an optional
         twenty year retirement plan to certain  police  officers  employed  by
         such village
         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 village of Sleepy Hollow, 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 village, is hereby authorized  to  make
    7  participation  in  such plan available to Raymond D'Alessandro and James
    8  Warren, police officers employed by the village of Sleepy  Hollow,  who,
    9  for  reasons  not  ascribable  to their own negligence, failed to make a
   10  timely application to participate in such optional twenty  year  retire-
   11  ment plan.  The village of Sleepy Hollow may so elect by filing with the
   12  state  comptroller,  on or before December 31, 2013, a resolution of its
   13  local legislative body together  with  certification  that  such  police
   14  officers  did  not  bar themselves from participation in such retirement
   15  plan as a result of their own negligence. Thereafter, such police  offi-
   16  cers  may  elect to be covered by the provisions of section 384-d of the
   17  retirement and social security law, and shall be entitled  to  the  full
   18  rights  and  benefits  associated  with  coverage under such section, by
   19  filing a request to that effect with the state comptroller on or  before
   20  June 30, 2014.
   21    S  2. All employer past service costs associated with implementing the
   22  provisions of this act shall be borne by the village  of  Sleepy  Hollow
   23  and may be amortized over a ten year period.
   24    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10332-03-3
       A. 7030                             2
         FISCAL  NOTE.--This bill will allow Officers Raymond D'Alessandro, and
       James Warren to become covered by the provisions of Section 384-d of the
       Retirement and Social Security Law.
         If  this  bill  were  enacted,  we  anticipate  that  there will be an
       increase of approximately $25,100 in the  annual  contributions  of  the
       Village of Sleepy Hollow for the fiscal year ending March 31, 2014.
         In addition to the annual contributions discussed above, there will be
       an  immediate past service cost of approximately $134,000 which would be
       borne by the Village of Sleepy Hollow as a one-time payment. This  esti-
       mate 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 ten (10)
       years, the past service costs for the  first  year  including  interest,
       would be approximately $18,100.
         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 April 17, 2013 and intended for use only during
       the 2013 Legislative Session, is Fiscal Note No. 2013-121,  prepared  by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.