Bill Text: NY A07398 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the village of Quogue, county of Suffolk to offer certain retirement options to police officer Robert J. Hammel.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-06-19 - substituted by s5266 [A07398 Detail]

Download: New_York-2013-A07398-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 5266                                                  A. 7398
                              2013-2014 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                     May 15, 2013
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Civil Service
         and Pensions
       IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
         to the Committee on Governmental Employees
       AN ACT to authorize the village of Quogue, in the county of  Suffolk  to
         offer an optional twenty year retirement plan to police officer Robert
         J. Hammel
         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 Quogue, in the county of Suffolk, a participating employ-
    3  er in the New York state and local police and  fire  retirement  system,
    4  which  previously  elected  to offer the optional twenty year retirement
    5  plan, established pursuant to section 384-d of the retirement and social
    6  security law, to police  officers  employed  by  such  town,  is  hereby
    7  authorized  to  make  participation  in such plan available to patrolman
    8  Robert J.  Hammel,  registration  number  OB01367-1,  a  police  officer
    9  employed  by  the  village of Quogue, who, for reasons not ascribable to
   10  his own negligence, failed to make a timely application  to  participate
   11  in such optional twenty year retirement plan.  The village of Quogue may
   12  so elect by filing with the state comptroller, on or before December 31,
   13  2013,  a  resolution  of its town board together with certification that
   14  such police officer did not  bar  himself  from  participation  in  such
   15  retirement  plan  as  a  result of his own negligence.  Thereafter, such
   16  police officer may elect to be covered  by  the  provisions  of  section
   17  384-d  of  the retirement and social security law, and shall be entitled
   18  to the full rights and benefits  associated  with  coverage  under  such
   19  section,  by  filing a request to that effect with the state comptroller
   20  on or before June 30, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10723-04-3
       S. 5266                             2                            A. 7398
    1    S 2. All past costs associated with  implementing  the  provisions  of
    2  this  act  shall  be borne by the village of Quogue and may be amortized
    3  over a five-year period.
    4    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill will allow the Village of Quogue to reopen the provisions of
       Section 384-d of the Retirement and Social Security Law for police offi-
       cer Robert J. Hammel.
         If this legislation is enacted during the 2013 legislative session, we
       anticipate that there will be an increase of approximately $7,800 in the
       annual contributions of the village of Quogue 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 $10,300, which would be
       borne by the Village of Quogue as a one-time payment. This  estimate  is
       based  on  the assumption that payment will be made on February 1, 2014.
       If this cost is amortized over a 5 year period, the cost for  the  first
       year would be approximately $2,370.
         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  May 10, 2013, and intended for use only during
       the 2013 Legislative Session, is Fiscal Note No. 2013-149,  prepared  by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.