Bill Text: NY S04397 | 2015-2016 | General Assembly | Introduced


Bill Title: Authorizes the city of Mount Vernon to offer certain retirement options to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by such city.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-06-18 - SUBSTITUTED BY A6569 [S04397 Detail]

Download: New_York-2015-S04397-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4397
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    March 18, 2015
                                      ___________
       Introduced  by  Sen. HASSELL-THOMPSON -- read twice and ordered printed,
         and when printed to be committed to the Committee on Local Government
       AN ACT to authorize the city of Mount Vernon, in the county of Westches-
         ter, to  offer  certain  retirement  options  to  Christopher  Grieco,
         Wendell  Griffin,  Patsy  Leone and Jeremy Villanueva, police officers
         employed by such city
         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 Mount Vernon, in the county of Westchester, a participating
    3  employer in the New York state and  local  police  and  fire  retirement
    4  system,  which  previously elected to offer the optional 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 Christopher Grieco,
    8  Wendell Griffin, Patsy Leone  and  Jeremy  Villanueva,  police  officers
    9  employed by the city of Mount Vernon, who, on the effective date of this
   10  act  are covered under the provisions of section 375-i of the retirement
   11  and social security law, and who, for reasons not  ascribable  to  their
   12  own  negligence  failed  to  make a timely application to participate in
   13  such optional retirement plan. The city of Mount Vernon may so elect  by
   14  filing  with the state comptroller, on or before June 30, 2016, a resol-
   15  ution of its legislative body together with certification that any  such
   16  police officer did not bar himself or herself from participation in such
   17  retirement  plan  as  a result of his or her own negligence. Thereafter,
   18  any such police officer may elect to be covered  by  the  provisions  of
   19  section  384-d  of  the retirement and social security law, and shall be
   20  entitled to the full rights and benefits associated with coverage  under
   21  such  section,  by  filing a request to that effect with the state comp-
   22  troller on or before June 30, 2016.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05364-04-5
       S. 4397                             2
    1    S 2. All costs associated with implementing the provisions of this act
    2  shall be borne by the city of Mount Vernon.
    3    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill will allow the City of Mount Vernon to reopen the provisions
       of  Section  384-d  of  the  Retirement and Social Security Law for four
       Police Officers: Christopher Grieco, Wendell Griffin,  Patsy  Leone  and
       Jeremy Villanueva.
         If this legislation is enacted during the 2015 legislation session, we
       anticipate  that  there  will be an increase of approximately $26,000 in
       the annual contributions of the City of Mount Vernon for the fiscal year
       ending March 31, 2016.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $177,000 which would  be
       borne  by the City of Mount Vernon as a one-time payment.  This estimate
       is based on the assumption that payment will  be  made  on  February  1,
       2016.
         Summary of relevant resources:
         Data:  March  31,  2014  Actuarial Year End File with distributions of
       membership and other statistics displayed in  the  2014  Report  of  the
       Actuary and 2014 Comprehensive Annual Financial Report.
         Assumptions and Methods: 2010, 2011, 2012, 2013 and 2014 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, 2014 New York State and
       Local Retirement System Financial Statements and Supplementary  Informa-
       tion.
         Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
       the 2014 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 6, 2015 and intended for  use  only  during
       the  2015  Legislative  Session, is Fiscal Note No. 2015-84, prepared by
       the Actuary for the New York State and Local Police and Fire  Retirement
       System.
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