Bill Text: NY S04735 | 2013-2014 | General Assembly | Amended

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Bill Title: Allows Michael E. Petroski to join the optional twenty year retirement plan, town of Glenville, county of Schenectady.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2013-07-31 - SIGNED CHAP.271 [S04735 Detail]

Download: New_York-2013-S04735-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4735--A                                            A. 6811--A
                              2013-2014 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                    April 19, 2013
                                      ___________
       IN  SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Civil Service
         and Pensions -- committee discharged, bill amended, ordered  reprinted
         as amended and recommitted to said committee
       IN  ASSEMBLY -- Introduced by M. of A. TEDISCO -- read once and referred
         to the Committee on Governmental Employees  --  committee  discharged,
         bill  amended,  ordered  reprinted  as amended and recommitted to said
         committee
       AN ACT to allow Michael E. Petroski to join  the  optional  twenty  year
         retirement plan, town of Glenville, county of Schenectady
         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 town of Glenville, in the county  of  Schenectady,  a  participating
    3  employer  in  the  New  York  state and local police and fire retirement
    4  system, which previously elected  to  offer  the  optional  twenty  year
    5  retirement plan, established pursuant to section 384-d of the retirement
    6  and  social  security  law, to police officers employed by such town, is
    7  hereby authorized to make participation in such plan available to Micha-
    8  el E. Petroski, a police officer employed by the town of Glenville, who,
    9  for reasons not ascribable to his own negligence failed to make a timely
   10  application to participate in such optional twenty year retirement plan.
   11  The town of Glenville may so elect by filing with the state comptroller,
   12  on or before December 31, 2013, a resolution of its town board  together
   13  with  certification  that  such  police officer did not bar himself from
   14  participation in such retirement plan as a result of his own negligence.
   15  Thereafter, Michael  E.  Petroski,  may  elect  to  be  covered  by  the
   16  provisions  of  section 384-d of the retirement and social security law,
   17  and shall be entitled to the full rights and  benefits  associated  with
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10206-03-3
       S. 4735--A                          2                         A. 6811--A
    1  coverage under such section, by filing a request to that effect with the
    2  state comptroller on or before December 31, 2013.
    3    S   2.  All  past  service  costs  associated  with  implementing  the
    4  provisions of this act shall be borne by the town of Glenville.
    5    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This bill will allow the town of Glenville to reopen the provisions of
       Section 384-d of the Retirement and Social Security Law for police offi-
       cer Michael E. Petroski.
         If this legislation is enacted during the 2013 legislative session, we
       anticipate that there will be an increase of approximately $8,750 in the
       annual contributions of the town of Glenville 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 $52,200, which would  be
       borne  by  the town of Glenville as a one-time payment. This estimate is
       based on the assumption that payment will be made on February 1, 2014.
         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 15, 2013, and intended for use only  during
       the  2013  Legislative Session, is Fiscal Note No. 2013-115, prepared by
       the Actuary for the New York State and Local Police and Fire  Retirement
       system.