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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4735                                                  A. 6811
                              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
       IN ASSEMBLY -- Introduced by M. of A. TEDISCO -- read once and  referred
         to the Committee on Governmental Employees
       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  Thereafter,  Michael  E.  Petroski,  may  elect  to  be  covered  by the
   12  provisions of section 384-d of the retirement and social  security  law,
   13  and  shall  be  entitled to the full rights and benefits associated with
   14  coverage under such section, by filing a request to that effect with the
   15  state comptroller on or before December 31, 2013.
   16    S  2.  All  past  service  costs  associated  with  implementing   the
   17  provisions of this act shall be borne by the town of Glenville.
   18    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10206-02-3
       S. 4735                             2                            A. 6811
         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.