Bill Text: NY S04867 | 2015-2016 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-06-10 - SUBSTITUTED BY A6800 [S04867 Detail]

Download: New_York-2015-S04867-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4867
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    April 22, 2015
                                      ___________
       Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
         and when printed to be committed to the Committee on Civil Service and
         Pensions
       AN ACT to authorize the village of Dobbs  Ferry  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  Dobbs  Ferry, 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 Michael Marron and Jeffrey  Jee,
    8  police officers employed by the village of Dobbs Ferry, who, for reasons
    9  not ascribable to their own negligence, failed to make a timely applica-
   10  tion  to  participate in such optional twenty year retirement plan.  The
   11  village of Dobbs Ferry may so elect  by  filing  with  the  state  comp-
   12  troller,  on  or  before  December  31,  2015, a resolution of its local
   13  legislative body together with certification that such  police  officers
   14  did  not  bar themselves from participation in such retirement plan as a
   15  result of their own negligence. Thereafter,  such  police  officers  may
   16  elect to be covered by the provisions of section 384-d of the retirement
   17  and  social  security  law, and shall be entitled to the full rights and
   18  benefits associated with  coverage  under  such  section,  by  filing  a
   19  request  to that effect with the state comptroller on or before June 30,
   20  2016.
   21    S 2. All employer past service costs associated with implementing  the
   22  provisions  of this act shall be borne by the village of Dobbs Ferry and
   23  may be amortized over a ten year period.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09665-02-5
       S. 4867                             2
    1    S 3. This act shall take effect immediately.
         FISCAL  NOTE.--This  bill  will  allow  the  village of Dobbs Ferry to
       reopen the provisions of Section 384-d  of  the  Retirement  and  Social
       Security Law for police officers Michael Marron and Jeffrey Jee.
         If this legislation is enacted during the 2015 legislative session, we
       anticipate  that  there  will be an increase of approximately $15,000 in
       the annual contributions of the village of Dobbs Ferry  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 $73,400, which will be
       borne by the village of Dobbs Ferry as a one-time payment. If this  cost
       is  amortized  over  a 10 year period, the cost for each year, including
       interest, would be $9,940.   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 the 2014 Comprehensive Annual Financial Report.
         Assumptions and Methods: 2010, 2011, 2012, 2013 and 2014 Annual Report
       to  the  Comptroller  on  Actuarial Assumptions, and the 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 16, 2015 and intended for use only during
       the 2015 Legislative Session, is Fiscal Note No.  2015-86,  prepared  by
       the  Actuary for the New York State and Local Police and Fire Retirement
       System.