Bill Text: NY S07646 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the DeWitt fire district, town of DeWitt, county of Onondaga, to offer the 20 year retirement plan to firefighters Gavin J. MacLachlin and Michael E. O'Connor.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2014-07-22 - SIGNED CHAP.178 [S07646 Detail]

Download: New_York-2013-S07646-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7646
                                   I N  S E N A T E
                                     May 23, 2014
                                      ___________
       Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
         when printed to be committed to the Committee  on  Civil  Service  and
         Pensions
       AN  ACT  to  authorize  the DeWitt fire district, in the town of DeWitt,
         county of Onondaga, to offer the optional twenty year retirement  plan
         to firefighters Gavin J. MacLachlin and Michael E. O'Connor
         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 DeWitt fire district, in the town of DeWitt, county of  Onondaga,  a
    3  participating  employer  in the New York state and local police and fire
    4  retirement system, which previously elected to offer the optional twenty
    5  year retirement plan, established  pursuant  to  section  384-d  of  the
    6  retirement  and  social  security  law, to firefighters employed by such
    7  fire district, is hereby authorized to make participation in  such  plan
    8  available  to  firefighters Gavin J. MacLachlin and Michael E. O'Connor,
    9  firefighters employed by the DeWitt fire district, who, for reasons  not
   10  ascribable  to  their own negligence, failed to make timely applications
   11  to participate in such optional twenty year retirement plan. The  DeWitt
   12  fire  district  may so elect by filing with the state comptroller, on or
   13  before December 31, 2014, a resolution of its board of fire  commission-
   14  ers,  together  with  certification  that  such firefighters did not bar
   15  themselves from participation in such retirement plan  as  a  result  of
   16  their  own  negligence.  Thereafter,  such  firefighters may elect to be
   17  covered by the provisions of section 384-d of the retirement and  social
   18  security  law,  and  shall  be  entitled to the full rights and benefits
   19  associated with coverage under such section, by filing a request to that
   20  effect with the state comptroller on or before June 30, 2015.
   21    S 2. All past costs associated with  implementing  the  provisions  of
   22  this act shall be borne by the DeWitt fire district.
   23    S 3. This act shall take effect immediately.
         FISCAL  NOTE.--This bill will allow the DeWitt Fire District to reopen
       the provisions of Section 384-d of the Retirement  and  Social  Security
       Law for firefighters Gaven J. MacLachlan and Michael E. O'Connor.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11449-03-4
       S. 7646                             2
         If  this  legislation  is enacted during the 2014 legislative session,
       and both firefighters become covered by the provisions of Section  384-d
       of the Retirement and Social Security Law, we anticipate that there will
       be  an  increase  of approximately $9,600 in the annual contributions of
       the  DeWitt  Fire District for the fiscal year ending March 31, 2015. In
       future years, this cost will vary as the billing rates and  salaries  of
       Gavin J. MacLachlan and Michael E. O'Connor change.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past service cost of approximately $24,800, which will be
       borne by the DeWitt Fire District as  a  one-time  payment,  assuming  a
       payment date of February 1, 2015.
         Summary of relevant resources:
         The  membership  data  used  in  measuring  the impact of the proposed
       change was the same as that used in the March 31, 2013  actuarial  valu-
       ation.    Distributions  and  other  statistics can be found in the 2013
       Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
       Report.
         The  actuarial  assumptions  and  methods  used are described in 2010,
       2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
       Assumptions,  and  the  Codes  Rules and Regulations of the State of New
       York: Audit and Control.
         The Market Assets and GASB Disclosures are found in the March 31, 2013
       New York State and Local  Retirement  System  Financial  Statements  and
       Supplementary Information.
         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 22, 2014 and intended for use only during the
       2014  Legislative  Session, is Fiscal Note No. 2014-138, prepared by the
       Actuary for the New York State and  Local  Police  and  Fire  Retirement
       System.