BILL NO S05753
SAME AS SAME AS A07940
SPONSOR BRESLIN
COSPNSR
MLTSPNSR
Authorizes the village of Menands in the county of Albany to offer an optional
twenty year retirement plan to police officer Aaron St. Gelais.
S T A T E O F N E W Y O R K
________________________________________________________________________
5753
2013-2014 Regular Sessions
I N S E N A T E
June 12, 2013
___________
Introduced by Sen. BRESLIN -- 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 Menands, in the county of Albany to
offer an optional twenty year retirement plan to police officer Aaron
St. Gelais
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 Menands, in the county of Albany, a participating employ-
3 er in the New York state and local police and fire retirement system,
4 which previously elected to offer the optional twenty year retirement
5 plan, established pursuant to section 384-d of the retirement and social
6 security law, to police officers employed by such town, is hereby
7 authorized to make participation in such plan available to Aaron St.
8 Gelais, a police officer employed by the village of Menands with a start
9 date of October 2, 2010, who, for reasons not ascribable to his own
10 negligence, failed to make a timely application to participate in such
11 optional twenty year retirement plan. The village of Menands may so
12 elect by filing with the state comptroller, on or before December 31,
13 2013, a resolution of its town board together with certification that
14 such police officer did not bar himself from participation in such
15 retirement plan as a result of his own negligence. Thereafter, such
16 police officer may elect to be covered by the provisions of section
17 384-d of the retirement and social security law, and shall be entitled
18 to the full rights and benefits associated with coverage under such
19 section, by filing a request to that effect with the state comptroller
20 on or before June 30, 2014.
21 S 2. All past costs associated with implementing the provisions of
22 this act shall be borne by the village of Menands.
23 S 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Section 50 of the Legislative Law:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11262-02-3
S. 5753 2
This bill will allow the village of Menands to elect to reopen the
provisions of Section 384-d of the Retirement and Social Security Law
for police officer Aaron St. Gelais.
If this bill is enacted and Aaron St. Gelais becomes covered under
Section 384-d, we anticipate that there will be an increase of approxi-
mately $5,200 in the annual contributions of the village of Menands for
the fiscal year ending March 31, 2014.
There will be no past service cost.
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 June 7, 2013 and intended for use only during the
2013 Legislative Session, is Fiscal Note No. 2013-159, prepared by the
Actuary for the New York State and Local Police and Fire Retirement
System.
