STATE OF NEW YORK
________________________________________________________________________
S. 5266 A. 7398
2013-2014 Regular Sessions
SENATE - ASSEMBLY
May 15, 2013
___________
IN SENATE -- Introduced by Sen. LAVALLE -- 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. THIELE -- read once and referred
to the Committee on Governmental Employees
AN ACT to authorize the village of Quogue, in the county of Suffolk to
offer an optional twenty year retirement plan to police officer Robert
J. Hammel
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 Quogue, in the county of Suffolk, 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 patrolman
8 Robert J. Hammel, registration number OB01367-1, a police officer
9 employed by the village of Quogue, who, for reasons not ascribable to
10 his own negligence, failed to make a timely application to participate
11 in such optional twenty year retirement plan. The village of Quogue may
12 so 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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10723-04-3
S. 5266 2 A. 7398
1 § 2. All past costs associated with implementing the provisions of
2 this act shall be borne by the village of Quogue and may be amortized
3 over a five-year period.
4 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will allow the Village of Quogue to reopen the provisions of
Section 384-d of the Retirement and Social Security Law for police offi-
cer Robert J. Hammel.
If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $7,800 in the
annual contributions of the village of Quogue 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 $10,300, which would be
borne by the Village of Quogue as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2014.
If this cost is amortized over a 5 year period, the cost for the first
year would be approximately $2,370.
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 May 10, 2013, and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-149, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.
