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A09432 Summary:

A09432 Actions:

A09432 Floor Votes:

A09432 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9432
 
                   IN ASSEMBLY
 
                                      March 1, 2012
                                       ___________
 
        Introduced by M. of A. ABINANTI -- read once and referred to the Commit-
          tee on Governmental Employees
 
        AN  ACT to authorize Paul Liberatore to apply for retroactive membership
          in the New York state and local police and fire retirement system
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 

     1    Section 1. Notwithstanding any inconsistent provision of law, the fire
     2  district  of Hartsdale in the town of Greenburgh, county of Westchester,
     3  a participating employer in the New York state and local police and fire
     4  retirement system, which has elected to offer the optional  twenty  year
     5  retirement plan, established pursuant to section 384-d of the retirement
     6  and  social security law, and the additional pension benefits to members
     7  of such plan, established pursuant to section 384-e  of  the  retirement
     8  and social security law, to firefighters employed by such town, is here-
     9  by  authorized  to make retroactive membership in such plan available to
    10  Paul  Liberatore,  a  firefighter  with  the  Hartsdale  fire  district,
    11  employed by the Hartsdale fire district, who, for reasons not ascribable
    12  to his own negligence failed to make a timely application to participate

    13  in  such optional twenty year retirement plan and the additional pension
    14  benefits therefor. The Hartsdale fire district may so  elect  by  filing
    15  with the state comptroller, on or before December 31, 2012, a resolution
    16  of  its governing body together with certification that such firefighter
    17  did not bar himself from participation in  such  retirement  plan  as  a
    18  result  of his own negligence. Thereafter, such firefighter may elect to
    19  be covered by the provisions of sections 384-d and 384-e of the  retire-
    20  ment  and  social security law, and shall be entitled to the full rights
    21  and benefits associated with coverage under such sections, by  filing  a
    22  request  to that effect with the state comptroller on or before June 30,
    23  2013.
    24    § 2. Any past service costs incurred by operation of the provision  of
    25  this act shall be borne by the Hartsdale fire district.

    26    § 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.
                                                                   LBD14267-02-2
        A. 9432                             2
 
          This  bill  will  allow the Hartsdale Fire District to elect to reopen
        the provisions of Section 384-d  together  with  Section  384-e  of  the
        Retirement and Social Security Law for firefighter Paul Liberatore.
          If  this  bill  is  enacted,  and  firefighter Paul Liberatore becomes
        covered under Section 384-d together with Section 384-e,  we  anticipate
        that  there  will  be an increase of approximately $12,300 in the annual

        contributions of the Hartsdale Fire District for the fiscal year  ending
        March 31, 2013.
          In addition to the annual contributions discussed above, there will be
        an  immediate  past service cost of approximately $51,700 which would be
        borne by the Hartsdale Fire District. This  estimate  is  based  on  the
        assumption that payment will be made on February 1, 2013.
          Summary of relevant resources:
          Data:  March  31,  2011  Actuarial Year End File with distributions of
        membership and other statistics displayed in  the  2011  Report  of  the
        Actuary and 2011 Comprehensive Annual Financial Report.
          Assumptions  and  Methods:  2010  and  2011 Annual Report to the Comp-
        troller on Actuarial Assumptions, Codes Rules  and  Regulations  of  the
        State of New York: Audit and Control.
          Market  Assets and GASB Disclosures: March 31, 2011 New York State and

        Local Retirement System Financial Statements and Supplementary  Informa-
        tion.
          Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
        the 2011 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 February 17,  2012  and  intended  for  use  only
        during  the  2012  Legislative  Session,  is  Fiscal  Note  No. 2012-86,
        prepared by the Actuary for the New York State and Local Police and Fire
        Retirement System.