Authorizes Jaime Laczko to elect to participate in the optional 25 year retirement plan for forest rangers in the service of the department of environmental conservation.
STATE OF NEW YORK
________________________________________________________________________
3181
2013-2014 Regular Sessions
IN SENATE
January 31, 2013
___________
Introduced by Sen. LITTLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize Jaime Laczko to elect to participate in the optional
twenty-five year retirement plan for forest rangers in the service of
the department of environmental conservation
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, Jaime Laczko, a
2 member of the New York state and local police and fire retirement
3 system, who is employed by the department of environmental conservation
4 as a full-time forest ranger I, who upon commencing such employment
5 became a member of such retirement system subject to the provisions of
6 section 375-h of the retirement and social security law, who was eligi-
7 ble, at such time, to elect to join the New York state and local police
8 and fire retirement system subject to the optional twenty-five year
9 retirement plan for forest rangers in the service of the department of
10 environmental conservation pursuant to section 383-c of the retirement
11 and social security law, and who, for reasons not ascribable to his own
12 negligence, failed to elect to participate in such twenty-five year
13 retirement plan, shall be deemed to have elected to participate in the
14 retirement plan, established by section 383-c of the retirement and
15 social security law, upon commencement of his employment as a forest
16 ranger I, if, within 1 year of the effective date of this act, he shall
17 file an application therefor with the state comptroller.
18 § 2. All past costs associated with implementing the provisions of
19 this act shall be borne by the state of New York. Jaime Laczko shall
20 bear no costs associated with the implementation of the provisions of
21 this act.
22 § 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.
LBD01149-03-3
S. 3181 2
This bill will deem Jaime Laczko, a Forest Ranger currently covered
under an age 55 retirement plan, to have elected to participate in the
25 year retirement plan established by Section 383-c of the Retirement
and Social Security Law.
If this bill is enacted, we anticipate that there will be an increase
of approximately $4,700 in the annual contributions of the State of New
York 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 $68,500 which would be
borne by the State of New York as a one-time payment. This estimate is
based on the assumption that payment will be made on March 1, 2014.
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 January 25, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-49, prepared by
the Actuary for the New York State and Local Police and Fire Retirement
System.
