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A05665 Summary:

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A05665 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 3550                                                  A. 5665
 
                               2011-2012 Regular Sessions
 
                SENATE - ASSEMBLY
 
                                    February 25, 2011
                                       ___________
 
        IN  SENATE  --  Introduced  by  Sen.  McDONALD -- read twice and ordered
          printed, and when printed to be committed to the  Committee  on  Civil
          Service and Pensions
 
        IN  ASSEMBLY  --  Introduced  by  M.  of  A. CANESTRARI -- read once and
          referred to the Committee on Governmental Employees
 

        AN ACT to authorize the town of North Greenbush  to  offer  an  optional
          twenty  year  retirement  plan  to certain police officers employed by
          such town
 
          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  town  of  North Greenbush, a participating employer in the New York
     3  state and local police and  fire  retirement  system,  which  previously
     4  elected  to  offer the optional twenty year retirement plan, established
     5  pursuant to section 384-d of the retirement and social security law,  to
     6  police  officers  employed  by  such  town, is hereby authorized to make
     7  participation in such plan available to  Kate  Anslow,  Joseph  Farrell,
     8  Lisa  Giddings-Fumarola,  Michael  Merola, Randy Pastore, Douglas Pinzer

     9  and Clifford Ruschmeyer, police officers employed by the town  of  North
    10  Greenbush,  who,  for  reasons  not  ascribable to their own negligence,
    11  failed to make a timely application  to  participate  in  such  optional
    12  twenty year retirement plan. The town of North Greenbush may so elect by
    13  filing  with  the  state  comptroller, on or before December 31, 2011, a
    14  resolution of its local legislative  body  together  with  certification
    15  that  such  police officers did not bar themselves from participation in
    16  such retirement plan as a result of their  own  negligence.  Thereafter,
    17  such  police  officers  may  elect  to  be  covered by the provisions of
    18  section 384-d of the retirement and social security law,  and  shall  be
    19  entitled  to the full rights and benefits associated with coverage under
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets

                              [ ] is old law to be omitted.
                                                                   LBD01496-03-1
        S. 3550                             2                            A. 5665
 
     1  such section, by filing a request to that effect with  the  state  comp-
     2  troller on or before June 30, 2012.
     3    §   2.  All  past  service  costs  associated  with  implementing  the
     4  provisions of this act shall be borne by the town of North Greenbush and
     5  may be amortized over a ten year period.
     6    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will allow  the  Town  of  North  Greenbush  to  reopen  the
        provisions  of  Section  384-d of the Retirement and Social Security Law
        for police officers Kate Anslow, Joseph Farrell, Lisa Giddings-Fumarola,

        Michael Merola, Randy Pastore, Douglas Pinzer and Clifford Ruschmeyer.
          If this legislation is enacted during the 2011 legislative session, we
        anticipate that there will be an increase of  approximately  $31,700  in
        the  annual  contributions of the Town of North Greenbush for the fiscal
        year ending March 31, 2012.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $253,000, which would be
        borne by the Town of North Greenbush as a one-time payment. If this cost
        were amortized over a ten (10) year period, the cost for the first  year
        including  interest,  would  be  approximately $34,300. This estimate is
        based on the assumption that payment will be made on February 1, 2012.
          This estimate, dated February 14,  2011  and  intended  for  use  only

        during  the  2011  Legislative  Session,  is  Fiscal  Note No. 2011-122,
        prepared by the Actuary for the New York State and Local Police and Fire
        Retirement System.