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A09337 Summary:

A09337 Actions:

A09337 Floor Votes:

A09337 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9337
 
                   IN ASSEMBLY
 
                                     April 11, 2014
                                       ___________
 
        Introduced  by  M.  of  A.  SKARTADOS  --  read once and referred to the
          Committee on Governmental Employees
 
        AN ACT to authorize the town of Marlborough, in the county of Ulster, to
          offer an optional twenty  year  retirement  plan  to  police  officers
          Charles Hoffman and Arthur Terwilliger
 
          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 Marlborough,  in  the  county  of  Ulster,  a  participating
     3  employer  in  the  New  York  state and local police and fire retirement
     4  system, which previously elected  to  offer  the  optional  twenty  year
     5  retirement plan, established pursuant to section 384-d of the retirement
     6  and  social  security  law, to police officers employed by such town, is
     7  hereby authorized to  make  participation  in  such  plan  available  to
     8  Charles  Hoffman  and Arthur S. Terwilliger, police officers employed by
     9  the town of Marlborough, who, for reasons not ascribable  to  their  own
    10  negligence  failed  to  make a timely application to participate in such
    11  optional twenty year retirement plan.  The town of  Marlborough  may  so

    12  elect  by  filing  with the state comptroller, on or before December 31,
    13  2014, a resolution of the town board together  with  certification  that
    14  such  police  officers did not bar themselves from participation in such
    15  retirement plan as a result of their own  negligence.  Thereafter,  such
    16  police  officers  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 while so employed, by filing a request to that effect  with  the
    20  state comptroller on or before June 30, 2015.
    21    §   2.  All  past  service  costs  associated  with  implementing  the
    22  provisions of this act shall be borne by the town of Marlborough.
    23    § 3. This act shall take effect immediately.

          FISCAL NOTE.-- This bill would allow the Town of Marlborough to  elect
        to  reopen  the provisions of Section 384-d of the Retirement and Social
        Security Law for police officers Charles Hoffman and Arthur S. Terwilli-
        ger.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04250-05-4
        A. 9337                             2
 
          If this bill is enacted and police officers Charles Hoffman and Arthur
        S. Terwilliger become covered under Section 384-d,  we  anticipate  that
        there will be an increase of approximately $5,300 in the annual contrib-
        utions  of  the Town of Marlborough for the fiscal year ending March 31,
        2015.  In  future  years,  this  cost will vary as the billing rates and

        salaries of these officers change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $79,800 which  would  be
        borne  by the Town of Marlborough. This estimate is based on the assump-
        tion that payment will be made on February 1, 2015.
          Summary of relevant resources:
          The membership data used in  measuring  the  impact  of  the  proposed
        change  was  the same as that used in the March 31, 2013 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2013
        Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012  and  2013  Annual  Report  to  the Comptroller on Actuarial
        Assumptions, and the Codes Rules and Regulations of  the  State  of  New

        York: Audit and Control.
          The Market Assets and GASB Disclosures are found in the March 31, 2013
        New  York  State  and  Local  Retirement System Financial Statements and
        Supplementary Information.
          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 27,  2014  and  intended  for  use  only
        during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-89,
        prepared by the Actuary for the New York State and Local Police and Fire
        Retirement System.