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A09588 Summary:

A09588 Actions:

A09588 Floor Votes:

A09588 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9588
 
                   IN ASSEMBLY
 
                                     March 20, 2012
                                       ___________
 
        Introduced by M. of A. CAHILL -- read once and referred to the Committee
          on Governmental Employees
 
        AN ACT to authorize the village of Ellenville to offer an optional twen-
          ty year retirement plan to certain police officers
 
          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  contra-
     2  ry,  the village of Ellenville, 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  Michael  Jeter,  LaMark  Logan,
     8  Daniel Persell, Christopher Rosa, Robert Ross, and Vanessa Nixon-Tomlin,
     9  police  officers employed by the Village of Ellenville, who, for reasons
    10  not ascribable to their own negligence, failed to make a timely applica-
    11  tion to participate in such optional twenty year  retirement  plan.  The
    12  village of Ellenville may so elect by filing with the state comptroller,

    13  on  or  before  December 31, 2012, a resolution of its local legislative
    14  body together with certification that such police officers did  not  bar
    15  themselves  from  participation  in  such retirement plan as a result of
    16  their own negligence. Thereafter, such police officers may elect  to  be
    17  covered  by the provisions of section 384-d of the retirement and social
    18  security law, and shall be entitled to  the  full  rights  and  benefits
    19  associated with coverage under such section, by filing a request to that
    20  effect with the state comptroller on or before June 30, 2013.
    21    §   2.  All  past  service  costs  associated  with  implementing  the
    22  provisions of this act shall be borne by the village of  Ellenville  and
    23  may be amortized over a ten year period.
    24    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

          This  bill  will  allow  the  Village  of  Ellenville  to  reopen  the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14921-03-2
        A. 9588                             2
 
        for  police officers Michael Jeter, LaMark Logan, Daniel Persell, Chris-
        topher Rosa, Robert Ross and Vanessa Nixon-Tomlin.
          If this legislation is enacted during the 2012 legislative session, we
        anticipate that there will be an increase of approximately $6,800 in the
        annual  contributions  of  the Village of Ellenville 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 $100,000, which would be
        borne by the Village of Ellenville as a one-time payment. This  estimate
        is  based  on  the  assumption  that payment will be made on February 1,
        2013. The Village of Ellenville may amortize this cost over a period  of
        ten (10) years. The first year cost, including interest, will be approx-
        imately $13,500.
          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 March 16, 2012, and intended for use only  during
        the  2012  Legislative Session, is Fiscal Note No. 2012-114, prepared by
        the Actuary for the New York State and Local Police and Fire  Retirement
        System.