Authorizes the town of Stony Point, in the county of Rockland, to offer police officers Dennis Tobin, Thomas Clarke and Christopher Schulok an optional 20 year retirement plan.
STATE OF NEW YORK
________________________________________________________________________
9841
IN ASSEMBLY
May 27, 2014
___________
Introduced by M. of A. SKOUFIS -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT to authorize the town of Stony Point, in the county of Rockland,
to offer an optional twenty year retirement plan to police officers
Dennis Tobin, Thomas Clarke and Christopher Schulok
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 Stony Point, in the county of Rockland, 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 Dennis
8 Tobin, Thomas Clarke and Christopher Schulok, police officers employed
9 by the town of Stony Point, 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 Stony Point 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 Stony Point.
23 § 3. This act shall take effect immediately.
24 FISCAL NOTE.--This bill will allow the Town of Stony Point to reopen
25 the provisions of Section 384-d of the Retirement and Social Security
26 Law for police officers Dennis Tobin, Thomas Clarke and Christopher
27 Schulok.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14892-02-4
A. 9841 2
1 If this legislation is enacted during the 2014 legislative session, we
2 anticipate that there will be an increase of approximately $14,700 in
3 the annual contributions of the Town of Stony Point for the fiscal year
4 ending March 31, 2015. In future years, this cost will vary as the bill-
5 ing rates and salaries of these officers change.
6 In addition to the annual contributions discussed above, there will be
7 an immediate past service cost of approximately $14,300, which will be
8 borne by the Town of Stony Point as a one-time payment. This estimate is
9 based on the assumption that payment will be made on February 1, 2015.
10 Summary of relevant resources:
11 The membership data used in measuring the impact of the proposed
12 change was the same as that used in the March 31, 2013 actuarial valu-
13 ation. Distributions and other statistics can be found in the 2013
14 Report of the Actuary and the 2013 Comprehensive Annual Financial
15 Report.
16 The actuarial assumptions and methods used are described in the 2010,
17 2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial
18 Assumptions, and the Codes Rules and Regulations of the State of New
19 York: Audit and Control.
20 The Market Assets and GASB Disclosures are found in the March 31, 2013
21 New York State and Local Retirement System Financial Statements and
22 Supplementary Information.
23 I am a member of the American Academy of Actuaries and meet the Quali-
24 fication Standards to render the actuarial opinion contained herein.
25 This estimate, dated May 6, 2014 and intended for use only during the
26 2014 Legislative Session, is Fiscal Note No. 2014-125, prepared by the
27 Actuary for the New York State and Local Police and Fire Retirement
28 System.
