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A10227 Summary:

A10227 Actions:

A10227 Floor Votes:

A10227 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                        10227--A
 
                   IN ASSEMBLY
 
                                      May 15, 2012
                                       ___________
 
        Introduced  by M. of A. CERETTO -- read once and referred to the Commit-
          tee on Governmental Employees -- committee discharged,  bill  amended,
          ordered reprinted as amended and recommitted to said committee
 
        AN ACT to authorize the city of Niagara Falls, in the county of Niagara,
          to  offer an optional twenty year retirement plan to firefighter Rich-
          ard E.  Mylchreest, Jr.
 

          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  city  of  Niagara  Falls, in the county of Niagara, 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 firefighters employed by such city, is here-
     7  by authorized to make participation in such plan available to Richard E.
     8  Mylchreest, Jr., a firefighter employed by the city  of  Niagara  Falls,
     9  who,  for  reasons not ascribable to his own negligence, enrolled in the
    10  retirement plan established pursuant to section 375-i of the  retirement

    11  and  social  security  law.  The  city  of Niagara Falls may so elect by
    12  filing with the state comptroller, on or before  December  31,  2012,  a
    13  resolution  of  its  city  council together with certification that such
    14  firefighter did not bar himself from participation  in  such  retirement
    15  plan as a result of his own negligence. Thereafter, such firefighter may
    16  elect to be covered by the provisions of section 384-d of the retirement
    17  and  social  security  law, and shall be entitled to the full rights and
    18  benefits associated with  coverage  under  such  section,  by  filing  a
    19  request  to that effect with the state comptroller on or before February
    20  28, 2013.
    21    §  2.  All  past  service  costs  associated  with  implementing   the
    22  provisions of this act shall be borne by the city of Niagara Falls.
    23    § 3. This act shall take effect immediately.

          FISCAL NOTE.--This bill will allow the City of Niagara Falls to reopen
        the  provisions  of  Section  384-d,  therefore  granting coverage under
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15547-03-2
        A. 10227--A                         2
 
        Section 384-e of the Retirement and Social Security Law for  firefighter
        Richard E.  Mylchreest, Jr.
          If this legislation is enacted during the 2012 legislative session, we
        anticipate that there will be an increase of approximately $5,800 in the
        annual  contributions  of  the City of Niagara Falls 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 $102,000, which would be
        borne by the City of Niagara Falls as a one-time payment. This  estimate
        is  based  on  the  assumption  that payment will be made on February 1,
        2013.
          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  May 14, 2012, and intended for use only during
        the 2012 Legislative Session, is Fiscal Note No. 2012-145,  prepared  by
        the  Actuary for the New York State and Local Police and Fire Retirement
        System.