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A10459 Summary:

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A10459 Floor Votes:

A10459 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                        10459--A
 
                   IN ASSEMBLY
 
                                      May 29, 2012
                                       ___________
 
        Introduced  by M. of A. SAYWARD -- 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 town of Ticonderoga, in the county of Essex to
          offer an optional twenty year retirement plan to police  officer  Dale
          W. Quesnel, 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 town of Ticonderoga, in the county of Essex, a participating employ-
     3  er in the New York state and local police and  fire  retirement  system,
     4  which  previously  elected  to offer the optional twenty year retirement
     5  plan, established pursuant to section 384-d of the retirement and social
     6  security law, to police  officers  employed  by  such  town,  is  hereby
     7  authorized  to  make  participation  in such plan available to patrolman
     8  Dale W. Quesnel, Jr., a police officer employed by the town of  Ticonde-
     9  roga,  who,  for reasons not ascribable to his own negligence, failed to
    10  make a timely application to participate in such  optional  twenty  year

    11  retirement  plan.    The town of Ticonderoga may so elect by filing with
    12  the state comptroller, on or before December 31, 2013, a  resolution  of
    13  its  town board together with certification that such police officer did
    14  not bar himself from participation in such retirement plan as  a  result
    15  of  his own negligence.  Thereafter, such police officer may elect to be
    16  covered by the provisions of section 384-d of the retirement and  social
    17  security  law,  and  shall  be  entitled to the full rights and benefits
    18  associated with coverage under such section, by filing a request to that
    19  effect with the state comptroller on or before June 30, 2014.
    20    § 2. All past costs associated with  implementing  the  provisions  of
    21  this act shall be borne by the town of Ticonderoga.
    22    § 3. This act shall take effect immediately.

          FISCAL NOTE.-- If this legislation is enacted during the 2012 legisla-
        tive session, and Dale W. Quesnel, Jr. becomes covered by the provisions
        of  Section  384-d  of the Retirement and Social Security Law, we antic-
        ipate that there will be an increase  of  approximately  $6,500  in  the
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16035-03-2
        A. 10459--A                         2
 
        annual  contributions  of  the  Town  of Ticonderoga 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 $10,400, which will be

        borne by the Town of Ticonderoga  as  a  one-time  payment,  assuming  a
        payment  date  of  February 1, 2013. If the legislation so specifies and
        the past service cost were amortized over a period of five  (5)  or  ten
        (10)  years,  the past service costs for the first year including inter-
        est, would be approximately $2,390 or $1,410 respectively.
          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.