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S04980 Summary:

S04980 Actions:

S04980 Committee Votes:

S04980 Floor Votes:

S04980 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4980--A
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                     April 27, 2015
                                       ___________
 
        Introduced  by  Sen.  MURPHY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
 
        AN  ACT  to  authorize the village of Sleepy Hollow to offer an optional
          twenty year retirement plan to a certain police  officer  employed  by
          such village
 
          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  Jose Quinoy, a member of the New York state and local  police  and  fire
     3  retirement system, who was employed as a police officer with the village
     4  of  Sleepy  Hollow  from  August 10, 1998 through May 31, 2011, and who,
     5  through no fault of his own, failed to  file  a  timely  application  to
     6  participate  in  the  special  twenty  year retirement plan contained in
     7  section 384-d of the retirement and social security law resulting in the
     8  crediting of his service with the village of Sleepy Hollow in the gener-
     9  al retirement plan contained in section 375-i  of  such  law,  shall  be
    10  given  full  credit  in the special twenty year retirement plan for such
    11  service upon the election of the village of Sleepy Hollow to assume  the
    12  additional  cost  of  such  service. The village of Sleepy Hollow may so
    13  elect by filing a resolution of its local legislative body together with
    14  certification that such police officer did not bar himself from  partic-
    15  ipation in such retirement plan as a result of his own negligence.
    16    §  2. All employer past service costs associated with implementing the
    17  provisions of this act shall be borne by the village  of  Sleepy  Hollow
    18  and may be amortized over a ten year period.
    19    § 3. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07790-05-6
        S. 4980--A                          2
 
          This  bill  will  grant  full credit in the special 20 year retirement
        plan contained in section 384-d of the Retirement  and  Social  Security
        Law to Jose Quinoy, a police officer employed with the village of Sleepy
        Hollow  from  August 10, 1998 through May 31, 2011, upon the election of
        the  Village  to  assume  the  additional  cost of such service. Officer
        Quinoy is currently employed by the City of Mount Vernon and is  covered
        by the provisions of section 384-d.
          If  this  legislation  is enacted during the 2016 legislative session,
        there will be an immediate past service cost of  approximately  $104,000
        which  will  be  borne by the village of Sleepy Hollow. This estimate is
        based on the assumption that payment will be made on February  1,  2017.
        If  this  cost were amortized over a period of ten (10) years, the costs
        for the first year including interest would be approximately $13,900.
          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, 2015 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2015
        Report  of  the  Actuary  and  the  2015  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in  the  2015
        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, 2015
        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 4, 2016 and intended for use only during
        the 2016 Legislative Session, is Fiscal Note No.  2016-59,  prepared  by
        the Actuary for the New York State and Local Retirement System.