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S05140 Summary:

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S05140 Floor Votes:

S05140 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5140
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                      May 10, 2013
                                       ___________
 
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize the village of Hudson Falls, in the county of  Wash-
          ington  to  offer  an  optional  twenty year retirement plan to police
          officer Brandon Kommer
 

          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  village of Hudson Falls, in the county of Washington, a participat-
     3  ing 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 village, is
     7  hereby authorized to make participation in such plan available to  Bran-
     8  don  Kommer,  a  police officer employed by the village of Hudson Falls,
     9  who, for reasons not ascribable to his own negligence, failed to make  a
    10  timely  application  to participate in such optional twenty year retire-

    11  ment plan.  The village of Hudson Falls may so elect by filing with  the
    12  state  comptroller,  on or before December 31, 2014, a resolution of its
    13  board of trustees together with certification that such  police  officer
    14  did  not  bar  himself  from  participation in such retirement plan as a
    15  result of his own negligence.  Thereafter, such police officer may elect
    16  to be covered by the provisions of section 384-d of the  retirement  and
    17  social  security law, and shall be entitled to the full rights and bene-
    18  fits associated with coverage under such section, by filing a request to
    19  that effect with the state comptroller on or before June 30, 2015.
    20    § 2. All past costs associated with  implementing  the  provisions  of
    21  this act shall be borne by the village of Hudson Falls.
    22    § 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.
                                                                   LBD10784-02-3
        S. 5140                             2
 
          This  bill  will  allow  the  Village  of  Hudson  Falls to reopen the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for police officer Brandon Kommer.
          If this legislation is enacted during the 2013 legislative session, we
        anticipate that there will be an increase of approximately $3,100 in the
        annual  contributions of the Village of Hudson Falls for the fiscal year
        ending March 31, 2014.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $7,410, which  would  be

        borne  by  the Village of Hudson Falls as a one-time payment. This esti-
        mate is based on the assumption that payment will be made on February 1,
        2014.
          Summary of relevant resources:
          Data: March 31, 2012 Actuarial Year End  File  with  distributions  of
        membership  and  other  statistics  displayed  in the 2012 Report of the
        Actuary and 2012 Comprehensive Annual Financial Report.
          Assumptions and Methods: 2010, 2011 and  2012  Annual  Report  to  the
        Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
        State of New York: Audit and Control.
          Market  Assets and GASB Disclosures: March 31, 2012 New York State and
        Local Retirement System Financial Statements and Supplementary  Informa-
        tion.
          Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
        the 2012 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 9, 2013, and intended for use only during the
        2013 Legislative Session, is Fiscal Note No. 2013-143, prepared  by  the
        Actuary  for  the  New  York  State and Local Police and Fire Retirement
        System.