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S05454 Summary:

S05454 Actions:

S05454 Committee Votes:

S05454 Floor Votes:

S05454 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5454--A
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      May 14, 2015
                                       ___________
 
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- committee discharged, bill amended, ordered  reprinted  as  amended
          and recommitted to said committee
 
        AN  ACT  to  authorize  the village of Painted Post to offer an optional
          twenty year retirement plan to certain  police  officers  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  Tod Kimmey, Robert Hoffman and Andrew Rowland, members of the  New  York
     3  state  and local police and fire retirement system, who began employment
     4  as police officers with the village of Painted Post  on  June  1,  1990,
     5  March  27,  2013  and April 24, 2012, respectively, and currently remain
     6  employed by such village, and who, through no fault of their own, failed
     7  to file timely applications to participate in the  special  twenty  year
     8  retirement  plan contained in section 384-d of the retirement and social
     9  security law resulting in  the  crediting  of  their  service  with  the
    10  village  of  Painted  Post  in  the general retirement plan contained in
    11  section 375-e of such law, shall be given full  credit  in  the  special
    12  twenty  year  retirement  plan for such service upon the election of the
    13  village of Painted Post to assume the additional cost of  such  service.
    14  The  village of Painted Post may so elect by filing with the state comp-
    15  troller, on or before December 31, 2015, a  resolution  of  the  village
    16  board  of trustees together with certification that such police officers
    17  did not bar themselves from participation in such retirement plan  as  a
    18  result  of  their  own  negligence. Thereafter, such police officers may
    19  elect to be covered by the provisions of section 384-d of the retirement
    20  and social security law from the date they commenced their employment as
    21  police officers by such village, and  shall  be  entitled  to  the  full
    22  rights and benefits associated with coverage under such section while so
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10320-02-5
        S. 5454--A                          2
 
     1  employed,  by filing a request to that effect with the state comptroller
     2  on or before June 30, 2016.
     3    §   2.  All  past  service  costs  associated  with  implementing  the
     4  provisions of this act shall be borne by the village of Painted Post.
     5    § 3. This act shall take effect immediately.
          FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
          This bill will allow the Village of Painted Post to  elect  to  reopen
        the  provisions  of  Section 384-d of the Retirement and Social Security
        Law for police officers Tod Kimmey, Robert Hoffman and Andrew Rowland.
          If this bill is enacted and these officers become  covered  under  the
        provisions  of  Section  384-d,  we  anticipate  that  there  will be an
        increase of approximately $9,700 in  the  annual  contributions  of  the
        Village  of  Painted  Post for the fiscal year ending March 31, 2016. In
        future years, this cost will vary as the billing rates and salary of the
        officers change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $23,600 which  would  be
        borne  by  the Village of Painted Post as a one-time payment. This esti-
        mate is based on the assumption that payment will be made on February 1,
        2016.
          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, 2014 actuarial valu-
        ation.  Distributions and other statistics can  be  found  in  the  2014
        Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
        Report.
          The actuarial assumptions and methods used are described in the  2010,
        2011,  2012, 2013 and 2014 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, 2014
        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 May 21, 2015, and intended for  use  only  during
        the  2015  Legislative Session, is Fiscal Note No. 2015-116, prepared by
        the Actuary for the New York State and Local Police and Fire  Retirement
        System.