Relates to authorizing the village of Southampton, in the county of Suffolk, to offer certain retirement options to police officer Theodore Raffel, Jr.; specifies the time frame under which the village of Southampton shall pay the costs for implementing such retirement option.
STATE OF NEW YORK
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S. 6382 A. 9182
SENATE - ASSEMBLY
February 2, 2012
___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Civil Service
and Pensions
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Governmental Employees
AN ACT to amend chapter 365 of the laws of 2011, relating to authorizing
the village of Southampton, in the county of Suffolk, to offer certain
retirement options to police officer Theodore Raffel, Jr., in relation
to specifying the time frame under which the village of Southampton
shall pay the costs for implementing such retirement options
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Sections 1 and 2 of chapter 365 of the laws of 2011,
2 relating to authorizing the village of Southampton, in the county of
3 Suffolk, to offer certain retirement options to police officer Theodore
4 Raffel, Jr., are amended to read as follows:
5 Section 1. Notwithstanding any other provision of law to the contrary,
6 the village of Southampton, in the county of Suffolk, a participating
7 employer in the New York state and local police and fire retirement
8 system, which previously elected to offer the optional retirement plan
9 established pursuant to section 384-d of the retirement and social secu-
10 rity law to police officers employed by such village, is hereby author-
11 ized to make participation in such plan available to Theodore Raffel,
12 Jr., registration number 0A779322, a police officer employed by the
13 village of Southampton, who, on the effective date of this act is
14 covered under the provisions of section 375-i of the retirement and
15 social security law, and who, for reasons not ascribable to his own
16 negligence failed to make a timely application to participate in such
17 optional retirement plan. The village of Southampton may so elect by
18 filing with the state comptroller, on or before December 31, [2011]
19 2012, a resolution of its legislative body together with certification
20 that such police officer did not bar himself from participation in such
21 retirement plan as a result of his own negligence. Thereafter, such
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13579-03-2
S. 6382 2 A. 9182
1 police officer may elect to be covered by the provisions of section
2 384-d of the retirement and social security law, and shall be entitled
3 to the full rights and benefits associated with coverage under such
4 section, by filing a request to that effect with the state comptroller
5 on or before June 30, [2012] 2013.
6 § 2. All past service costs associated with implementing the
7 provisions of this act shall be borne by the village of Southampton and
8 shall be payable over a period of five years.
9 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill amends chapter 365 of the laws of 2011 which allows the
Village of Southampton to elect to reopen the provisions of Section
384-d of the Retirement and Social Security Law for police officer Theo-
dore Raffel if he files an election by December 31, 2011. This amendment
will grant officer Raffel and the Village of Southampton an additional
year to elect Section 384-d and permit the Village of Southampton to
amortize the past service cost over a five year period.
If this bill is enacted, and officer Theodore Raffel becomes covered
under Section 384-d, we anticipate that there will be an increase of
approximately $11,100 in the annual contributions of the Village of
Southampton 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 $185,000 which would be
borne by the Village of Southampton as a one-time payment. This estimate
is based on the assumption that payment will be made on February 1,
2013. If this cost is amortized over a five year period, the cost for
the first year, including interest would be approximately $42,400.
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 December 16, 2011 and intended for use only
during the 2012 Legislative Session, is Fiscal Note No. 2012-36,
prepared by the Actuary for the New York State and Local Police and Fire
Retirement System.
