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S07683 Summary:

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S07683 Floor Votes:

S07683 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7683
 
                    IN SENATE
 
                                      May 29, 2014
                                       ___________
 
        Introduced  by  Sen. O'BRIEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
 
        AN ACT to authorize the St. Paul Boulevard fire  district  to  offer  an
          optional  twenty year retirement plan to firefighters Robert J. Ander-
          son, Edmond Kaspar, Kevin Magin, Jeremy Schaeffer,  John  Semmler  and
          Timothy Warth
 

          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 St. Paul boulevard fire district, a participating  employer  in  the
     3  New  York  state  police  and  fire  retirement system, which previously
     4  elected to offer additional pension benefits for members of the optional
     5  twenty year retirement plan, established pursuant to  subdivision  f  of
     6  section  384  of the retirement and social security law, to firefighters
     7  employed by such district, is hereby authorized to make participation in
     8  such plan available to Robert J. Anderson, Edmond Kaspar,  Kevin  Magin,
     9  Jeremy  Schaeffer, John Semmler and Timothy Warth, firefighters employed
    10  by the St. Paul boulevard fire district in the city of  Rochester,  who,

    11  for  reasons  not  ascribable  to their own negligence, failed to make a
    12  timely application to participate in such optional twenty  year  retire-
    13  ment  plan.  The St. Paul boulevard fire district may so elect by filing
    14  with the state comptroller, on or before December 31, 2014, a resolution
    15  of its local legislative body  together  with  certification  that  such
    16  firefighters  did  not bar themselves from participation in such retire-
    17  ment plan as a result of their own negligence.  Thereafter,  such  fire-
    18  fighters  may  elect to be covered by the provisions of subdivision f of
    19  section 384 of the retirement and social  security  law,  and  shall  be
    20  entitled  to the full rights and benefits associated with coverage under
    21  such section, by filing a request to that effect with  the  state  comp-
    22  troller on or before June 30, 2015.

    23    §  2. All employer past service costs associated with implementing the
    24  provisions of this act shall be borne by the  St.  Paul  boulevard  fire
    25  district and the past service costs associated with this act may be paid
    26  in ten equal annual installments.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07018-05-4
        S. 7683                             2
 
     1    § 3. This act shall take effect immediately.
          FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
          This  bill will allow the St. Paul Boulevard Fire District to elect to
        reopen the provisions of Section 384(f) of  the  Retirement  and  Social
        Security  Law  for firefighters Robert J. Anderson, Edmond Kaspar, Kevin

        Magin, Jeremy Schaeffer, John Semmler and Timothy Warth.
          If this legislation is enacted during the 2014 legislative session, we
        anticipate that there will be an increase of  approximately  $22,000  in
        the annual contributions of the St. Paul Boulevard Fire District for the
        fiscal  year ending March 31, 2015. In future years, this cost will vary
        as the billing rates and salaries of those affected change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of approximately $204,500, which would be
        borne by the St. Paul Boulevard Fire District  as  a  one-time  payment.
        This  estimate  is  based on the assumption that payment will be made on
        February 1, 2015. If this cost is amortized over a period  of  ten  (10)
        years, the cost for the first year, including interest would be approxi-
        mately $27,700.

          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, 2013  actuarial  valu-
        ation.    Distributions  and  other  statistics can be found in the 2013
        Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2010,
        2011, 2012 and 2013  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, 2013
        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 23, 2014, and intended for use only during
        the 2014 Legislative Session, is Fiscal Note No. 2014-136,  prepared  by
        the  Actuary for the New York State and Local Police and Fire Retirement
        System.