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S07707 Summary:

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S07707 Floor Votes:

S07707 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 7707                                                 A. 10684
 
                SENATE - ASSEMBLY
 
                                      June 14, 2012
                                       ___________
 
        IN  SENATE  --  Introduced  by  Sen.  McDONALD -- read twice and ordered
          printed, and when printed to be committed to the Committee on Rules
 
        IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M.  of
          A.  Jordan) -- read once and referred to the Committee on Governmental
          Employees
 
        AN ACT to authorize the city of Mechanicville, in the county of  Sarato-

          ga, to offer a certain retirement plan to Anthony J. Toleman and David
          M.  Altamura
 
          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 city of Mechanicville, in the county of  Saratoga,  a  participating
     3  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 city, is
     7  hereby authorized to make participation in such plan available to Antho-
     8  ny J. Toleman and David M. Altamura, police  officers  employed  by  the
     9  city  of  Mechanicville,  who,  for  reasons not ascribable to their own

    10  negligence, failed to make a timely application to participate  in  such
    11  optional  twenty-year  retirement plan. The city of Mechanicville may so
    12  elect by filing with the comptroller, on or before December 31, 2012,  a
    13  resolution  of  its  city  council together with certification that such
    14  police officers did  not  bar  themselves  from  participation  in  such
    15  retirement  plan  as  a result of their own negligence. Thereafter, such
    16  police officers may elect to be covered by  the  provisions  of  section
    17  384-d  of  the retirement and social security law, and shall be entitled
    18  to the full rights and benefits  associated  with  coverage  under  such
    19  section, including eligibility for participation in the plan established
    20  pursuant  to section 384-e of the retirement and social security law, by
    21  filing a request to that effect with the state comptroller on or  before
    22  June 30, 2013.
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16196-02-2
        S. 7707                             2                           A. 10684
 
     1    § 2. All employer costs associated with implementing the provisions of
     2  this act shall be borne by the city of Mechanicville.
     3    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This  bill  will  allow  the  City  of  Mechanicville  to  reopen  the
        provisions of Section 384-d of the Retirement and  Social  Security  Law
        for all police officers in its employ.
          If this legislation is enacted during the 2012 legislative session, we

        anticipate that there will be an increase of approximately $4,500 in the
        annual  contributions  of  the City of Mechanicville 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 $61,000, which would  be
        borne  by the City of Mechanicville as a one-time payment. This estimate
        is based on the assumption that payment will  be  made  on  February  1,
        2013.
          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 June 13, 2012, and intended for use  only  during
        the  2012  Legislative Session, is Fiscal Note No. 2012-159, prepared by
        the Actuary for the New York State and Local Police and Fire  Retirement
        System.