Bill Text: NY A04963 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the town of Ticonderoga to offer a 20 year retirement plan to police officer Dale W. Quesnel, Jr.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2013-07-31 - signed chap.193 [A04963 Detail]

Download: New_York-2013-A04963-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4963
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 13, 2013
                                      ___________
       Introduced  by  M. of A. STEC -- read once and referred to the Committee
         on Governmental Employees
       AN ACT to authorize the town of Ticonderoga, in the county of  Essex  to
         offer  an  optional twenty year retirement plan to police officer Dale
         W. Quesnel, Jr.
         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 town of Ticonderoga, in the county of Essex, a participating employ-
    3  er  in  the  New York state and local police and fire retirement system,
    4  which previously elected to offer the optional  twenty  year  retirement
    5  plan, established pursuant to section 384-d of the retirement and social
    6  security  law,  to  police  officers  employed  by  such town, is hereby
    7  authorized to make participation in such  plan  available  to  patrolman
    8  Dale  W. Quesnel, Jr., a police officer employed by the town of Ticonde-
    9  roga, who, for reasons not ascribable to his own negligence,  failed  to
   10  make  a  timely  application to participate in such optional twenty year
   11  retirement plan.  The town of Ticonderoga may so elect  by  filing  with
   12  the  state  comptroller, on or before December 31, 2014, a resolution of
   13  its town board together with certification that such police officer  did
   14  not  bar  himself from participation in such retirement plan as a result
   15  of his own negligence.  Thereafter, such police officer may elect to  be
   16  covered  by the provisions of section 384-d of the retirement and social
   17  security law, and shall be entitled to  the  full  rights  and  benefits
   18  associated with coverage under such section, by filing a request to that
   19  effect with the state comptroller on or before June 30, 2015.
   20    S  2.  All  past  costs associated with implementing the provisions of
   21  this act shall be borne by the town of Ticonderoga.
   22    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01211-02-3
       A. 4963                             2
         FISCAL NOTE.-- This bill will allow the Town of Ticonderoga  to  elect
       to  reopen  the provisions of Section 384-d of the Retirement and Social
       Security Law for patrolman Dale W. Quesnel, Jr.
         If this bill is enacted and Dale W. Quesnel, Jr. becomes covered under
       Section  384-d, we anticipate that there will be an increase of approxi-
       mately $6,600 in the annual contributions of the Town of Ticonderoga 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 $10,800 which  would  be
       borne by the Town of Ticonderoga as a one-time payment. This estimate 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 January 25, 2013 and intended for use only during
       the  2013  Legislative  Session, is Fiscal Note No. 2013-48, prepared by
       the Actuary for the New York State and Local Police and Fire  Retirement
       System.