Bill Text: NY A07300 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes Charles Witt, who is employed by the village of Lyons, to join the twenty year retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-06-19 - substituted by s5143 [A07300 Detail]

Download: New_York-2013-A07300-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7300
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 10, 2013
                                      ___________
       Introduced  by  M. of A. OAKS -- read once and referred to the Committee
         on Governmental Employees
       AN ACT to authorize the village of Lyons to  offer  an  optional  twenty
         year retirement plan to Charles Witt who is 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  the village of Lyons, a participating employer in the New York state and
    3  local police and fire retirement system,  which  previously  elected  to
    4  offer  the optional twenty year retirement plan, established pursuant to
    5  section 384-d of the retirement and social security law, to  members  of
    6  the  retirement system employed by such village, is hereby authorized to
    7  make participation in such plan available to Charles Witt, a firefighter
    8  employed by the village of Lyons, who, for reasons not ascribable to his
    9  own negligence, failed to make a timely application  to  participate  in
   10  such  optional  twenty year retirement plan. The village of Lyons may so
   11  elect by filing with the state comptroller, on or  before  December  31,
   12  2013,  a  resolution of its local legislative body together with certif-
   13  ication that Charles Witt did not bar himself from participation in such
   14  retirement plan as a result of his own negligence.  Thereafter,  Charles
   15  Witt  may  elect to be covered by the provisions of section 384-d of the
   16  retirement and social security law, and shall be entitled  to  the  full
   17  rights  and  benefits  associated  with  coverage under such section, by
   18  filing a request to that effect with the state comptroller on or  before
   19  June 30, 2014.
   20    S 2. All employer costs associated with implementing the provisions of
   21  this  act  shall  be  borne by the village of Lyons and the past service
   22  costs associated with this act may be amortized over a period of five or
   23  ten years.
   24    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10874-02-3
       A. 7300                             2
         FISCAL NOTE.--This bill will allow the Village of Lyons to reopen  the
       provisions  of  Section  384-d of the Retirement and Social Security Law
       for firefighter Charles Witt.
         If this legislation is enacted during the 2013 legislative session, we
       anticipate that there will be an increase of approximately $2,900 in the
       annual  contributions of the Village of Lyons for the fiscal year ending
       March 31, 2014.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost to the Village of Lyons of  approximately
       $49,500,  assuming that payment will be made on February 1, 2014. If the
       Village so elects, this cost may be amortized over a period of five  (5)
       or  ten (10) years. The past service costs for the first year, including
       interest, would be $11,400 or $6,710 respectively.
         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 May 9, 2013 and intended for use only during  the
       2013  Legislative  Session, is Fiscal Note No. 2013-148, prepared by the
       Actuary for the New York State and  Local  Police  and  Fire  Retirement
       System.