Bill Text: NY A07478 | 2013-2014 | General Assembly | Amended

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Bill Title: Authorizes Joel Lochner to participate in the optional twenty year retirement plan.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-07-22 - signed chap.96 [A07478 Detail]

Download: New_York-2013-A07478-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7478--B
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 22, 2013
                                      ___________
       Introduced  by  M.  of  A. SANTABARBARA -- read once and referred to the
         Committee on Governmental  Employees  --  committee  discharged,  bill
         amended,  ordered reprinted as amended and recommitted to said commit-
         tee -- recommitted to the Committee on Ways and  Means  in  accordance
         with  Assembly  Rule  3, sec. 2 -- committee discharged, bill amended,
         ordered reprinted as amended and recommitted to said committee
       AN ACT to allow Joel Lochner to join the optional twenty year retirement
         plan, city of Amsterdam, county of Montgomery
         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  Amsterdam,  in  the county of Montgomery, 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 Joel
    8  Lochner, a police officer employed by the city of  Amsterdam,  who,  for
    9  reasons  not  ascribable  to  his own negligence failed to make a timely
   10  application to participate in such optional twenty year retirement plan.
   11  The city of Amsterdam may so elect by filing with the state comptroller,
   12  on or before December 31, 2014,  a  resolution  of  its  governing  body
   13  together with certification that such police officer did not bar himself
   14  from  participation  in  such retirement plan. Thereafter, Joel Lochner,
   15  may elect to be covered by  the  provisions  of  section  384-d  of  the
   16  retirement  and  social  security  law  as a Tier 5 member, and shall be
   17  entitled to the full rights and benefits associated with coverage  under
   18  such  section,  by  filing a request to that effect with the state comp-
   19  troller on or before December 31, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10547-07-4
       A. 7478--B                          2
    1    S  2.  All  past  service  costs  associated  with  implementing   the
    2  provisions  of  this act shall be borne by the city of Amsterdam and may
    3  be amortized over a period of five years.
    4    S 3. This act shall take effect immediately.
         FISCAL  NOTE.--This  bill will allow the city of Amsterdam to elect to
       reopen the provisions of Section 384-d  of  the  Retirement  and  Social
       Security Law for police officer Joel Lochner.
         If  this  bill  were  enacted,  we  anticipate  that  there will be an
       increase of approximately $3,900 in the annual contributions of the city
       of Amsterdam for the fiscal year ending March 31, 2015. In future  years
       this  cost  will  vary as the billing rates and salary of police officer
       Joel Lochner change.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $14,300 which  would  be
       borne  by  the city of Amsterdam as a one-time payment. This estimate is
       based on the assumption that payment will be made on February  1,  2015.
       If  the  past service cost is amortized over a period of five (5) years,
       the past service costs for the first year including interest,  would  be
       approximately $3,300.
         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  February  27,  2014  and intended for use only
       during the  2014  Legislative  Session,  is  Fiscal  Note  No.  2014-92,
       prepared by the Actuary for the New York State and Local Police and Fire
       Retirement System.