Bill Text: NY A09841 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the town of Stony Point, in the county of Rockland, to offer police officers Dennis Tobin, Thomas Clarke and Christopher Schulok an optional 20 year retirement plan.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-06-18 - substituted by s7616 [A09841 Detail]

Download: New_York-2013-A09841-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9841
                                 I N  A S S E M B L Y
                                     May 27, 2014
                                      ___________
       Introduced  by M. of A. SKOUFIS -- read once and referred to the Commit-
         tee on Governmental Employees
       AN ACT to authorize the town of Stony Point, in the county of  Rockland,
         to  offer  an  optional twenty year retirement plan to police officers
         Dennis Tobin, Thomas Clarke and Christopher Schulok
         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  Stony  Point,  in the county of Rockland, 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  town,  is
    7  hereby authorized to make participation in such plan available to Dennis
    8  Tobin,  Thomas  Clarke and Christopher Schulok, police officers employed
    9  by the town of Stony Point, 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 town of Stony Point may so
   12  elect by filing with the state comptroller, on or  before  December  31,
   13  2014,  a  resolution  of the town board together with certification that
   14  such 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  while  so employed, by filing a request to that effect with the
   20  state comptroller on or before June 30, 2015.
   21    S  2.  All  past  service  costs  associated  with  implementing   the
   22  provisions of this act shall be borne by the town of Stony Point.
   23    S 3. This act shall take effect immediately.
   24    FISCAL  NOTE.--This  bill will allow the Town of Stony Point to reopen
   25  the provisions of Section 384-d of the Retirement  and  Social  Security
   26  Law  for  police  officers  Dennis  Tobin, Thomas Clarke and Christopher
   27  Schulok.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14892-02-4
       A. 9841                             2
    1    If this legislation is enacted during the 2014 legislative session, we
    2  anticipate that there will be an increase of  approximately  $14,700  in
    3  the  annual contributions of the Town of Stony Point for the fiscal year
    4  ending March 31, 2015. In future years, this cost will vary as the bill-
    5  ing rates and salaries of these officers change.
    6    In addition to the annual contributions discussed above, there will be
    7  an  immediate  past service cost of approximately $14,300, which will be
    8  borne by the Town of Stony Point as a one-time payment. This estimate is
    9  based on the assumption that payment will be made on February 1, 2015.
   10    Summary of relevant resources:
   11    The membership data used in  measuring  the  impact  of  the  proposed
   12  change  was  the same as that used in the March 31, 2013 actuarial valu-
   13  ation.  Distributions and other statistics can  be  found  in  the  2013
   14  Report  of  the  Actuary  and  the  2013  Comprehensive Annual Financial
   15  Report.
   16    The actuarial assumptions and methods used are described in the  2010,
   17  2011,  2012  and  2013  Annual  Report  to  the Comptroller on Actuarial
   18  Assumptions, and the Codes Rules and Regulations of  the  State  of  New
   19  York: Audit and Control.
   20    The Market Assets and GASB Disclosures are found in the March 31, 2013
   21  New  York  State  and  Local  Retirement System Financial Statements and
   22  Supplementary Information.
   23    I am a member of the American Academy of Actuaries and meet the Quali-
   24  fication Standards to render the actuarial opinion contained herein.
   25    This estimate, dated May 6, 2014 and intended for use only during  the
   26  2014  Legislative  Session, is Fiscal Note No. 2014-125, prepared by the
   27  Actuary for the New York State and  Local  Police  and  Fire  Retirement
   28  System.