Bill Text: NY A09998 | 2011-2012 | General Assembly | Introduced

---

Bill Title: Authorizes Casey Wall to participate in the optional 20 year retirement for police officers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-07-18 - signed chap.161 [A09998 Detail]

Download: New_York-2011-A09998-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 7146                                                  A. 9998
                             S E N A T E - A S S E M B L Y
                                      May 1, 2012
                                      ___________
       IN SENATE -- Introduced by Sen. MARTINS -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Civil Service
         and Pensions
       IN  ASSEMBLY -- Introduced by M. of A. SCHIMEL -- read once and referred
         to the Committee on Governmental Employees
       AN ACT in relation to authorizing  Casey  Wall  to  participate  in  the
         optional 20 year retirement plan for police officers
         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 Sands Point, county of Nassau, a  participating  employer
    3  in the New York state and local police and fire retirement system, which
    4  previously  elected  to  offer the optional twenty year retirement plan,
    5  established pursuant to section 384-d of the retirement and social secu-
    6  rity law, and the additional benefits established  pursuant  to  section
    7  384-e of such law, to police officers employed by such village, is here-
    8  by  authorized  to  make  participation  in such plan available to Casey
    9  Wall, a police officer employed by  the  village  of  Sands  Point,  who
   10  joined  the  retirement  system pursuant to article 14 of the retirement
   11  and social security law and, for  reasons  not  ascribable  to  his  own
   12  negligence,  failed  to  make  a  timely election to have his retirement
   13  benefits calculated pursuant to article 22 of such law. The  village  of
   14  Sands  Point  may  so  elect by filing with the state comptroller, on or
   15  before December 31, 2012, a resolution of  its  village  board  together
   16  with  certification  that  such  police officer did not bar himself from
   17  making a timely election of article 22 as a result  of  his  own  negli-
   18  gence.  Thereafter,  such  police officer may elect to be covered by the
   19  provisions of article 22 of the retirement and social security law,  and
   20  shall be entitled to the full rights and benefits associated with cover-
   21  age  under  such  article,  by  filing a request to that effect with the
   22  state comptroller on or before June 30, 2013.
   23    S  2.  All  past  service  costs  associated  with  implementing   the
   24  provisions of this act shall be borne by the village of Sands Point.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15529-01-2
       S. 7146                             2                            A. 9998
    1    S 3. This act shall take effect immediately.
         FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
         This  bill  will  allow  Casey  Wall, a current member of the New York
       State and Local Police and Fire  Retirement  System  covered  under  the
       provisions  of  Article 14 of the Retirement and Social Security Law, to
       elect to be covered under the provisions of Article 22 of such law.
         If this legislation is enacted during the 2012 legislative session, we
       anticipate that there will be an increase of approximately $160  in  the
       annual  contributions  of the Village of Sands Point for the fiscal year
       ending March 31, 2013.
         There will be a refund of member contributions, however there will  be
       no past service cost.
         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 April 25, 2012 and intended for use  only  during
       the  2012  Legislative Session, is Fiscal Note No. 2012-126, prepared by
       the Actuary for the New York State and Local Police and Fire  Retirement
       System.