Bill Text: NY S05140 | 2013-2014 | General Assembly | Introduced
Bill Title: Authorizes the village of Hudson Falls to offer a 20 year retirement plan to police officer Brandon Kommer.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2013-07-31 - SIGNED CHAP.288 [S05140 Detail]
Download: New_York-2013-S05140-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 5140 2013-2014 Regular Sessions I N S E N A T E May 10, 2013 ___________ Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to authorize the village of Hudson Falls, in the county of Wash- ington to offer an optional twenty year retirement plan to police officer Brandon Kommer 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 Hudson Falls, in the county of Washington, a participat- 3 ing 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 village, is 7 hereby authorized to make participation in such plan available to Bran- 8 don Kommer, a police officer employed by the village of Hudson Falls, 9 who, for reasons not ascribable to his own negligence, failed to make a 10 timely application to participate in such optional twenty year retire- 11 ment plan. The village of Hudson Falls may so elect by filing with the 12 state comptroller, on or before December 31, 2014, a resolution of its 13 board of trustees together with certification that such police officer 14 did not bar himself from participation in such retirement plan as a 15 result of his own negligence. Thereafter, such police officer may elect 16 to be covered by the provisions of section 384-d of the retirement and 17 social security law, and shall be entitled to the full rights and bene- 18 fits associated with coverage under such section, by filing a request to 19 that 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 village of Hudson Falls. 22 S 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10784-02-3 S. 5140 2 This bill will allow the Village of Hudson Falls to reopen the provisions of Section 384-d of the Retirement and Social Security Law for police officer Brandon Kommer. If this legislation is enacted during the 2013 legislative session, we anticipate that there will be an increase of approximately $3,100 in the annual contributions of the Village of Hudson Falls 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 $7,410, which would be borne by the Village of Hudson Falls as a one-time payment. This esti- mate 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 May 9, 2013, and intended for use only during the 2013 Legislative Session, is Fiscal Note No. 2013-143, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.