Bill Text: NY S05994 | 2013-2014 | General Assembly | Introduced

---

Bill Title: Authorizes the village of Tuckahoe, in the county of Westchester, to offer a certain retirement option to police officer Christopher J. Santiago.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-07-22 - SIGNED CHAP.143 [S05994 Detail]

Download: New_York-2013-S05994-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5994
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   November 22, 2013
                                      ___________
       Introduced  by  Sen. LATIMER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Rules
       AN ACT to authorize the village of Tuckahoe, in the county of  Westches-
         ter,  to  offer a certain retirement option to police officer Christo-
         pher J.  Santiago
         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 Tuckahoe, in the county of Westchester, a participating
    3  employer in the New York state and  local  police  and  fire  retirement
    4  system,  which  previously elected to offer the optional retirement plan
    5  established pursuant to section 384-d of the retirement and social secu-
    6  rity law to firefighters and police officers employed by  such  village,
    7  is  hereby  authorized  to  make participation in such plan available to
    8  police officer Christopher J. Santiago, who was employed by the  village
    9  of Tuckahoe on August 4, 2008 and who, on the effective date of this act
   10  is  covered  under the provisions of section 375-i of the retirement and
   11  social security law, and who, for reasons  not  ascribable  to  his  own
   12  negligence  failed  to  make a timely application to participate in such
   13  optional retirement plan.   Thereafter, police  officer  Christopher  J.
   14  Santiago  may  elect to be covered by the provisions of section 384-d of
   15  the retirement and social security law, and shall  be  entitled  to  the
   16  full rights and benefits associated with coverage under such section, by
   17  filing  a  request  to that effect with the state comptroller within one
   18  year of the effective date of this act.
   19    S  2.  All  past  service  costs  associated  with  implementing   the
   20  provisions of this act shall be borne by the village of Tuckahoe.
   21    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.
                                                                  LBD11767-03-3
       S. 5994                             2
         This  bill  will  allow the village of Tuckahoe to elect to reopen the
       provisions of Section 384-d of the Retirement and  Social  Security  Law
       for police officer Christopher J. Santiago.
         If  this  bill  is enacted and Christopher J. Santiago becomes covered
       under the provisions of Section 384-d, we anticipate that there will  be
       an  increase  of approximately $8,900 in the annual contributions of the
       village of Tuckahoe for the fiscal year ending March 31, 2015. In future
       years, this cost will vary as the billing rates and salary  of  Christo-
       pher J. Santiago change.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past  service cost of approximately $9,950 which would be
       borne by the village of Tuckahoe as a one-time payment. This estimate is
       based on the assumption that payment will be made on February 1, 2015.
         Summary of relevant resources:
         The membership used in measuring the impact of the proposed change was
       the same as that  used  in  the  March  31,  2013  actuarial  valuation.
       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 November 20,  2013  and  intended  for  use  only
       during  the  2014  Legislative  Session,  is  Fiscal  Note  No. 2014-35,
       prepared by the Actuary for the New York State and Local Police and Fire
       Retirement System.