Bill Text: NY S06566 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorize Paul Liberatore to apply for retroactive membership in the New York state and local police and fire retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-06-21 - SUBSTITUTED BY A9432 [S06566 Detail]

Download: New_York-2011-S06566-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6566
                                   I N  S E N A T E
                                   February 28, 2012
                                      ___________
       Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
         and when printed to be committed to the Committee on Civil Service and
         Pensions
       AN ACT to authorize Paul Liberatore to apply for retroactive  membership
         in the New York state and local police and fire retirement system
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any inconsistent provision of law, the fire
    2  district of Hartsdale in the town of Greenburgh, county of  Westchester,
    3  a participating employer in the New York state and local police and fire
    4  retirement  system,  which has elected to offer the optional twenty year
    5  retirement plan, established pursuant to section 384-d of the retirement
    6  and social security law, and the additional pension benefits to  members
    7  of  such  plan,  established pursuant to section 384-e of the retirement
    8  and social security law, to firefighters employed by such town, is here-
    9  by authorized to make retroactive membership in such plan  available  to
   10  Paul  Liberatore,  a  firefighter  with  the  Hartsdale  fire  district,
   11  employed by the Hartsdale fire district, who, for reasons not ascribable
   12  to his own negligence failed to make a timely application to participate
   13  in such optional twenty year retirement plan and the additional  pension
   14  benefits  therefor.  The  Hartsdale fire district may so elect by filing
   15  with the state comptroller, on or before December 31, 2012, a resolution
   16  of its governing body together with certification that such  firefighter
   17  did  not  bar  himself  from  participation in such retirement plan as a
   18  result of his own negligence. Thereafter, such firefighter may elect  to
   19  be  covered by the provisions of sections 384-d and 384-e of the retire-
   20  ment and social security law, and shall be entitled to the  full  rights
   21  and  benefits  associated with coverage under such sections, by filing a
   22  request to that effect with the state comptroller on or before June  30,
   23  2013.
   24    S  2. Any past service costs incurred by operation of the provision of
   25  this act shall be borne by the Hartsdale fire district.
   26    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.
                                                                  LBD14267-02-2
       S. 6566                             2
         This bill will allow the Hartsdale Fire District to  elect  to  reopen
       the  provisions  of  Section  384-d  together  with Section 384-e of the
       Retirement and Social Security Law for firefighter Paul Liberatore.
         If  this  bill  is  enacted,  and  firefighter Paul Liberatore becomes
       covered under Section 384-d together with Section 384-e,  we  anticipate
       that  there  will  be an increase of approximately $12,300 in the annual
       contributions of the Hartsdale Fire District for the fiscal year  ending
       March 31, 2013.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past service cost of approximately $51,700 which would be
       borne by the Hartsdale Fire District. This  estimate  is  based  on  the
       assumption that payment will be made on February 1, 2013.
         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 February 17,  2012  and  intended  for  use  only
       during  the  2012  Legislative  Session,  is  Fiscal  Note  No. 2012-86,
       prepared by the Actuary for the New York State and Local Police and Fire
       Retirement System.