Bill Text: NY S07086 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the village of Alfred to offer an optional twenty year retirement plan to police officer Ryan McKee.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2014-07-22 - SIGNED CHAP.169 [S07086 Detail]

Download: New_York-2013-S07086-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7086
                                   I N  S E N A T E
                                    April 25, 2014
                                      ___________
       Introduced  by  Sen.  YOUNG  -- 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 Alfred to offer  an  optional  twenty
         year retirement plan to police officer Ryan McKee
         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 Alfred, a participating employer in the  New  York  state
    3  and local police and fire retirement system, which previously elected to
    4  offer  the optional twenty year retirement plan, established pursuant to
    5  section 384-d of the retirement and social security law, to police offi-
    6  cers employed by such village, is  hereby  authorized  to  make  partic-
    7  ipation  in such plan available to Ryan McKee, a police officer employed
    8  by the village of Alfred, who, for reasons not  ascribable  to  his  own
    9  negligence,  failed  to make a timely application to participate in such
   10  optional twenty year retirement plan.   The village  of  Alfred  may  so
   11  elect  by  filing  with the state comptroller, on or before December 31,
   12  2014, a resolution of its local legislative body together  with  certif-
   13  ication  that such police officer did not bar himself from participation
   14  in such retirement plan as a result of his own  negligence.  Thereafter,
   15  such police officer may elect to be covered by the provisions of section
   16  384-d  of  the retirement and social security law, and shall be entitled
   17  to the full rights and benefits  associated  with  coverage  under  such
   18  section,  by  filing a request to that effect with the state comptroller
   19  on or before June 30, 2015.
   20    S 2. All employer past service costs associated with implementing  the
   21  provisions  of  this act shall be borne by the village of Alfred and may
   22  be amortized over a ten year period.
   23    S 3. This act shall take effect immediately.
         FISCAL NOTE.--This bill will allow the Village of Alfred to  elect  to
       reopen  the  provisions  of  Section  384-d of the Retirement and Social
       Security Law for police officer Ryan P. McKee.
         If this bill is enacted and Officer McKee becomes  covered  under  the
       provisions  of  Section  384-d,  we  anticipate  that  there  will be an
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13281-02-4
       S. 7086                             2
       increase of approximately $4,300 in  the  annual  contributions  of  the
       Village  of  Alfred for the fiscal year ending March 31, 2015. In future
       years, this cost will vary as the billing rates and  salary  of  Officer
       McKee change.
         In addition to the annual contributions discussed above, there will be
       an  immediate  past  service cost of approximately $3,670 which would be
       borne by the Village of Alfred as a one-time payment.  This estimate  is
       based  on  the assumption that payment will be made on February 1, 2015.
       If the Village of Alfred so elects, this cost may be  amortized  over  a
       period  of ten (10) years. The cost for the first year, including inter-
       est, would be approximately $500.
         Summary of relevant resources:
         The membership data used in  measuring  the  impact  of  the  proposed
       change  was  the same as that used in the March 31, 2013 actuarial valu-
       ation.  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 December 19,  2013  and  intended  for  use  only
       during  the  2014  Legislative  Session,  is  Fiscal Note No.   2014-43,
       prepared by the Actuary for the New York State and Local Police and Fire
       Retirement System.