Bill Text: NY S07365 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the town of Carmel, in the county of Putnam, to offer police officers Robert Behan and James Evans an optional 20 year retirement plan.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2014-07-22 - SIGNED CHAP.174 [S07365 Detail]

Download: New_York-2013-S07365-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7365
                                   I N  S E N A T E
                                     May 14, 2014
                                      ___________
       Introduced  by  Sen.  BALL  --  read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to authorize the town of Carmel, in  the  county  of  Putnam,  to
         offer  an  optional  twenty  year  retirement  plan to police officers
         Robert Behan and James Evans
         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 town of Carmel, in the county of Putnam, a participating employer in
    3  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, to police officers employed by such town, is hereby authorized
    7  to  make  participation in such plan available to Robert Behan, a police
    8  sergeant, and James Evans, a police officer, employed  by  the  town  of
    9  Carmel,  who,  for reasons not ascribable to their own negligence failed
   10  to make a timely application to participate in such optional twenty year
   11  retirement plan. The town of Carmel may so  elect  by  filing  with  the
   12  state  comptroller,  on or before December 31, 2014, a resolution of the
   13  town board together with certification that such police officers did not
   14  bar themselves from participation in such retirement plan as a result of
   15  their own negligence. Thereafter, such police officers may elect  to  be
   16  covered  by the provisions of section 384-d of the retirement and social
   17  security law, and shall be entitled to  the  full  rights  and  benefits
   18  associated with coverage under such section while so employed, by filing
   19  a  request  to  that effect with the state comptroller on or before June
   20  30, 2015.
   21    S 2.  All  past  service  costs  associated  with   implementing   the
   22  provisions of this act shall be borne by the town of Carmel.
   23    S 3. This act shall take effect immediately.
         FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
         This  bill  will  allow the Town of Carmel to reopen the provisions of
       Section 384-d of the Retirement and Social Security Law for police offi-
       cers Robert Behan and James Evans.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14889-02-4
       S. 7365                             2
         If this legislation is enacted during the  2014  legislative  session,
       and officers Behan and Evans become covered by the provisions of Section
       384-d  of  the  Retirement  and  Social Security Law, we anticipate that
       there will be  an  increase  of  approximately  $20,100  in  the  annual
       contributions of the Town of Carmel for the fiscal year ending March 31,
       2015.  In  future  years,  this  cost will vary as the billing rates and
       salary of Robert Behan and James Evans change.
         In addition to the annual contributions discussed above, there will be
       an immediate past service cost of approximately $67,900, which  will  be
       borne  by  the  Town of Carmel as a one-time payment, assuming a payment
       date of February 1, 2015.
         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  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 May 12, 2014 and intended for use only during the
       2014 Legislative Session, is Fiscal Note No. 2014-129, prepared  by  the
       Actuary  for  the  New  York  State and Local Police and Fire Retirement
       System.