Authorizes Casey Wall to participate in the optional 20 year retirement for police officers.

---

S7146-2011 Actions

• Jun 21, 2012: SUBSTITUTED BY A9998
• Jun 6, 2012: ADVANCED TO THIRD READING
• Jun 5, 2012: 2ND REPORT CAL.
• Jun 4, 2012: 1ST REPORT CAL.1011
• May 1, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS

S7146-2011 Meetings

Civil Service and Pensions: Jun 4, 2012

S7146-2011 Calendars

Active List: Jun 21, 2012 , Floor Calendar: Jun 5, 2012 , Floor Calendar: Jun 6, 2012 , Floor Calendar: Jun 11, 2012 , Floor Calendar: Jun 12, 2012 , Floor Calendar: Jun 13, 2012 , Floor Calendar: Jun 14, 2012 , Floor Calendar: Jun 18, 2012 , Floor Calendar: Jun 19, 2012 , Floor Calendar: Jun 20, 2012 , Floor Calendar: Jun 21, 2012

S7146-2011 Votes

S7146-2011 Memo

BILL NUMBER:S7146

TITLE OF BILL:
An act
in relation to authorizing Casey Wall to participate in the optional 20
year retirement plan for police officers

PURPOSE:
The purpose of this bill is to allow Casey Wall the opportunity to
make a timely and effective election to change his retirement status
from Tier III where he is currently to Tier V pursuant to the
authority of Article 22 of the Retirement & Social Security Law.

SUMMARY OF PROVISIONS:
Section 1 would grant to the Village of Sands Point the authority to
allow Casey Wall to timely file an application to elect Tier V status
in lieu of his current Tier III status.

Section 2 provides that all past service costs will be borne by the
Village of Sands Point.

Section 3 provides that the Act shall take effect immediately.

JUSTIFICATION:
Casey Wall was first hired as a police officer by the Village of Old
Brookville in the County of Nassau, New York on January 7, 2010. He
was enrolled in the New York State Police & Fire Retirement System
under the Tier III provisions. A new Tier V retirement plan was
signed by the Governor and became effective two days after Officer
Wall was hired. The statute permitted anyone hired after July 1, 2009
to file a written election to have his or her retirement benefits
calculated pursuant to Tier V within 120 days of the statute's
effective date, or May 9, 2010. The statute further provided that if
his employer had in place a non-contributory pension plan under
Article XI, an officer electing into Tier V would be non-contributory
as well. Officer Wall did make the written election required to opt
into Tier V on a non-contributory basis, but for reasons not due to
his own negligence, the paperwork and application was not received in
a timely manner. This bill would rectify that situation and provide
to Officer Wall the same right as all other police officers employed
in the Village of Sands Point to participate in the contractually
negotiated retirement plans.

LEGISLATIVE HISTORY:
This is a new bill.

FISCAL IMPLICATIONS:
Refer to fiscal note. There will be an increase of approximately $160
in the annual contributions of the Village of Sands Point for the
fiscal year ending March 31, 2013. The fiscal note was prepared by

Actuary for the New York State and Local Police and Fire Retirement
System.

EFFECTIVE DATE:
This act shall take effect immediately.

S7146-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

      S. 7146                                                  A. 9998

                        SENATE - ASSEMBLY

                                 May 1, 2012
                                 ___________

  IN SENATE -- Introduced by Sen. MARTINS -- read twice and ordered print-
    ed, and when printed to be committed to the Committee on Civil Service
    and Pensions

  IN  ASSEMBLY -- Introduced by M. of A. SCHIMEL -- read once and referred
    to the Committee on Governmental Employees

  AN ACT in relation to authorizing  Casey  Wall  to  participate  in  the
    optional 20 year retirement plan for police officers

    THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section 1. Notwithstanding any other provision of law to the contrary,
  the village of Sands Point, county of Nassau, a  participating  employer
  in the New York state and local police and fire retirement system, which
  previously  elected  to  offer the optional twenty year retirement plan,
  established pursuant to section 384-d of the retirement and social secu-
  rity law, and the additional benefits established  pursuant  to  section
  384-e of such law, to police officers employed by such village, is here-
  by  authorized  to  make  participation  in such plan available to Casey
  Wall, a police officer employed by  the  village  of  Sands  Point,  who
  joined  the  retirement  system pursuant to article 14 of the retirement
  and social security law and, for  reasons  not  ascribable  to  his  own
  negligence,  failed  to  make  a  timely election to have his retirement
  benefits calculated pursuant to article 22 of such law. The  village  of
  Sands  Point  may  so  elect by filing with the state comptroller, on or
  before December 31, 2012, a resolution of  its  village  board  together
  with  certification  that  such  police officer did not bar himself from
  making a timely election of article 22 as a result  of  his  own  negli-
  gence.  Thereafter,  such  police officer may elect to be covered by the
  provisions of article 22 of the retirement and social security law,  and
  shall be entitled to the full rights and benefits associated with cover-
  age  under  such  article,  by  filing a request to that effect with the
  state comptroller on or before June 30, 2013.
    S  2.  All  past  service  costs  associated  with  implementing   the
  provisions of this act shall be borne by the village of Sands Point.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD15529-01-2

 S. 7146                             2                            A. 9998

    S 3. This act shall take effect immediately.
    FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

    This  bill  will  allow  Casey  Wall, a current member of the New York
  State and Local Police and Fire  Retirement  System  covered  under  the
  provisions  of  Article 14 of the Retirement and Social Security Law, to
  elect to be covered under the provisions of Article 22 of such law.
    If this legislation is enacted during the 2012 legislative session, we
  anticipate that there will be an increase of approximately $160  in  the
  annual  contributions  of the Village of Sands Point for the fiscal year
  ending March 31, 2013.
    There will be a refund of member contributions, however there will  be
  no past service cost.
    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 April 25, 2012 and intended for use  only  during
  the  2012  Legislative Session, is Fiscal Note No. 2012-126, prepared by
  the Actuary for the New York State and Local Police and Fire  Retirement
  System.