S T A T E   O F   N E W   Y O R K
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                                  6122

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 16, 2015
                               ___________

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

AN ACT in relation to authorizing Christopher Chapeton to file a request
  for change of benefit coverage with  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:

  Section 1. Notwithstanding any other  provision  of  law,  Christopher
Chapeton,  who  is  currently  a  member of the New York state and local
police and fire retirement system, and who was first employed as a fire-
fighter by the City of Yonkers on October 1, 2009, and by virtue of  his
date  of  employment  became  a  member  of the New York state and local
police and fire retirement system who  elected  to  participate  in  the
optional  twenty  year retirement plan contained in section 384-d of the
retirement and social security law, and who  subsequently,  for  reasons
not  ascribable  to his own negligence, failed to file a timely election
to be covered by the benefits of article 22 of such law, shall be deemed
to be covered by the benefits of such article 22 if, within one year  of
the  effective date of this act, he shall file a written request to that
effect with the state comptroller.
  S 2. All past service costs associated with the implementation of this
act shall be borne by the city of Yonkers.
  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
  This bill would allow Christopher Chapeton, a firefighter employed  by
the  City of Yonkers, to elect to become covered under the provisions of
Section 384-e of the Retirement and Social Security  Law  as  a  Tier  5
member.  He  is  currently  covered  under the provisions of the 20 year
retirement plan in Article 14.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09193-04-5

A. 6122                             2
              

  If such legislation is enacted during the 2015 legislative session, we
anticipate that there will not be an increase  in  the  annual  contrib-
utions of the City of Yonkers for the fiscal year ending March 31, 2016.
  There also will be no past service cost.
  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, 2014  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2014
Report of the  Actuary  and  the  2014  Comprehensive  Annual  Financial
Report.
  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012, 2013 and 2014 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, 2014
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  February  19,  2015  and intended for use only
during the  2015  Legislative  Session,  is  Fiscal  Note  No.  2015-70,
prepared by the Actuary for the New York State and Local Police and Fire
Retirement System.