S T A T E   O F   N E W   Y O R K
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                                  6687

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 12, 2013
                               ___________

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

AN  ACT  to  authorize  the city of Ithaca, in the county of Tompkins to
  offer an optional twenty year retirement  plan  to  firefighter  James
  Crowley

  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  contra-
ry,  the  city  of  Ithaca,  in  the county of Tompkins, 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 security law, to firefighters employed by such city, is here-
by authorized to make participation in  such  plan  available  to  James
Crowley,  a firefighter employed by the city of Ithaca, who, for reasons
not ascribable to his own negligence, failed to make a  timely  applica-
tion  to  participate  in such optional twenty year retirement plan. The
city of Ithaca may so elect by filing with the state comptroller, on  or
before  December  31,  2014, a resolution of its common council together
with certification that  such  firefighter  did  not  bar  himself  from
participation in such retirement plan as a result of his own negligence.
Thereafter,  such  firefighter may elect to be covered by the provisions
of section 384-d of the retirement and social security law, and shall be
entitled to the full rights and benefits associated with coverage  under
such  section,  by  filing a request to that effect with the state comp-
troller on or before June 30, 2015.
  S  2.  All  past  service  costs  associated  with  implementing   the
provisions of this act shall be borne by the city of Ithaca.
  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.
                                                           LBD09966-03-3

              

A. 6687                             2

  This  bill  will  allow the City of Ithaca to reopen the provisions of
Section 384-d of the Retirement and Social Security Law for  firefighter
James M. Crowley.
  If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $6,400 in the
annual  contributions  of  the City of Ithaca for the fiscal year ending
March 31, 2014.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $93,100, which would  be
borne  by  the  City  of  Ithaca as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2014.
  Summary of relevant resources:
  Data: March 31, 2012 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions and Methods: 2010, 2011 and  2012  Annual  Report  to  the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market  Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary  Informa-
tion.
  Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 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 March 28, 2013 and intended for use  only  during
the  2013  Legislative  Session, is Fiscal No. 2013-110, prepared by the
Actuary for the New York State and Local Employees' Retirement System.