S T A T E   O F   N E W   Y O R K
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                                  7576

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 23, 2013
                               ___________

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

AN  ACT to authorize the village of Hudson Falls, in the county of Wash-
  ington to offer an optional twenty  year  retirement  plan  to  police
  officer Brandon Kommer

  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 Hudson Falls, in the county of Washington, a  participat-
ing  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 police officers employed by such village, is
hereby  authorized to make participation in such plan available to Bran-
don Kommer, a police officer employed by the village  of  Hudson  Falls,
who,  for reasons not ascribable to his own negligence, failed to make a
timely application to participate in such optional twenty  year  retire-
ment  plan.  The village of Hudson Falls may so elect by filing with the
state comptroller, on or before December 31, 2014, a resolution  of  its
board  of  trustees together with certification that such police officer
did not bar himself from participation in  such  retirement  plan  as  a
result of his own negligence.  Thereafter, such police officer 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  bene-
fits associated with coverage under such section, by filing a request to
that effect with the state comptroller on or before June 30, 2015.
  S  2.  All  past  costs associated with implementing the provisions of
this act shall be borne by the village of Hudson Falls.
  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.
                                                           LBD10784-03-3

              

A. 7576                             2

  This bill will allow  the  Village  of  Hudson  Falls  to  reopen  the
provisions  of  Section  384-d of the Retirement and Social Security Law
for police officer Brandon Kommer.
  If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $3,100 in the
annual  contributions of the Village of Hudson Falls 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 $7,410, which  would  be
borne  by  the Village of Hudson Falls as a one-time payment. This esti-
mate 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 May 9, 2013, and intended for use only during the
2013 Legislative Session, is Fiscal Note No. 2013-143, prepared  by  the
Actuary  for  the  New  York  State and Local Police and Fire Retirement
System.