Authorizes the village of Sleepy Hollow to offer an optional twenty year retirement plan to certain police officers employed by such village.
TITLE OF BILL: An act to authorize the village of Sleepy Hollow to offer an optional twenty year retirement plan to certain police officers employed by such village
PURPOSE OR GENERAL IDEA OF BILL: This legislation would allow certain police officers employed by the village of Sleepy Hollow to enroll in the optional twenty-year retirement plan.
SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill allows the village of Sleepy Hollow to offer an optional twenty-year retirement plan to Raymond D'Alessandro, and James Warren, police officers of the village.
Section Two sets forth that all employer costs associated with this measure shall be borne by the village of Sleepy Hollow.
Section Three is the effective date.
For reasons not ascribable to their own negligence Village Officers Raymond D'Alessandro, and James Warren, failed to make a timely application to participate in the optional twenty-year retirement plan.
LEGISLATIVE HISTORY: 2009/10: S.4196 - Died in Civil Service, Pensions Committee 2008: S.8420 - Died in Senate Rules
FISCAL IMPLICATIONS: None to State.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 1022--A 2011-2012 Regular Sessions IN SENATE (PREFILED) January 5, 2011 ___________Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- recommitted to the Committee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to authorize the village of Sleepy Hollow to offer an optional twenty year retirement plan to certain police officers employed by such village 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 Sleepy Hollow, 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 police officers employed by such village, is hereby authorized to make participation in such plan available to Raymond D'Alessandro and James Warren, police officers employed by the village of Sleepy Hollow, who, for reasons not ascribable to their own negligence, failed to make a timely application to participate in such optional twenty year retire- ment plan. The village of Sleepy Hollow may so elect by filing with the state comptroller, on or before December 31, 2011, a resolution of its local legislative body together with certification that such police officers did not bar themselves from participation in such retirement plan as a result of their own negligence. Thereafter, such police offi- cers 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, byEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04034-05-2 S. 1022--A 2
filing a request to that effect with the state comptroller on or before June 30, 2013. S 2. All employer costs associated with implementing the provisions of this act shall be borne by the village of Sleepy Hollow over a ten year period. S 3. This act shall take effect immediately. FISCAL NOTE.--This bill will allow Officers Raymond D'Alessandro, and James Warren to become covered by the provisions of Section 384-d of the Retirement and Social Security Law. If this bill were enacted, we anticipate that there will be an increase of approximately $19,200 in the annual contributions of the Village of Sleepy Hollow for the fiscal year ending March 31, 2013. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $103,000 which would be borne by the Village of Sleepy Hollow as a one-time payment. This esti- mate is based on the assumption that payment will be made on February 1, 2013. If the past service cost is amortized over a period of ten (10) years, the past service costs for the first year including interest, would be approximately $13,900. 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 February 8, 2012 and intended for use only during the 2012 Legislative Session, is Fiscal Note No. 2012-81, prepared by the Actuary for the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System.