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BILL NUMBER:S3182

TITLE  OF  BILL:    An  act to authorize the town of Ticonderoga, in the county of Essex to offer an optional  twenty  year  retirement  plan  to police officer Dale W. Quesnel, Jr.

PURPOSE:   Authorizes the town of Ticonderoga to offer a 20 year retirement plan to police officer Dale W. Quesnel, Jr.

SUMMARY OF PROVISIONS:

Section 1- Authorizes the town of  Ticonderoga  to  offer  the  optional twenty  year  retirement  plan, established pursuant to section 384-d of the retirement and social security law to Dale W. Quesnel, Jr.

Section 2- States  that  all  costs  associated  with  implementing  the provisions of this act shall be borne by the town of Ticonderoga.

Section 3- Contains the effective date.

JUSTIFICATION:    The town of Ticonderoga has requested this legislation to authorize Dale W. Quesnel, Jr. to participate in the retirement  plan established pursuant to section 384-d of the retirement and social security  law.  The  town  has  further agreed to bear all past service cost associates with implementing this legislation.

LEGISLATIVE HISTORY:   2012 S. 7494-A  Referred  to  Civil  Service  and Pensions A. 10459-A Passed Assembly

LOCAL  FISCAL  IMPLICATIONS:    It  is anticipated that there will be an increase of approximately $6,500 in the annual contributions of the town of Ticonderoga for the fiscal year ending in March 31,  2014.  In  addition,  there  will  be  an  immediate past service cost of approximately $10,800, which will be borne by the town of Ticonderoga  as  a  one-time payment.

EFFECTIVE DATE:  This act shall take effect immediately.

Text

STATE OF NEW YORK
________________________________________________________________________

3182

2013-2014 Regular Sessions

IN SENATE

January 31, 2013
___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to authorize the town of Ticonderoga, in the county of  Essex  to
  offer  an  optional twenty year retirement plan to police officer Dale
  W. Quesnel, Jr.

  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 town of Ticonderoga, in the county of Essex, a participating employ-
er  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 town, is hereby
authorized to make participation in such  plan  available  to  patrolman
Dale  W. Quesnel, Jr., a police officer employed by the town of Ticonde-
roga, who, for reasons not ascribable to his own negligence,  failed  to
make  a  timely  application to participate in such optional twenty year
retirement plan.  The town of Ticonderoga may so elect  by  filing  with
the  state  comptroller, on or before December 31, 2014, a resolution of
its town board 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  benefits
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 town of Ticonderoga.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01211-02-3
S. 3182                             2
  FISCAL NOTE.-- This bill will allow the Town of Ticonderoga  to  elect
to  reopen  the provisions of Section 384-d of the Retirement and Social
Security Law for patrolman Dale W. Quesnel, Jr.
  If this bill is enacted and Dale W. Quesnel, Jr. becomes covered under
Section  384-d, we anticipate that there will be an increase of approxi-
mately $6,600 in the annual contributions of the Town of Ticonderoga 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 $10,800 which  would  be
borne by the Town of Ticonderoga 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 January 25, 2013 and intended for use only during
the  2013  Legislative  Session, is Fiscal Note No. 2013-48, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.