Bill S4199-2015

Authorizes Christopher Chapeton to file a request for change of benefit coverage with the New York state and local police and fire retirement system

Authorizes Christopher Chapeton to file a request for change of benefit coverage with the New York state and local police and fire retirement system to grant him coverage under article 22 of the retirement and social security law.

Details

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  • Mar 9, 2015: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

BILL NUMBER:S4199

TITLE OF BILL:

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

PURPOSE:

This bill will authorize the city of Yonkers, in the county of Westchester, to offer a retirement option to firefighter Christopher Chapeton.

SUMMARY OF PROVISIONS:

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 firefighter 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.

§ 2. All past service costs associated with the implementation of this act shall be borne by the city of Yonkers.

§ 3. This act shall take effect immediately.

JUSTIFICATION:

The plan that Mr. Chapeton is currently a member of is a Tier 3 plan under Article 14 of the RSSL. Only 75 people statewide are in this special plan, which was basically the default plan that people who didn't opt into Tier V in 2009 were placed into.

Under this plan, his retirement benefits would be lower than the Tier 5-384(e) plan we propose to put him into under our legislation if he retires with 20 years of service (the so-called early retirement option), but his benefit will actually be higher if he works between 22-25 years. Because there is a built-in COLA adjustment in the Tier 3 Article 14 plan, the overall pension benefit in this scenario for Mr. Chapeton would be higher over the course of his retirement (based on actuarial assessments) than the Tier V plan. As a result, even though the Tier V plan we propose could be more beneficial to Mr. Chapeton if he retires with 20 years of service than his current plan, all of these factors together leads the actuary to estimate no additional costs to the City of Yonkers if this bill were to become law.

LEGISLATIVE HISTORY:

None

FISCAL IMPLICATIONS:

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 currently is covered under the provisions of the 20 year retirement plan in Article 14.

LOCAL FISCAL IMPLICATIONS:

If such legislation is enacted during the 2015 legislative session, we anticipate that there will not be an increase in the annual contribution of the City of Yonkers for the fiscal year ending March 31, 2016.

There also will be no past service cost.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 4199 2015-2016 Regular Sessions IN SENATE March 9, 2015 ___________
Introduced by Sen. LATIMER -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions 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.

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