Bill S4312-2013

Authorizes the city of Mount Vernon to offer certain retirement options to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by such city

Authorizes the city of Mount Vernon to offer certain retirement options to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by such city.

Details

Actions

  • Jan 8, 2014: REFERRED TO LOCAL GOVERNMENT
  • Mar 20, 2013: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S4312

TITLE OF BILL: An act to authorize the city of Mount Vernon, in the county of Westchester, to offer certain retirement options to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by such city

PURPOSE OR GENERAL IDEA OF BILL:

To reopen the provisions of section 384-d of the retirement and social security law for 4 police officers in the City of Mount Vernon.

JUSTIFICATION:

Due to an oversight by the Department of Public Safety, the 4 officers were placed into the 375-1 plan of the retirement system instead of the 384-d plan. The officers were not able to fix the error within the allowed time frame of one year. As such, legislation will be enacted to allow the officers to be placed in the desired plan.

PRIOR LEGISLATIVE HISTORY:

A10849A 2009/2010 referred to governmental employees.

FISCAL IMPLICATIONS:

This bill will allow the City of Mount Vernon to reopen the provisions of Section 384-d of the Retirement and Social Security Law for four Police Officers: Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva.

If this legislation is enacted during the 2013 Legislative Session we anticipate that there will be an increase of approximately $31,000 in the annual contributions of the City of Mount Vernon 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 $124,000, which would be borne by the City of Mount Vernon as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2014.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 4312 2013-2014 Regular Sessions IN SENATE March 20, 2013 ___________
Introduced by Sen. HASSELL-THOMPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to authorize the city of Mount Vernon, in the county of Westches- ter, to offer certain retirement options to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by such city 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 city of Mount Vernon, in the county of Westchester, a participating employer in the New York state and local police and fire retirement system, which previously elected to offer the optional retirement plan established pursuant to section 384-d of the retirement and social secu- rity law to police officers employed by such city, is hereby authorized to make participation in such plan available to Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva, police officers employed by the city of Mount Vernon, who, on the effective date of this act are covered under the provisions of section 375-i of the retirement and social security law, and who, for reasons not ascribable to their own negligence failed to make a timely application to participate in such optional retirement plan. The city of Mount Vernon may so elect by filing with the state comptroller, on or before June 30, 2014, a resol- ution of its legislative body together with certification that any such police officer did not bar himself or herself from participation in such retirement plan as a result of his or her own negligence. Thereafter, any 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 comp- troller on or before June 30, 2014.
S 2. All costs associated with implementing the provisions of this act shall be borne by the city of Mount Vernon. S 3. This act shall take effect immediately. FISCAL NOTE.--This bill will allow the City of Mount Vernon to reopen the provisions of Section 384-d of the Retirement and Social Security Law for four Police Officers: Christopher Grieco, Wendell Griffin, Patsy Leone and Jeremy Villanueva. If this legislation is enacting during the 2013 legislative session, we anticipate that there will be an increase of approximately $31,000 in the annual contributions of the City of Mount Vernon 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 $124,000, which would be borne by the City of Mount Vernon 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 12, 2013 and intended for use only during the 2013 Legislative Session, is Fiscal Note No. 2013-100, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.

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