S T A T E   O F   N E W   Y O R K
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                                  4662

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 17, 2013
                               ___________

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

AN ACT to authorize the city of Ithaca, in the  county  of  Tompkins  to
  offer  an  optional  twenty  year retirement plan to firefighter James
  Crowley

  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 contra-
ry, the city of Ithaca, in  the  county  of  Tompkins,  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 firefighters employed by such city, is here-
by  authorized  to  make  participation  in such plan available to James
Crowley, a firefighter employed by the city of Ithaca, who, for  reasons
not  ascribable  to his own negligence, failed to make a timely applica-
tion to participate in such optional twenty year  retirement  plan.  The
city  of Ithaca may so elect by filing with the state comptroller, on or
before December 31, 2014, a resolution of its  common  council  together
with  certification  that  such  firefighter  did  not  bar himself from
participation in such retirement plan as a result of his own negligence.
Thereafter, such firefighter 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, 2015.
  S   2.  All  past  service  costs  associated  with  implementing  the
provisions of this act shall be borne by the city of Ithaca.
  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.
                                                           LBD09966-03-3

              

S. 4662                             2

  This bill will allow the City of Ithaca to reopen  the  provisions  of
Section  384-d of the Retirement and Social Security Law for firefighter
James M. Crowley.
  If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $6,400 in the
annual  contributions  of  the City of Ithaca 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 $93,100, which would  be
borne  by  the  City  of  Ithaca 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 28, 2013 and intended for use  only  during
the  2013  Legislative  Session, is Fiscal No. 2013-110, prepared by the
Actuary for the New York State and Local Employees' Retirement System.