This bill has been amended

Bill S4735-2013

Allows Michael E. Petroski to join the optional twenty year retirement plan, town of Glenville, county of Schenectady

Allows Michael E. Petroski to join the optional twenty year retirement plan, town of Glenville, county of Schenectady.

Details

Actions

  • Apr 19, 2013: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

BILL NUMBER:S4735

TITLE OF BILL: An act to allow Michael E. Petroski to join the optional twenty year retirement plan, town of Glenville, county of Schenectady

PURPOSE:

This legislation authorizes the Town of Glenville to reopen the optional twenty-year retirement plan to Michael Petroski

SUMMARY OF PROVISIONS:

This bill authorizes the Town of Glenville to make participation in the optional twenty-year retirement plan, established pursuant to Section 384-d of the Retirement and Social Security Law, available to Michael E. Petroski, a police officer employed by the Town of Glenville, who for reasons not ascribable to his own negligence failed to make a timely application to participate in the optional retirement system.

JUSTIFICATION:

The Town of Glenville had 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 in its employ. For reasons not ascribable to his own negligence, Michael E. Petroski did not make an application to participate in the optional retirement system. This bill allows the Town of Glenville to reopen the Section 384-d plan to Mr. Petroski so lona as he makes a request on or before December 31, 2013.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

The bill will allow the town of Glenville to reopen the provisions of Section 384-d of the Retirement and Social Security Law for police officer Michael E. Petroski.

If this legislation is enacted during the 2013 legislative session, we anticipate that there will be an increase of approximately $8,750 in the annual contribution of the town of Glenville for the fiscal year ending March 31, 2014.

In addition to the annual contributions, there will be an immediate past service cost of approximately $52,200 which would be borne by the Town of Glenville as a one-time payment. This estimate is based on the assumption that payment will be made by February 1, 2014.

EFFECTIVE DATE:

Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ S. 4735 A. 6811 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y April 19, 2013 ___________
IN SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print- ed, and when printed to be committed to the Committee on Civil Service and Pensions IN ASSEMBLY -- Introduced by M. of A. TEDISCO -- read once and referred to the Committee on Governmental Employees AN ACT to allow Michael E. Petroski to join the optional twenty year retirement plan, town of Glenville, county of Schenectady 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 Glenville, in the county of Schenectady, 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 town, is hereby authorized to make participation in such plan available to Micha- el E. Petroski, a police officer employed by the town of Glenville, who, for reasons not ascribable to his own negligence failed to make a timely application to participate in such optional twenty year retirement plan. Thereafter, Michael E. Petroski, 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 December 31, 2013. S 2. All past service costs associated with implementing the provisions of this act shall be borne by the town of Glenville. S 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50:

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