Bill S4735A-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

  • Jul 31, 2013: SIGNED CHAP.271
  • Jul 19, 2013: DELIVERED TO GOVERNOR
  • Jun 20, 2013: returned to senate
  • Jun 20, 2013: passed assembly
  • Jun 20, 2013: home rule request
  • Jun 20, 2013: ordered to third reading rules cal.527
  • Jun 20, 2013: substituted for a6811a
  • Jun 18, 2013: referred to ways and means
  • Jun 18, 2013: DELIVERED TO ASSEMBLY
  • Jun 18, 2013: PASSED SENATE
  • Jun 18, 2013: HOME RULE REQUEST
  • Jun 18, 2013: ORDERED TO THIRD READING CAL.1443
  • Jun 18, 2013: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • May 21, 2013: PRINT NUMBER 4735A
  • May 21, 2013: AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • Apr 19, 2013: REFERRED TO CIVIL SERVICE AND PENSIONS

Meetings

Calendars

Votes

Memo

BILL NUMBER:S4735A

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 long 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 A. 6811--A 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 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee IN ASSEMBLY -- Introduced by M. of A. TEDISCO -- read once and referred to the Committee on Governmental Employees -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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. The town of Glenville may so elect by filing with the state comptroller, on or before December 31, 2013, 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, 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: This bill will allow the town of Glenville to reopen the provisions of Section 384-d of the Retirement and Social Security Law for police offi- cer 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 contributions of the town of Glenville 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 $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 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 April 15, 2013, and intended for use only during the 2013 Legislative Session, is Fiscal Note No. 2013-115, prepared by the Actuary for the New York State and Local Police and Fire Retirement system.

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