This bill has been amended

Bill S5676-2013

Authorizes Joel Lochner to participate in the optional twenty year retirement system

Authorizes Joel Lochner to participate in the optional twenty year retirement plan.

Details

Actions

  • Jun 3, 2013: REFERRED TO CIVIL SERVICE AND PENSIONS

Memo

BILL NUMBER:S5676

TITLE OF BILL: An act to allow Joel Lochner to join the optional twenty year retirement plan, city of Amsterdam, county of Montgomery

PURPOSE: Authorizes Joel Lochner to participate in the optional twenty year local police and fire retirement system.

SUMMARY OF PROVISIONS:

Section 1 authorizes the city of Amsterdam and the county of Montgomery to allow Joel Lochner, excluded from the following due to an administrative error, to now elect to be covered by the provisions of section 384-d of the retirement and social security law as a Tier 5 member, and shall be entitled to the full rights and benefits associated with coverage under such section, by filling a request to that effect with the state comptroller on or before December 31, 2013.

Section 2 states that all past service costs associated with implementing the provisions in the act shall be borne by the city of Amsterdam and may be amortized over a period of five years.

Section 3 contains the effective date.

JUSTIFICATION: Each and every police officer in the city of Amsterdam is automatically placed into retirement plan 384-d. Due to an administrative error at the time of hire, Mr. Lochner was mistakenly entered into the 375-1 retirement option. This bill is intended to correct this error, retroactively.

LEGISLATIVE HISTORY: New bill

FISCAL IMPLICATIONS: Increase of $3,600 in the annual contributions of the city of Amsterdam for the fiscal year ending March 31, 2014 and an immediate past service cost of $9,400 born by the city of Amsterdam as a one-time payment which is based on the assumption that payment will be made on February 1, 2014. If the past service cost is amortized over rive years, the past service costs for the first year including interest, would be approximately $2,200.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5676 2013-2014 Regular Sessions IN SENATE June 3, 2013 ___________
Introduced by Sen. TKACZYK -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to allow Joel Lochner to join the optional twenty year retirement plan, city of Amsterdam, county of Montgomery 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 Amsterdam, in the county of Montgomery, 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 city, is hereby authorized to make participation in such plan available to Joel Lochner, a police officer employed by the city of Amsterdam, 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, Joel Lochner, may elect to be covered by the provisions of section 384-d of the retirement and social security law as a Tier 5 member, 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 city of Amsterdam and may be amortized over a period of five years. S 3. This act shall take effect immediately. FISCAL NOTE.--This bill will allow the city of Amsterdam to elect to reopen the provisions of Section 384-d of the Retirement and Social Security Law for police officer Joel Lochner. If this bill were enacted, we anticipate that there will be an increase of approximately $3,600 in the annual contributions of the city of Amsterdam for the fiscal year ending March 31, 2014.

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