Authorizes the village of Menands in the county of Albany to offer an optional twenty year retirement plan to police officer Aaron St. Gelais.
Ayes (62): Adams, Addabbo, Avella, Ball, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Espaillat, Farley, Felder, Flanagan, Fuschillo, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Tkaczyk, Valesky, Young, Zeldin
Excused (1): Sampson
TITLE OF BILL: An act to authorize the village of Menands, in the county of Albany to offer an optional twenty year retirement plan to police officer Aaron St. Gelais
PURPOSE OR GENERAL IDEA OF BILL: To correct the retirement plan of a police officer in the Village of Menands from 375-i to 384-d and offer the municipality the opportunity to do so.
SUMMARY OF PROVISIONS:
Section 1: Offering a Police Officer of the Village of Menands, that was placed in the wrong police and fire retirement plan, an opportunity to opt into the correct plan that the Village of Menands has a contract with.
Section 2: All costs associated with the plan change will be borne by the Village of Menands with no cost to the State of NY.
Section 3: Effective date
JUSTIFICATION: Village of Menands Police Officer Aaron St. Gelais was opted into the wrong police and fire retirement plan. This legislation is to offer the Village of Menands the opportunity to correct this mistake and place him in the correct plan. The Village of Menands has agreed that they will bear all costs associated with the plan change and there will be no cost to the state nor will there be financial benefit to the officer.
LEGISLATIVE HISTORY: New bill
FISCAL IMPLICATIONS: None to the State of New York
EFFECTIVE DATE: Immediately
STATE OF NEW YORK ________________________________________________________________________ 5753 2013-2014 Regular Sessions IN SENATE June 12, 2013 ___________Introduced by Sen. BRESLIN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to authorize the village of Menands, in the county of Albany to offer an optional twenty year retirement plan to police officer Aaron St. Gelais 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 village of Menands, in the county of Albany, a participating employ- er 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 Aaron St. Gelais, a police officer employed by the village of Menands with a start date of October 2, 2010, 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 village of Menands 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, 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 comptroller on or before June 30, 2014. S 2. All past costs associated with implementing the provisions of this act shall be borne by the village of Menands. S 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Section 50 of the Legislative Law:EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11262-02-3 S. 5753 2 This bill will allow the village of Menands to elect to reopen the provisions of Section 384-d of the Retirement and Social Security Law for police officer Aaron St. Gelais. If this bill is enacted and Aaron St. Gelais becomes covered under Section 384-d, we anticipate that there will be an increase of approxi- mately $5,200 in the annual contributions of the village of Menands for the fiscal year ending March 31, 2014. There will be no past service cost. 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 June 7, 2013 and intended for use only during the 2013 Legislative Session, is Fiscal Note No. 2013-159, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.