S6394-2011 - NY Senate Open Legislation - Authorizes the town of Inlet to offer a 20 year retirement plan to police officer John Harrington

Authorizes the town of Inlet to offer a 20 year retirement plan to police officer John Harrington.

Sponsor: LITTLE
Law Section: Retirement

S6394-2011 Actions

Jun 21, 2012: SUBSTITUTED BY A9222
Apr 19, 2012: ADVANCED TO THIRD READING
Apr 18, 2012: 2ND REPORT CAL.
Apr 17, 2012: 1ST REPORT CAL.487
Feb 3, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS

S6394-2011 Meetings

Civil Service and Pensions: Apr 17, 2012

S6394-2011 Calendars

S6394-2011 Votes

VOTE: COMMITTEE VOTE: - Civil Service and Pensions - Apr 17, 2012

Ayes (9): Golden, Fuschillo, Lanza, Little, Martins, Perkins, Addabbo, Dilan, Savino
Ayes W/R (1): O'Mara
Excused (2): Hannon, Serrano

S6394-2011 Memo

BILL NUMBER:S6394

TITLE OF BILL:
An act
to authorize the town of Inlet, in the county of Hamilton to offer an
optional twenty year retirement plan to police officer John Harrington

PURPOSE:
To authorize the town of Inlet to re-open the optional retirement plan
offered under Section 384-d of the Retirement and Social Security law
to police officer John Harrington.

SUMMARY OF PROVISIONS:
Section 1: The Town of Inlet is authorized to make participation in
the twenty year retirement plan established under section 384-d of
the retirement and social security law available to police officer
John Harrington.

Section 2: All employer costs associated with the implementation
of this act will be borne by the Town of Inlet, and past service costs
associated with this act shall be paid in ten equal annual
installments.

Section 3: Contains the effective date.

JUSTIFICATION:
This legislation is necessary to allow the Town of Inlet to make
participation in plan 354-d of the New York State and Local Police
and Fire Retirement System available to police officer John
Harrington, who through no negligence of his own failed to make a
timely application to participate in such an optional retirement plan
when he transitioned from part to full time in said town.

LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
All costs associated with the implementation of this act shall be
borne by the town of Inlet.

LOCAL FISCAL IMPLICATIONS:
If the legislation is enacted during the 2012 legislative session, the
Town of InIet will bear an annual contribution increase of$3,600 for
the fiscal year ending March 31, 2013. The town will pay an
additional $5,480 in past service costs annually for ten years.

EFFECTIVE DATE:
This act shall take effect immediately.

S6394-2011 Text

 S T A T E   O F   N E W   Y O R K
 
                                          6394
 I N  SENATE
 February 3, 2012
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions
 

AN ACT to authorize the town of Inlet, in  the  county  of  Hamilton  to
 offer  an  optional twenty year retirement plan to police officer John
 Harrington
 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 Inlet, in the county of Hamilton, 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 secu
 rity law, to police officers employed by such town, is hereby authorized
 to  make  participation in such plan available to sergeant John Harring
 ton, a police officer employed by the town of Inlet,  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
 town  of  Inlet 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 partic
 ipation 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 town of Inlet.
 

S 3. This act shall take effect immediately.
 FISCAL  NOTE.--If this legislation is enacted during the 2012 legisla
 tive session, we anticipate that there will be an increase  of  approxi
 mately  $3,600  in the annual contributions of the Town of Inlet for the
 fiscal year ending March 31, 2013.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14345-02-2
        S. 6394                             2
 In addition to the annual contributions discussed above, there will be
 an immediate past service cost of approximately $40,400, which would  be
 borne by the Town of Inlet as a one-time payment. This estimate is based
 on  the assumption that payment will be made on February 1, 2013. If the
 legislation so specifies and the past service cost were amortized over a
 period  of  five  (5)  or ten (10) years, the past service costs for the
 first year including interest, would be approximately $9,300  or  $5,480
 respectively.
 Summary of relevant resources:

 Data:  March  31,  2011  Actuarial Year End File with distributions of
 membership and other statistics displayed in  the  2011  Report  of  the
 Actuary and 2011 Comprehensive Annual Financial Report.
 Assumptions  and  Methods:  2010  and  2011 Annual Report to the Comp
 troller and Actuarial Assumptions, Codes Rules and  Regulations  of  the
 State of New York: Audit and Control.
 Markets Assets and GASB Disclosures: March 31, 2011 New York State and
 Local  Retirement System Financial Statements and Supplementary Informa
 tion.
 Valuations of Benefit Liabilities and Actuarial Assets; summarized  in
 the 2011 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.

S6394-2011: Authorizes the town of Inlet to offer a 20 year retirement plan to police officer John Harrington