Authorizes the village of Ellenville to offer an optional twenty year retirement plan to certain police officers.
TITLE OF BILL: An act to authorize the village of Ellenville to offer an optional twenty year retirement plan to certain police officers
PURPOSE OR GENERAL IDEA OF BILL: The bill will allow six police officers in the Village of Ellenville an optional twenty year retirement plan.
SUMMARY OF SPECIFIC PROVISIONS: Section 1 - Authorizes the Village of Ellenville to offer an optional twenty year retirement plan to six police officers.
Section 2 - Requires the Village of Ellenville to bear all the employer costs of offering such plan to these police officers.
Section 3 - Effective date.
JUSTIFICATION: Under section 384-d of the retirement and social security law, police officers in the Village of Ellenville are eligible to receive an optional twenty year retirement plan. Due to reasons not ascribable to six police officers in the Village of Ellenville, such optional twenty year retirement plan was not offered to them. This legislation will correct this oversight and bring the retirement benefit of these officers in line with other police officers in Ellenville.
LEGISLATIVE HISTORY: New Bill.
FISCAL IMPLICATIONS: None to the state. However, the Village of Ellenville will have an increase of approximately $6,800 in annual contributions to the New York State and Local police and Fire Retirement System as well as an immediate past service cost of approximate1y $100,000 which would be borne as a one-time payment to be made on February 1, 2013. The Village of Ellenville may amortize the one-time payment over a period of ten (10) years.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 6781 IN SENATE March 21, 2012 ___________Introduced by Sen. BONACIC -- 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 Ellenville to offer an optional twen- ty year retirement plan to certain police officers 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 contra- ry, the village of Ellenville, 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 Michael Jeter, LaMark Logan, Daniel Persell, Christopher Rosa, Robert Ross, and Vanessa Nixon-Tomlin, police officers employed by the Village of Ellenville, who, for reasons not ascribable to their own negligence, failed to make a timely applica- tion to participate in such optional twenty year retirement plan. The village of Ellenville may so elect by filing with the state comptroller, on or before December 31, 2012, a resolution of its local legislative body together with certification that such police officers did not bar themselves from participation in such retirement plan as a result of their own negligence. Thereafter, such police officers 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, 2013. S 2. All past service costs associated with implementing the provisions of this act shall be borne by the village of Ellenville and may be amortized over a ten year period. S 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will allow the Village of Ellenville to reopen the provisions of Section 384-d of the Retirement and Social Security LawEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14921-02-2 S. 6781 2 for police officers Michael Jeter, LaMark Logan, Daniel Persell, Chris- topher Rosa, Robert Ross and Vanessa Nixon-Tomlin. If this legislation is enacted during the 2012 legislative session, we anticipate that there will be an increase of approximately $6,800 in the annual contributions of the Village of Ellenville for the fiscal year ending March 31, 2013. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $100,000, which would be borne by the Village of Ellenville as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2013. The Village of Ellenville may amortize this cost over a period of ten (10) years. The first year cost, including interest, will be approx- imately $13,500. 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 on Actuarial Assumptions, Codes Rules and Regulations of the State of New York: Audit and Control. Market 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. This estimate, dated March 16, 2012, and intended for use only during the 2012 Legislative Session, is Fiscal Note No. 2012-114, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.