S6781-2011 - NY Senate Open Legislation - Authorizes the village of Ellenville to offer an optional twenty year retirement plan to certain police officers

Authorizes the village of Ellenville to offer an optional twenty year retirement plan to certain police officers.

Sponsor: BONACIC
Law Section: Retirement

S6781-2011 Actions

Jun 21, 2012: SUBSTITUTED BY A9588
Jun 6, 2012: ADVANCED TO THIRD READING
Jun 5, 2012: 2ND REPORT CAL.
Jun 4, 2012: 1ST REPORT CAL.1008
Mar 21, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS

S6781-2011 Meetings

Civil Service and Pensions: Jun 4, 2012

S6781-2011 Calendars

Active List: Jun 21, 2012 , Floor Calendar: Jun 5, 2012 , Floor Calendar: Jun 6, 2012 , Floor Calendar: Jun 11, 2012 , Floor Calendar: Jun 12, 2012 , Floor Calendar: Jun 13, 2012 , Floor Calendar: Jun 14, 2012 , Floor Calendar: Jun 18, 2012 , Floor Calendar: Jun 19, 2012 , Floor Calendar: Jun 20, 2012 , Floor Calendar: Jun 21, 2012

S6781-2011 Votes

VOTE: COMMITTEE VOTE: - Civil Service and Pensions - Jun 4, 2012

Ayes (11): Golden, Fuschillo, Lanza, Little, Martins, O'Mara, Perkins, Addabbo, Dilan, Savino, Serrano
Ayes W/R (1): Hannon

S6781-2011 Memo

BILL NUMBER:S6781

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.

S6781-2011 Text

 S T A T E   O F   N E W   Y O R K
 
                                          6781
 I N  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 Law
 EXPLANATION--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.

S6781-2011: Authorizes the village of Ellenville to offer an optional twenty year retirement plan to certain police officers