Authorizes Casey Wall to participate in the optional 20 year retirement for police officers.
TITLE OF BILL: An act in relation to authorizing Casey Wall to participate in the optional 20 year retirement plan for police officers
PURPOSE: The purpose of this bill is to allow Casey Wall the opportunity to make a timely and effective election to change his retirement status from Tier III where he is currently to Tier V pursuant to the authority of Article 22 of the Retirement & Social Security Law.
SUMMARY OF PROVISIONS: Section 1 would grant to the Village of Sands Point the authority to allow Casey Wall to timely file an application to elect Tier V status in lieu of his current Tier III status.
Section 2 provides that all past service costs will be borne by the Village of Sands Point.
Section 3 provides that the Act shall take effect immediately.
JUSTIFICATION: Casey Wall was first hired as a police officer by the Village of Old Brookville in the County of Nassau, New York on January 7, 2010. He was enrolled in the New York State Police & Fire Retirement System under the Tier III provisions. A new Tier V retirement plan was signed by the Governor and became effective two days after Officer Wall was hired. The statute permitted anyone hired after July 1, 2009 to file a written election to have his or her retirement benefits calculated pursuant to Tier V within 120 days of the statute's effective date, or May 9, 2010. The statute further provided that if his employer had in place a non-contributory pension plan under Article XI, an officer electing into Tier V would be non-contributory as well. Officer Wall did make the written election required to opt into Tier V on a non-contributory basis, but for reasons not due to his own negligence, the paperwork and application was not received in a timely manner. This bill would rectify that situation and provide to Officer Wall the same right as all other police officers employed in the Village of Sands Point to participate in the contractually negotiated retirement plans.
LEGISLATIVE HISTORY: This is a new bill.
FISCAL IMPLICATIONS: Refer to fiscal note. There will be an increase of approximately $160 in the annual contributions of the Village of Sands Point for the fiscal year ending March 31, 2013. The fiscal note was prepared by
Actuary for the New York State and Local Police and Fire Retirement System.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ S. 7146 A. 9998 S E N A T E - A S S E M B L Y May 1, 2012 ___________IN SENATE -- Introduced by Sen. MARTINS -- read twice and ordered print- ed, and when printed to be committed to the Committee on Civil Service and Pensions IN ASSEMBLY -- Introduced by M. of A. SCHIMEL -- read once and referred to the Committee on Governmental Employees AN ACT in relation to authorizing Casey Wall to participate in the optional 20 year retirement plan for 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 contrary, the village of Sands Point, county of Nassau, 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, and the additional benefits established pursuant to section 384-e of such law, to police officers employed by such village, is here- by authorized to make participation in such plan available to Casey Wall, a police officer employed by the village of Sands Point, who joined the retirement system pursuant to article 14 of the retirement and social security law and, for reasons not ascribable to his own negligence, failed to make a timely election to have his retirement benefits calculated pursuant to article 22 of such law. The village of Sands Point may so elect by filing with the state comptroller, on or before December 31, 2012, a resolution of its village board together with certification that such police officer did not bar himself from making a timely election of article 22 as a result of his own negli- gence. Thereafter, such police officer may elect to be covered by the provisions of article 22 of the retirement and social security law, and shall be entitled to the full rights and benefits associated with cover- age under such article, 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 Sands Point.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15529-01-2 S. 7146 2 A. 9998
S 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will allow Casey Wall, a current member of the New York State and Local Police and Fire Retirement System covered under the provisions of Article 14 of the Retirement and Social Security Law, to elect to be covered under the provisions of Article 22 of such law. If this legislation is enacted during the 2012 legislative session, we anticipate that there will be an increase of approximately $160 in the annual contributions of the Village of Sands Point for the fiscal year ending March 31, 2013. There will be a refund of member contributions, however there will be no past service cost. 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 April 25, 2012 and intended for use only during the 2012 Legislative Session, is Fiscal Note No. 2012-126, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.