Authorizes the city of Gloversville to offer an optional twenty year retirement plan to certain firefighters employed by such city.

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S7416-2011 Actions

• Jun 21, 2012: SUBSTITUTED BY A10164
• Jun 6, 2012: ADVANCED TO THIRD READING
• Jun 5, 2012: 2ND REPORT CAL.
• Jun 4, 2012: 1ST REPORT CAL.1013
• May 10, 2012: REFERRED TO CIVIL SERVICE AND PENSIONS

S7416-2011 Meetings

Civil Service and Pensions: Jun 4, 2012

S7416-2011 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

S7416-2011 Votes

S7416-2011 Memo

BILL NUMBER:S7416

TITLE OF BILL:
An act to allow Thomas Mellis and Josh Frye to join the optional
twenty year retirement plan, city of Gloversville, county of Fulton

PURPOSE:
This legislation authorizes the City of Gloversville to reopen the
optional twenty-year retirement plan to firefighter Thomas Mellis and
firefighter Josh Frye.

SUMMARY OF PROVISIONS:
This bill authorizes the City of Gloversville to make participation in
the optional twenty-year retirement plan, established pursuant to
Section 384-d of the Retirement and Social Security Law, available to
Thomas Mellis and Josh Frye, firefighters employed by the City of
Gloversville, who for reasons not ascribable to their own negligence
failed to make a timely application to participate in the optional
retirement system.

JUSTIFICATION:
The City of Gloversville had previously elected to offer the optional
twenty-year retirement plan, established pursuant to Section 384-d of
the Retirement and Social Security Law, to firefighters in its employ.
For reasons not ascribable to their own negligence, two City
firefighters, Thomas Mellis and Josh Frye, failed to make a timely
application to participate in the optional retirement system. This
bill allows the City of Gloversville to reopen the Section 384-d plan
to Mr. Mellis and Mr. Frye, so long as they make such request by
December 31, 2012.

FISCAL IMPLICATIONS:
The fiscal note identifies that there will be a one-time cost of
$26,800, and an annual cost of $8,000, to be borne by the City of
Gloversville.

EFFECTIVE DATE:

Immediately.

S7416-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

      S. 7416                                                 A. 10164

                        SENATE - ASSEMBLY

                                May 10, 2012
                                 ___________

  IN  SENATE -- Introduced by Sen. FARLEY -- 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. BUTLER -- read once  and  referred
    to the Committee on Governmental Employees

  AN  ACT to allow Thomas Mellis and Josh Frye to join the optional twenty
    year retirement plan, city of Gloversville, county of Fulton

    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  city  of  Gloversville,  in  the  county of Fulton, 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 firefighters employed by such city, is here-
  by authorized to make participation in such  plan  available  to  Thomas
  Mellis and Josh Frye, firefighters employed by the city of Gloversville,
  who, for reasons not ascribable to their own negligence failed to make a
  timely  application  to participate in such optional twenty year retire-
  ment plan. Thereafter, Thomas Mellis and Josh  Frye,  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 December 31, 2012.
    S   2.  All  past  service  costs  associated  with  implementing  the
  provisions of this act shall be borne by the city  of  Gloversville  and
  may be amortized over a period of five years.
    S 3. This act shall take effect immediately.
    FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:

    This  bill  will allow the City of Gloversville to elect to reopen the
  provisions of Section 384-d of the Retirement and  Social  Security  Law
  for firefighters Thomas J. Mellis and Joshua T. Frye.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD15767-02-2

 S. 7416                             2                           A. 10164

    If  this  bill  is  enacted,  and  both Mr. Mellis and Mr. Frye become
  covered under Section  384-d,  we  anticipate  that  there  will  be  an
  increase of approximately $8,000 in the annual contributions of the City
  of Gloversville 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 $26,800 which would be
  borne by the City of Gloversville as a one time payment.  This  estimate
  is  based  on  the  assumption  that payment will be made on February 1,
  2013. If the City elects to amortize this cost over a period of five (5)
  years, the cost for the first year would be approximately $6,160.
    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 16, 2012 and intended for use only during
  the 2012 Legislative Session, is Fiscal Note No. 2012-130,  prepared  by
  the  Actuary for the New York State and Local Police and Fire Retirement
  System.