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BILL NUMBER:S7526

TITLE OF BILL: An act to authorize the city of Niagara Falls, in the county of Niagara, to offer an optional twenty year retirement plan to firefighter Richard E. Mylchreest, Jr.

PURPOSE: To make the benefits of plan 384-d of the New York State and Local Police and Fire Retirement System available to Firefighter Richard E. Mylchreest, Jr. who, for reasons not ascribable to his own negligence, failed to make a timely application to participate in such optional twenty year retirement plan.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 allows the City of Niagara Falls to make participation in the optional twenty year retirement plan (section 384-d) available for FireFighter Richard E. Mylchreest.

Section 2 requires that all employer costs associated with this act shall be paid by the City of Niagara Falls.

Section 3 contains the effective date

JUSTIFICATION: This legislation is necessary to allow the City of Niagara Falls to make participation in plan 384-d of the New York State and Local Police and Fire Retirement System available for Firefighter Richard E. Mylchreest

PRIOR LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE: This act shall take effect immediately.

Text

STATE OF NEW YORK
________________________________________________________________________

7526

IN SENATE

May 31, 2012
___________

Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to authorize the city of Niagara Falls, in the county of Niagara,
  to offer an optional twenty year retirement plan to firefighter  Rich-
  ard E.  Mylchreest, Jr.

  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 Niagara Falls, in the county  of  Niagara,  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 Richard E.
Mylchreest,  Jr.,  a  firefighter employed by the city of Niagara Falls,
who, for reasons not ascribable to his own negligence, enrolled  in  the
retirement  plan established pursuant to section 375-i of the retirement
and social security law. The city of  Niagara  Falls  may  so  elect  by
filing  with  the  state  comptroller, on or before December 31, 2012, a
resolution of its city council together  with  certification  that  such
firefighter  did  not  bar himself from participation in such retirement
plan as a result of his own negligence. Thereafter, such firefighter 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  February
28, 2013.
  S   2.  All  past  service  costs  associated  with  implementing  the
provisions of this act shall be borne by the city of Niagara Falls.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--This bill will allow the City of Niagara Falls to reopen
the provisions of  Section  384-d,  therefore  granting  coverage  under
Section  384-e of the Retirement and Social Security Law for firefighter
Richard E.  Mylchreest, Jr.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15547-04-2
S. 7526                             2
  If this legislation is enacted during the 2012 legislative session, we
anticipate that there will be an increase of approximately $5,800 in the
annual contributions of the City of Niagara Falls 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 $102,000, which would be
borne  by the City of Niagara Falls as a one-time payment. This estimate
is based on the assumption that payment will  be  made  on  February  1,
2013.
  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 May 14, 2012, and intended for  use  only  during
the  2012  Legislative Session, is Fiscal Note No. 2012-145, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.