Authorizes the St. Paul Boulevard fire district to offer an optional twenty year retirement plan to firefighters Robert J. Anderson, Edmond Kaspar, Kevin Magin, Jeremy Schaeffer, John Semmler and Timothy Warth.
Ayes (58): Addabbo, Avella, Ball, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Farley, Felder, Flanagan, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sampson, Sanders, Savino, Serrano, Seward, Skelos, Squadron, Stavisky, Stewart-Cousins, Tkaczyk, Valesky, Young, Zeldin
Excused (3): Espaillat, Hassell-Thomps, Smith
TITLE OF BILL: An act to authorize the St. Paul Boulevard fire district to offer an optional twenty year retirement plan to firefighters Robert J. Anderson, Edmond Kaspar, Kevin Magin, Jeremy Schaeffer, John Semmler and Timothy Warth
PURPOSE OR GENERAL IDEA OF BILL:
To allow firefighters Robert J. Anderson, Edmond Kaspar, Kevin Magin, Jeremy Schaeffer, John Semmler, and Timothy Warth, of the St. Paul Blvd Fire District in Rochester, to participate in the twenty year retirement plan that they had elected to be in.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 states that the six firefighters are to be placed in the twenty year retirement plan, established pursuant to subdivision f of section 384 of the retirement and social security law.
Section 2 states that all employer costs associated with implementing this act shall be borne by the St. Paul Blvd Fire District and that employer past service costs may be paid in ten equal annual installments.
Section 3 sets the effective date.
Six firefighters of the St. Paul Blvd Fire District in Rochester who, due to clerical error and at no fault of their own, were placed under retirement plans different than the ones they had elected to be in. This bill would correct this error and place the firefighters in their desired plans.
To be determined.
STATE OF NEW YORK ________________________________________________________________________ 7683 IN SENATE May 29, 2014 ___________Introduced by Sen. O'BRIEN -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to authorize the St. Paul Boulevard fire district to offer an optional twenty year retirement plan to firefighters Robert J. Ander- son, Edmond Kaspar, Kevin Magin, Jeremy Schaeffer, John Semmler and Timothy Warth 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 St. Paul boulevard fire district, a participating employer in the New York state police and fire retirement system, which previously elected to offer additional pension benefits for members of the optional twenty year retirement plan, established pursuant to subdivision f of section 384 of the retirement and social security law, to firefighters employed by such district, is hereby authorized to make participation in such plan available to Robert J. Anderson, Edmond Kaspar, Kevin Magin, Jeremy Schaeffer, John Semmler and Timothy Warth, firefighters employed by the St. Paul boulevard fire district in the city of Rochester, 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. The St. Paul boulevard fire district may so elect by filing with the state comptroller, on or before December 31, 2014, a resolution of its local legislative body together with certification that such firefighters did not bar themselves from participation in such retire- ment plan as a result of their own negligence. Thereafter, such fire- fighters may elect to be covered by the provisions of subdivision f of section 384 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 comp- troller on or before June 30, 2015. S 2. All employer past service costs associated with implementing the provisions of this act shall be borne by the St. Paul boulevard fire district and the past service costs associated with this act may be paid in ten equal annual installments.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07018-05-4 S. 7683 2
S 3. This act shall take effect immediately. FISCAL NOTE.-- Pursuant to Legislative Law, Section 50: This bill will allow the St. Paul Boulevard Fire District to elect to reopen the provisions of Section 384(f) of the Retirement and Social Security Law for firefighters Robert J. Anderson, Edmond Kaspar, Kevin Magin, Jeremy Schaeffer, John Semmler and Timothy Warth. If this legislation is enacted during the 2014 legislative session, we anticipate that there will be an increase of approximately $22,000 in the annual contributions of the St. Paul Boulevard Fire District for the fiscal year ending March 31, 2015. In future years, this cost will vary as the billing rates and salaries of those affected change. In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $204,500, which would be borne by the St. Paul Boulevard Fire District as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2015. If this cost is amortized over a period of ten (10) years, the cost for the first year, including interest would be approxi- mately $27,700. Summary of relevant resources: The membership data used in measuring the impact of the proposed change was the same as that used in the March 31, 2013 actuarial valu- ation. Distributions and other statistics can be found in the 2013 Report of the Actuary and the 2013 Comprehensive Annual Financial Report. The actuarial assumptions and methods used are described in the 2010, 2011, 2012 and 2013 Annual Report to the Comptroller on Actuarial Assumptions, and the Codes Rules and Regulations of the State of New York: Audit and Control. The Market Assets and GASB Disclosures are found in the March 31, 2013 New York State and Local Retirement System Financial Statements and Supplementary Information. 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 23, 2014, and intended for use only during the 2014 Legislative Session, is Fiscal Note No. 2014-136, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.