Bill S7707-2011

Authorizes the city of Mechanicville to offer a certain retirement plan to Anthony J. Toleman and David M. Altamura

Authorizes the city of Mechanicville, in the county of Saratoga, to offer a certain retirement plan to Anthony J. Toleman and David M. Altamura.

Details

Actions

  • Jul 18, 2012: SIGNED CHAP.259
  • Jul 6, 2012: DELIVERED TO GOVERNOR
  • Jun 21, 2012: returned to senate
  • Jun 21, 2012: passed assembly
  • Jun 21, 2012: home rule request
  • Jun 21, 2012: ordered to third reading rules cal.556
  • Jun 21, 2012: substituted for a10684
  • Jun 21, 2012: referred to ways and means
  • Jun 21, 2012: DELIVERED TO ASSEMBLY
  • Jun 21, 2012: PASSED SENATE
  • Jun 21, 2012: HOME RULE REQUEST
  • Jun 21, 2012: ORDERED TO THIRD READING CAL.1492
  • Jun 14, 2012: REFERRED TO RULES

Votes

Memo

BILL NUMBER:S7707

TITLE OF BILL: An act to authorize the city of Mechanicville, in the county of Saratoga, to offer a certain retirement plan to Anthony J. Toleman and David M. Altamura

PURPOSE: 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 city is hereby authorized to make participation in such plan available to Anthony J. Toleman and David M. Altamura, police officers employed by the City of Mechanicville, who, for reasons not ascribable to their own negligence, failed to make a timely application to participate in such optional twenty-year retirement plan.

SUMMARY OF PROVISIONS: To offer Anthony J. Toleman and David M. Altamura, police officers employed by the City of Mechanicville, who, for reasons not ascribable to their own negligence, failed to make a timely application to participate in such optional twenty-year retirement plan.

The City of Mechanicville may so elect by filing with the comptroller, on or before December 31, 2012, a resolution of its city council 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, by filing a request to that effect with the state comptroller office on or before June 30th, 2013.

All past service cost associated with implementing the provisions of this act shall be borne by the City of Mechanicville.

EXISTING LAW: None.

JUSTIFICATION: 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 city, is hereby authorized to make participation in such plan available to Anthony J. Toleman and David M. Altamura, police officers employed by the City of Mechanicville, who, for reasons not ascribable to their own negligence, failed to make a timely application to participate in such optional twenty-year retirement plan.

The City of Mechanicville may so elect by filing with the comptroller, on or before December 31, 2012, a resolution of its city council together with certification that such police officers did not bar themselves

from participation in such retirement plan as a result of their own negligence.

LEGISLATIVE HISTORY: None.

LOCAL FISCAL IMPLICATIONS: See fiscal note in the bill.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ S. 7707 A. 10684 S E N A T E - A S S E M B L Y June 14, 2012 ___________
IN SENATE -- Introduced by Sen. McDONALD -- read twice and ordered printed, and when printed to be committed to the Committee on Rules IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M. of A. Jordan) -- read once and referred to the Committee on Governmental Employees AN ACT to authorize the city of Mechanicville, in the county of Sarato- ga, to offer a certain retirement plan to Anthony J. Toleman and David M. Altamura 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 Mechanicville, in the county of Saratoga, 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 city, is hereby authorized to make participation in such plan available to Antho- ny J. Toleman and David M. Altamura, police officers employed by the city of Mechanicville, who, for reasons not ascribable to their own negligence, failed to make a timely application to participate in such optional twenty-year retirement plan. The city of Mechanicville may so elect by filing with the comptroller, on or before December 31, 2012, a resolution of its city council 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, including eligibility for participation in the plan established pursuant to section 384-e of the retirement and social security law, by filing a request to that effect with the state comptroller on or before June 30, 2013.
S 2. All employer costs associated with implementing the provisions of this act shall be borne by the city of Mechanicville. S 3. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill will allow the City of Mechanicville to reopen the provisions of Section 384-d of the Retirement and Social Security Law for all police officers in its employ. If this legislation is enacted during the 2012 legislative session, we anticipate that there will be an increase of approximately $4,500 in the annual contributions of the City of Mechanicville 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 $61,000, which would be borne by the City of Mechanicville 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 June 13, 2012, and intended for use only during the 2012 Legislative Session, is Fiscal Note No. 2012-159, prepared by the Actuary for the New York State and Local Police and Fire Retirement System.

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