S T A T E   O F   N E W   Y O R K
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                                  7045

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 30, 2013
                               ___________

Introduced by M. of A. CURRAN -- read once and referred to the Committee
  on Governmental Employees

AN  ACT  to  authorize the village of Rockville Centre, in the county of
  Nassau, to offer an optional twenty year  retirement  plan  to  police
  officer Noz Firoz

  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 Rockville Centre, in the county of Nassau, a  participat-
ing  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, and the addi-
tional pension benefits for members of optional twenty  year  retirement
plans,  pursuant  to section 384-e of the retirement and social security
law, available to the police officers employed by it, is hereby  author-
ized  to  make  such  benefits  available  to officer Noz Firoz, who for
reasons not ascribable to his own negligence, was not enrolled  in  such
plan at the time of his hiring. Such participating employer may elect to
make  such provisions available to such officer by filing with the state
comptroller, on or before December 31, 2013, a resolution of its govern-
ing board certifying that such police officer is eligible to  apply,  is
not  barred  from participating in such retirement plan as the result of
his own negligence, and that the village of Rockville Centre  shall  pay
all  past  service  costs attributable to this act, as determined by the
comptroller, into the pension accumulation fund. Thereafter, such police
officer may apply to participate in such plan by filing the  appropriate
application  with the state comptroller on or before June 30, 2014. Upon
applying, the officer shall have all of  his  service  credit  with  the
village  of  Rockville  Centre, as a police officer, be creditable under
sections 384-d and 384-e of the retirement and social security law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10478-03-3

              

A. 7045                             2

  S 2. All employer past service costs associated with implementing  the
provisions of this act shall be borne by the village of Rockville Centre
and  the  past  service  costs associated with this act may be amortized
over a ten year period.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This  bill  will  allow  the  Village  of Rockville Centre to elect to
reopen the provisions of Section 384-d together with  Section  384-e  of
the Retirement and Social Security Law for police officer Noz Firoz.
  If  this  bill  were  enacted,  we  anticipate  that  there will be an
increase of approximately $12,800 in the  annual  contributions  of  the
Village of Rockville Centre for the fiscal year ending March 31, 2014.
  In addition to the annual contributions discussed above, there will be
an  immediate past service cost of approximately $234,000 which would be
borne by the Village of Rockville Centre as  a  one-time  payment.  This
estimate  is based on the assumption that payment will be made on Febru-
ary 1, 2014. If the past service cost is amortized over a period of  ten
(10)  years,  the past service costs for the first year including inter-
est, would be approximately $31,700.
  Summary of relevant resources:
  Data: March 31, 2012 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2012 Report of the
Actuary and 2012 Comprehensive Annual Financial Report.
  Assumptions and Methods: 2010, 2011 and  2012  Annual  Report  to  the
Comptroller on Actuarial Assumptions, Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market  Assets and GASB Disclosures: March 31, 2012 New York State and
Local Retirement System Financial Statements and Supplementary  Informa-
tion.
  Valuations  of Benefit Liabilities and Actuarial Assets: summarized in
the 2012 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 23, 2013 and intended for use  only  during
the  2013  Legislative Session, is Fiscal Note No. 2013-125, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.