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

                                  9841

                          I N  A S S E M B L Y

                              May 27, 2014
                               ___________

Introduced  by M. of A. SKOUFIS -- read once and referred to the Commit-
  tee on Governmental Employees

AN ACT to authorize the town of Stony Point, in the county of  Rockland,
  to  offer  an  optional twenty year retirement plan to police officers
  Dennis Tobin, Thomas Clarke and Christopher Schulok

  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  town  of  Stony  Point,  in the county of Rockland, 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  town,  is
hereby authorized to make participation in such plan available to Dennis
Tobin,  Thomas  Clarke and Christopher Schulok, police officers employed
by the town of Stony Point, 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 town of Stony Point may so
elect by filing with the state comptroller, on or  before  December  31,
2014,  a  resolution  of the town board 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  while  so employed, by filing a request to that effect with the
state comptroller on or before June 30, 2015.
  S  2.  All  past  service  costs  associated  with  implementing   the
provisions of this act shall be borne by the town of Stony Point.
  S 3. This act shall take effect immediately.
  FISCAL  NOTE.--This  bill will allow the Town of Stony Point to reopen
the provisions of Section 384-d of the Retirement  and  Social  Security
Law  for  police  officers  Dennis  Tobin, Thomas Clarke and Christopher
Schulok.

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

                                                           LBD14892-02-4

A. 9841                             2

  If this legislation is enacted during the 2014 legislative session, we
anticipate that there will be an increase of  approximately  $14,700  in
the  annual contributions of the Town of Stony Point for the fiscal year
ending March 31, 2015. In future years, this cost will vary as the bill-
ing rates and salaries of these officers change.
  In addition to the annual contributions discussed above, there will be
an  immediate  past service cost of approximately $14,300, which will be
borne by the Town of Stony Point as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2015.
  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 6, 2014 and intended for use only during  the
2014  Legislative  Session, is Fiscal Note No. 2014-125, prepared by the
Actuary for the New York State and  Local  Police  and  Fire  Retirement
System.