S T A T E O F N E W Y O R K
2011-2012 Regular Sessions
I N S E N A T E
January 5, 2011
Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed,
and when printed to be committed to the Committee on Civil Service and
Pensions -- recommitted to the Committee on Civil Service and Pensions
in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
AN ACT to authorize the village of Sleepy Hollow to offer an optional
twenty year retirement plan to certain police officers employed by
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 Sleepy Hollow, 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 village, is hereby authorized to make
participation in such plan available to Raymond D'Alessandro and James
Warren, police officers employed by the village of Sleepy Hollow, 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 village of Sleepy Hollow may so elect by filing with the
state comptroller, on or before December 31, 2011, a resolution of its
local legislative body 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 offi-
cers 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 1022--A 2
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 village of Sleepy Hollow over a ten year
S 3. This act shall take effect immediately.
FISCAL NOTE.--This bill will allow Officers Raymond D'Alessandro, and
James Warren to become covered by the provisions of Section 384-d of the
Retirement and Social Security Law.
If this bill were enacted, we anticipate that there will be an
increase of approximately $19,200 in the annual contributions of the
Village of Sleepy Hollow 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 $103,000 which would be
borne by the Village of Sleepy Hollow as a one-time payment. This esti-
mate is based on the assumption that payment will be made on February 1,
2013. If the past service cost is amortized over a period of ten (10)
years, the past service costs for the first year including interest,
would be approximately $13,900.
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-
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 February 8, 2012 and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-81, prepared by
the Actuary for the New York State and Local Employees' Retirement
System and the New York State and Local Police and Fire Retirement