S T A T E O F N E W Y O R K
S. 7146 A. 9998
S E N A T E - A S S E M B L Y
May 1, 2012
IN SENATE -- Introduced by Sen. MARTINS -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Civil Service
IN ASSEMBLY -- Introduced by M. of A. SCHIMEL -- read once and referred
to the Committee on Governmental Employees
AN ACT in relation to authorizing Casey Wall to participate in the
optional 20 year retirement plan for police officers
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 Sands Point, county of Nassau, 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 secu-
rity law, and the additional benefits established pursuant to section
384-e of such law, to police officers employed by such village, is here-
by authorized to make participation in such plan available to Casey
Wall, a police officer employed by the village of Sands Point, who
joined the retirement system pursuant to article 14 of the retirement
and social security law and, for reasons not ascribable to his own
negligence, failed to make a timely election to have his retirement
benefits calculated pursuant to article 22 of such law. The village of
Sands Point may so elect by filing with the state comptroller, on or
before December 31, 2012, a resolution of its village board together
with certification that such police officer did not bar himself from
making a timely election of article 22 as a result of his own negli-
gence. Thereafter, such police officer may elect to be covered by the
provisions of article 22 of the retirement and social security law, and
shall be entitled to the full rights and benefits associated with cover-
age under such article, by filing a request to that effect with the
state comptroller on or before June 30, 2013.
S 2. All past service costs associated with implementing the
provisions of this act shall be borne by the village of Sands Point.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 7146 2 A. 9998
S 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill will allow Casey Wall, a current member of the New York
State and Local Police and Fire Retirement System covered under the
provisions of Article 14 of the Retirement and Social Security Law, to
elect to be covered under the provisions of Article 22 of such law.
If this legislation is enacted during the 2012 legislative session, we
anticipate that there will be an increase of approximately $160 in the
annual contributions of the Village of Sands Point for the fiscal year
ending March 31, 2013.
There will be a refund of member contributions, however there will be
no past service cost.
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 April 25, 2012 and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-126, prepared by
the Actuary for the New York State and Local Police and Fire Retirement