senate Bill S7146

Authorizes Casey Wall to participate in the optional 20 year retirement for police officers

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 01 / May / 2012
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 04 / Jun / 2012
    • 1ST REPORT CAL.1011
  • 05 / Jun / 2012
    • 2ND REPORT CAL.
  • 06 / Jun / 2012
    • ADVANCED TO THIRD READING
  • 21 / Jun / 2012
    • SUBSTITUTED BY A9998

Summary

Authorizes Casey Wall to participate in the optional 20 year retirement for police officers.

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Bill Details

See Assembly Version of this Bill:
A9998
Versions:
S7146
Legislative Cycle:
2011-2012
Law Section:
Retirement

Votes

11
0
11
Aye
0
Nay
1
aye with reservations
0
absent
0
excused
0
abstained
show Civil Service and Pensions committee vote details

Sponsor Memo

BILL NUMBER:S7146

TITLE OF BILL:
An act
in relation to authorizing Casey Wall to participate in the optional 20
year retirement plan for police officers

PURPOSE:
The purpose of this bill is to allow Casey Wall the opportunity to
make a timely and effective election to change his retirement status
from Tier III where he is currently to Tier V pursuant to the
authority of Article 22 of the Retirement & Social Security Law.

SUMMARY OF PROVISIONS:
Section 1 would grant to the Village of Sands Point the authority to
allow Casey Wall to timely file an application to elect Tier V status
in lieu of his current Tier III status.

Section 2 provides that all past service costs will be borne by the
Village of Sands Point.

Section 3 provides that the Act shall take effect immediately.

JUSTIFICATION:
Casey Wall was first hired as a police officer by the Village of Old
Brookville in the County of Nassau, New York on January 7, 2010. He
was enrolled in the New York State Police & Fire Retirement System
under the Tier III provisions. A new Tier V retirement plan was
signed by the Governor and became effective two days after Officer
Wall was hired. The statute permitted anyone hired after July 1, 2009
to file a written election to have his or her retirement benefits
calculated pursuant to Tier V within 120 days of the statute's
effective date, or May 9, 2010. The statute further provided that if
his employer had in place a non-contributory pension plan under
Article XI, an officer electing into Tier V would be non-contributory
as well. Officer Wall did make the written election required to opt
into Tier V on a non-contributory basis, but for reasons not due to
his own negligence, the paperwork and application was not received in
a timely manner. This bill would rectify that situation and provide
to Officer Wall the same right as all other police officers employed
in the Village of Sands Point to participate in the contractually
negotiated retirement plans.

LEGISLATIVE HISTORY:
This is a new bill.

FISCAL IMPLICATIONS:
Refer to fiscal note. 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. The fiscal note was prepared by

Actuary for the New York State and Local Police and Fire Retirement
System.

EFFECTIVE DATE:
This act shall take effect immediately.

view bill text
                    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
  and Pensions

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.
                                                           LBD15529-01-2

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-
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 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
System.

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