S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
April 17, 2013
Introduced by Sen. O'MARA -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the city of Ithaca, in the county of Tompkins to
offer an optional twenty year retirement plan to firefighter James
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 contra-
ry, the city of Ithaca, in the county of Tompkins, 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 firefighters employed by such city, is here-
by authorized to make participation in such plan available to James
Crowley, a firefighter employed by the city of Ithaca, who, for reasons
not ascribable to his own negligence, failed to make a timely applica-
tion to participate in such optional twenty year retirement plan. The
city of Ithaca may so elect by filing with the state comptroller, on or
before December 31, 2014, a resolution of its common council together
with certification that such firefighter did not bar himself from
participation in such retirement plan as a result of his own negligence.
Thereafter, such firefighter 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 filing a request to that effect with the state comp-
troller 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 city of Ithaca.
S 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 4662 2
This bill will allow the City of Ithaca to reopen the provisions of
Section 384-d of the Retirement and Social Security Law for firefighter
James M. Crowley.
If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $6,400 in the
annual contributions of the City of Ithaca 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 $93,100, which would be
borne by the City of Ithaca as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2014.
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-
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 March 28, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal No. 2013-110, prepared by the
Actuary for the New York State and Local Employees' Retirement System.