senate Bill S4735

Signed by Governor Amended

Allows Michael E. Petroski to join the optional twenty year retirement plan, town of Glenville, county of Schenectady

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Bill Status


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

  • 19 / Apr / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 21 / May / 2013
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 21 / May / 2013
    • PRINT NUMBER 4735A
  • 18 / Jun / 2013
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 18 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1443
  • 18 / Jun / 2013
    • HOME RULE REQUEST
  • 18 / Jun / 2013
    • PASSED SENATE
  • 18 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 18 / Jun / 2013
    • REFERRED TO WAYS AND MEANS
  • 20 / Jun / 2013
    • SUBSTITUTED FOR A6811A
  • 20 / Jun / 2013
    • ORDERED TO THIRD READING RULES CAL.527
  • 20 / Jun / 2013
    • HOME RULE REQUEST
  • 20 / Jun / 2013
    • PASSED ASSEMBLY
  • 20 / Jun / 2013
    • RETURNED TO SENATE
  • 19 / Jul / 2013
    • DELIVERED TO GOVERNOR
  • 31 / Jul / 2013
    • SIGNED CHAP.271

Summary

Allows Michael E. Petroski to join the optional twenty year retirement plan, town of Glenville, county of Schenectady.

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Bill Details

See Assembly Version of this Bill:
A6811
Versions:
S4735
S4735A
Legislative Cycle:
2013-2014
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S4735

TITLE OF BILL: An act to allow Michael E. Petroski to join the
optional twenty year retirement plan, town of Glenville, county of
Schenectady

PURPOSE:

This legislation authorizes the Town of Glenville to reopen the
optional twenty-year retirement plan to Michael Petroski

SUMMARY OF PROVISIONS:

This bill authorizes the Town of Glenville to make participation in
the optional twenty-year retirement plan, established pursuant to
Section 384-d of the Retirement and Social Security Law, available to
Michael E. Petroski, a police officer employed by the Town of
Glenville, who for reasons not ascribable to his own negligence failed
to make a timely application to participate in the optional retirement
system.

JUSTIFICATION:

The Town of Glenville had 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 in its
employ. For reasons not ascribable to his own negligence, Michael E.
Petroski did not make an application to participate in the optional
retirement system. This bill allows the Town of Glenville to reopen
the Section 384-d plan to Mr. Petroski so lona as he makes a request
on or before December 31, 2013.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

The bill will allow the town of Glenville to reopen the provisions of
Section 384-d of the Retirement and Social Security Law for police
officer Michael E. Petroski.

If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $8,750 in
the annual contribution of the town of Glenville for the fiscal year
ending March 31, 2014.

In addition to the annual contributions, there will be an immediate
past service cost of approximately $52,200 which would be borne by the
Town of Glenville as a one-time payment. This estimate is based on the
assumption that payment will be made by February 1, 2014.

EFFECTIVE DATE:

Immediately.


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

    S. 4735                                                  A. 6811

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             April 19, 2013
                               ___________

IN  SENATE -- Introduced by Sen. FARLEY -- 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. TEDISCO -- read once and  referred
  to the Committee on Governmental Employees

AN  ACT  to  allow  Michael E. Petroski to join the optional twenty year
  retirement plan, town of Glenville, county of Schenectady

  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  Glenville,  in the county of Schenectady, 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 Micha-
el E. Petroski, a police officer employed by the town of Glenville, who,
for reasons not ascribable to his own negligence failed to make a timely
application to participate in such optional twenty year retirement plan.
Thereafter,  Michael  E.  Petroski,  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 comptroller on or before December 31, 2013.
  S  2.  All  past  service  costs  associated  with  implementing   the
provisions of this act shall be borne by the town of Glenville.
  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.
                                                           LBD10206-02-3

S. 4735                             2                            A. 6811

  This bill will allow the town of Glenville to reopen the provisions of
Section 384-d of the Retirement and Social Security Law for police offi-
cer Michael E. Petroski.
  If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $8,750 in the
annual contributions of the town of Glenville 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 $52,200, which would be
borne by the town of Glenville 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-
tion.
  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 April 15, 2013, and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-115,  prepared  by
the  Actuary for the New York State and Local Police and Fire Retirement
system.

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