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
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.
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-
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