senate Bill S4735A

Signed by Governor

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:
A6811A
Versions:
S4735
S4735A
Legislative Cycle:
2013-2014
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S4735A

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 long 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                                            A. 6811--A

                       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 -- committee discharged, bill amended, ordered  reprinted
  as amended and recommitted to said committee

IN  ASSEMBLY -- Introduced by M. of A. TEDISCO -- read once and referred
  to the Committee on Governmental Employees  --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee

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.
The town of Glenville may so elect by filing with the state comptroller,
on or before December 31, 2013, a resolution of its town board  together
with  certification  that  such  police officer did not bar himself from
participation in such retirement plan as a result of his own negligence.
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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10206-03-3

S. 4735--A                          2                         A. 6811--A

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:
  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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