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 24, 2013
Introduced by Sen. SKELOS -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the village of Rockville Centre, in the county of
Nassau, to offer an optional twenty year retirement plan to police
officer Noz Firoz
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 Rockville Centre, in the county of Nassau, a participat-
ing 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, and the addi-
tional pension benefits for members of optional twenty year retirement
plans, pursuant to section 384-e of the retirement and social security
law, available to the police officers employed by it, is hereby author-
ized to make such benefits available to officer Noz Firoz, who for
reasons not ascribable to his own negligence, was not enrolled in such
plan at the time of his hiring. Such participating employer may elect to
make such provisions available to such officer by filing with the state
comptroller, on or before December 31, 2013, a resolution of its govern-
ing board certifying that such police officer is eligible to apply, is
not barred from participating in such retirement plan as the result of
his own negligence, and that the village of Rockville Centre shall pay
all past service costs attributable to this act, as determined by the
comptroller, into the pension accumulation fund. Thereafter, such police
officer may apply to participate in such plan by filing the appropriate
application with the state comptroller on or before June 30, 2014. Upon
applying, the officer shall have all of his service credit with the
village of Rockville Centre, as a police officer, be creditable under
sections 384-d and 384-e of the retirement and social security law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 4800 2
S 2. All employer past service costs associated with implementing the
provisions of this act shall be borne by the village of Rockville Centre
and the past service costs associated with this act may be amortized
over a ten year period.
S 3. This act shall take effect immediately.
FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
This bill will allow the Village of Rockville Centre to elect to
reopen the provisions of Section 384-d together with Section 384-e of
the Retirement and Social Security Law for police officer Noz Firoz.
If this bill were enacted, we anticipate that there will be an
increase of approximately $12,800 in the annual contributions of the
Village of Rockville Centre 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 $234,000 which would be
borne by the Village of Rockville Centre as a one-time payment. This
estimate is based on the assumption that payment will be made on Febru-
ary 1, 2014. If the past service cost is amortized over a period of ten
(10) years, the past service costs for the first year including inter-
est, would be approximately $31,700.
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 23, 2013 and intended for use only during
the 2013 Legislative Session, is Fiscal Note No. 2013-125, prepared by
the Actuary for the New York State and Local Police and Fire Retirement