senate Bill S4800

Signed by Governor

Authorizes the village of Rockville Centre to offer a 20 year retirement plan to police officer Noz Firoz

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Sponsor

Bill Status


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

  • 24 / Apr / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 03 / Jun / 2013
    • 1ST REPORT CAL.939
  • 04 / Jun / 2013
    • 2ND REPORT CAL.
  • 05 / Jun / 2013
    • ADVANCED TO THIRD READING
  • 13 / Jun / 2013
    • HOME RULE REQUEST
  • 13 / Jun / 2013
    • PASSED SENATE
  • 13 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 13 / Jun / 2013
    • REFERRED TO WAYS AND MEANS
  • 21 / Jun / 2013
    • SUBSTITUTED FOR A7045
  • 21 / Jun / 2013
    • ORDERED TO THIRD READING RULES CAL.697
  • 21 / Jun / 2013
    • HOME RULE REQUEST
  • 21 / Jun / 2013
    • PASSED ASSEMBLY
  • 21 / Jun / 2013
    • RETURNED TO SENATE
  • 19 / Jul / 2013
    • DELIVERED TO GOVERNOR
  • 31 / Jul / 2013
    • SIGNED CHAP.273

Summary

Authorizes the village of Rockville Centre, in the county of Nassau, to offer a 20 year retirement plan to police officer Noz Firoz.

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Bill Details

See Assembly Version of this Bill:
A7045
Versions:
S4800
Legislative Cycle:
2013-2014
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S4800

TITLE OF BILL: 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

PURPOSE: Authorizes the village of Rockville Centre to offer a 20
year retirement plan to police officer Noz Firoz.

SUMMARY OF PROVISIONS:

Section 1. Authorizes the Village of Rockville Centre to offer an
optional twenty year retirement plan, as provided by § 384-d and
384-e of the Retirement and Social Security Law, to Noz Firoz, a
police officer employed by the Village of Rockville Centre.

Section 2. Allows the Village of Rockville Centre to amortize the cost
associated with implementing this provision over a ten (10) year
period.

Section 3. Is the effective date of this Act

JUSTIFICATION: Through no negligence of his own, police officer Noz
Firoz was not enrolled under the appropriate retirement system at the
time of hiring. Had officer Firoz been enrolled in the appropriate
plan he would have been afforded the optional 20 year retirement plan
pursuant to sections 384-d and 384-e of the Retirement and Social
Security Law. Since officer Firoz had been employed for more than one
year he could not enroll in the § 384-d and § 384-e twenty year
retirement plan without a specific act of the Legislature. This bill
accomplishes that purpose.

LEGISLATIVE HISTORY: This is a New Bill

FISCAL IMPLICATIONS: See Fiscal Note

EFFECTIVE DATE: This act shall take effect immediately.

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

                                  4800

                       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.
                                                           LBD10478-03-3

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-
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 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
System.

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