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
May 10, 2013
Introduced by Sen. NOZZOLIO -- 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 Lyons to offer an optional twenty
year retirement plan to Charles Witt who is employed by such village
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 Lyons, 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 members of
the retirement system employed by such village, is hereby authorized to
make participation in such plan available to Charles Witt, a firefighter
employed by the village of Lyons, 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 village of Lyons may so
elect by filing with the state comptroller, on or before December 31,
2013, a resolution of its local legislative body together with certif-
ication that Charles Witt did not bar himself from participation in such
retirement plan as a result of his own negligence. Thereafter, Charles
Witt 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
June 30, 2014.
S 2. All employer costs associated with implementing the provisions of
this act shall be borne by the village of Lyons and the past service
costs associated with this act may be amortized over a period of five or
S 3. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 5143 2
FISCAL NOTE.--This bill will allow the Village of Lyons to reopen the
provisions of Section 384-d of the Retirement and Social Security Law
for firefighter Charles Witt.
If this legislation is enacted during the 2013 legislative session, we
anticipate that there will be an increase of approximately $2,900 in the
annual contributions of the Village of Lyons for the fiscal year ending
March 31, 2014.
In addition to the annual contributions discussed above, there will be
an immediate past service cost to the Village of Lyons of approximately
$49,500, assuming that payment will be made on February 1, 2014. If the
Village so elects, this cost may be amortized over a period of five (5)
or ten (10) years. The past service costs for the first year, including
interest, would be $11,400 or $6,710 respectively.
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 May 9, 2013 and intended for use only during the
2013 Legislative Session, is Fiscal Note No. 2013-148, prepared by the
Actuary for the New York State and Local Police and Fire Retirement