senate Bill S5676

Amended

Authorizes Joel Lochner to participate in the optional twenty year retirement system

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Bill Status


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

  • 03 / Jun / 2013
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 06 / Jun / 2013
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 06 / Jun / 2013
    • PRINT NUMBER 5676A
  • 08 / Jan / 2014
    • REFERRED TO CIVIL SERVICE AND PENSIONS
  • 26 / Mar / 2014
    • AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS
  • 26 / Mar / 2014
    • PRINT NUMBER 5676B
  • 28 / May / 2014
    • 1ST REPORT CAL.988
  • 29 / May / 2014
    • 2ND REPORT CAL.
  • 02 / Jun / 2014
    • ADVANCED TO THIRD READING
  • 16 / Jun / 2014
    • SUBSTITUTED BY A7478B

Summary

Authorizes Joel Lochner to participate in the optional twenty year retirement plan.

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Bill Details

Versions:
S5676
S5676A
S5676B
Legislative Cycle:
2013-2014
Law Section:
Retirement

Sponsor Memo

BILL NUMBER:S5676

TITLE OF BILL: An act to allow Joel Lochner to join the optional
twenty year retirement plan, city of Amsterdam, county of Montgomery

PURPOSE: Authorizes Joel Lochner to participate in the optional
twenty year local police and fire retirement system.

SUMMARY OF PROVISIONS:

Section 1 authorizes the city of Amsterdam and the county of
Montgomery to allow Joel Lochner, excluded from the following due to
an administrative error, to now elect to be covered by the provisions
of section 384-d of the retirement and social security law as a Tier 5
member, and shall be entitled to the full rights and benefits
associated with coverage under such section, by filling a request to
that effect with the state comptroller on or before December 31, 2013.

Section 2 states that all past service costs associated with
implementing the provisions in the act shall be borne by the city of
Amsterdam and may be amortized over a period of five years.

Section 3 contains the effective date.

JUSTIFICATION: Each and every police officer in the city of Amsterdam
is automatically placed into retirement plan 384-d. Due to an
administrative error at the time of hire, Mr. Lochner was mistakenly
entered into the 375-1 retirement option. This bill is intended to
correct this error, retroactively.

LEGISLATIVE HISTORY: New bill

FISCAL IMPLICATIONS: Increase of $3,600 in the annual contributions
of the city of Amsterdam for the fiscal year ending March 31, 2014 and
an immediate past service cost of $9,400 born by the city of Amsterdam
as a one-time payment which is based on the assumption that payment
will be made on February 1, 2014. If the past service cost is
amortized over rive years, the past service costs for the first year
including interest, would be approximately $2,200.

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
________________________________________________________________________

                                  5676

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 3, 2013
                               ___________

Introduced  by  Sen. TKACZYK -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to allow Joel Lochner to join the optional twenty year retirement
  plan, city of Amsterdam, county of Montgomery

  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  city  of  Amsterdam,  in  the county of Montgomery, 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  city,  is
hereby  authorized  to make participation in such plan available to Joel
Lochner, a police officer employed by the city of  Amsterdam,  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, Joel Lochner, may elect to be covered by the  provisions  of
section  384-d  of  the  retirement  and social security law as a Tier 5
member, 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 city of Amsterdam  and  may
be amortized over a period of five years.
  S 3. This act shall take effect immediately.
  FISCAL  NOTE.--This  bill will allow the city of Amsterdam to elect to
reopen the provisions of Section 384-d  of  the  Retirement  and  Social
Security Law for police officer Joel Lochner.
  If  this  bill  were  enacted,  we  anticipate  that  there will be an
increase of approximately $3,600 in the annual contributions of the city
of Amsterdam for the fiscal year ending March 31, 2014.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10547-02-3

S. 5676                             2

  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $9,400  which  would  be
borne  by  the city of Amsterdam as a one-time payment. This estimate is
based on the assumption that payment will be made on February  1,  2014.
If  the  past service cost is amortized over a period of five (5) years,
the past service costs for the first year including interest,  would  be
approximately $2,200.
  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 May 8, 2013 and intended for use only during the
2013 Legislative Session, is Fiscal Note No. 2013-133, prepared  by  the
Actuary  for  the  New  York  State and Local Police and Fire Retirement
System.

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