senate Bill S5676B

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

See Assembly Version of this Bill:
A7478B
Versions:
S5676
S5676A
S5676B
Legislative Cycle:
2013-2014
Law Section:
Retirement

Votes

8
0
8
Aye
0
Nay
3
aye with reservations
0
absent
0
excused
0
abstained
show Civil Service and Pensions committee vote details

Sponsor Memo

BILL NUMBER:S5676B

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, 2014.

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, 2015 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, 2015. If the past service cost is amortized over
five 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--B

                       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
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and  recommitted  to said committee -- recommitted to the Committee on
  Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

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.
The city of Amsterdam may so elect by filing with the state comptroller,
on  or  before  December  31,  2014,  a resolution of its governing body
together with certification that such police officer did not bar himself
from participation in such 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  comp-
troller on or before December 31, 2014.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10547-08-4

S. 5676--B                          2

  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.-- Pursuant to Section 50 of the Legislative Law:
  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 $3,900 in the annual contributions of the city
of Amsterdam for the fiscal year ending March 31, 2015. In future  years
this  cost  will  vary as the billing rates and salary of police officer
Joel Lochner change.
  In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $14,300 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,  2015.
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 $3,300.
  Summary of relevant resources:
  The  membership  data  used  in  measuring  the impact of the proposed
change was the same as that used in the March 31, 2013  actuarial  valu-
ation.    Distributions  and  other  statistics can be found in the 2013
Report of the  Actuary  and  the  2013  Comprehensive  Annual  Financial
Report.
  The  actuarial assumptions and methods used are described in the 2010,
2011, 2012 and 2013  Annual  Report  to  the  Comptroller  on  Actuarial
Assumptions,  and  the  Codes  Rules and Regulations of the State of New
York: Audit and Control.
  The Market Assets and GASB Disclosures are found in the March 31, 2013
New York State and Local  Retirement  System  Financial  Statements  and
Supplementary Information.
  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  February  27,  2014  and intended for use only
during the  2014  Legislative  Session,  is  Fiscal  Note  No.  2014-92,
prepared by the Actuary for the New York State and Local Police and Fire
Retirement System.

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