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
November 22, 2013
Introduced by Sen. LATIMER -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to authorize the village of Tuckahoe, in the county of Westches-
ter, to offer a certain retirement option to police officer Christo-
pher J. Santiago
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 Tuckahoe, in the county of Westchester, a participating
employer in the New York state and local police and fire retirement
system, which previously elected to offer the optional retirement plan
established pursuant to section 384-d of the retirement and social secu-
rity law to firefighters and police officers employed by such village,
is hereby authorized to make participation in such plan available to
police officer Christopher J. Santiago, who was employed by the village
of Tuckahoe on August 4, 2008 and who, on the effective date of this act
is covered under the provisions of section 375-i of the retirement and
social security law, and who, for reasons not ascribable to his own
negligence failed to make a timely application to participate in such
optional retirement plan. Thereafter, police officer Christopher J.
Santiago 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 within one
year of the effective date of this act.
S 2. All past service costs associated with implementing the
provisions of this act shall be borne by the village of Tuckahoe.
S 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 5994 2
This bill will allow the village of Tuckahoe to elect to reopen the
provisions of Section 384-d of the Retirement and Social Security Law
for police officer Christopher J. Santiago.
If this bill is enacted and Christopher J. Santiago becomes covered
under the provisions of Section 384-d, we anticipate that there will be
an increase of approximately $8,900 in the annual contributions of the
village of Tuckahoe for the fiscal year ending March 31, 2015. In future
years, this cost will vary as the billing rates and salary of Christo-
pher J. Santiago change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $9,950 which would be
borne by the village of Tuckahoe as a one-time payment. This estimate is
based on the assumption that payment will be made on February 1, 2015.
Summary of relevant resources:
The membership used in measuring the impact of the proposed change was
the same as that used in the March 31, 2013 actuarial valuation.
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
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 November 20, 2013 and intended for use only
during the 2014 Legislative Session, is Fiscal Note No. 2014-35,
prepared by the Actuary for the New York State and Local Police and Fire