S T A T E O F N E W Y O R K
I N S E N A T E
May 14, 2014
Introduced by Sen. BALL -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to authorize the town of Carmel, in the county of Putnam, to
offer an optional twenty year retirement plan to police officers
Robert Behan and James Evans
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 town of Carmel, in the county of Putnam, 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 secu-
rity law, to police officers employed by such town, is hereby authorized
to make participation in such plan available to Robert Behan, a police
sergeant, and James Evans, a police officer, employed by the town of
Carmel, who, for reasons not ascribable to their own negligence failed
to make a timely application to participate in such optional twenty year
retirement plan. The town of Carmel may so elect by filing with the
state comptroller, on or before December 31, 2014, a resolution of the
town board together with certification that such police officers did not
bar themselves from participation in such retirement plan as a result of
their own negligence. Thereafter, such police officers 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 while so employed, by filing
a request to that effect with the state comptroller on or before June
S 2. All past service costs associated with implementing the
provisions of this act shall be borne by the town of Carmel.
S 3. This act shall take effect immediately.
FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
This bill will allow the Town of Carmel to reopen the provisions of
Section 384-d of the Retirement and Social Security Law for police offi-
cers Robert Behan and James Evans.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 7365 2
If this legislation is enacted during the 2014 legislative session,
and officers Behan and Evans become covered by the provisions of Section
384-d of the Retirement and Social Security Law, we anticipate that
there will be an increase of approximately $20,100 in the annual
contributions of the Town of Carmel for the fiscal year ending March 31,
2015. In future years, this cost will vary as the billing rates and
salary of Robert Behan and James Evans change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $67,900, which will be
borne by the Town of Carmel as a one-time payment, assuming a payment
date of February 1, 2015.
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
The actuarial assumptions and methods used are described in 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 May 12, 2014 and intended for use only during the
2014 Legislative Session, is Fiscal Note No. 2014-129, prepared by the
Actuary for the New York State and Local Police and Fire Retirement