S T A T E   O F   N E W   Y O R K
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                                  8076

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               May 4, 2009
                               ___________

Introduced  by  M. of A. OAKS -- read once and referred to the Committee
  on Governmental Employees

AN ACT to authorize the village of Lyons to  offer  an  optional  twenty
  year  retirement  plan  to  certain  police  officers 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 police offi-
cers  employed  by  such  village,  is hereby authorized to make partic-
ipation in such plan available to John Flock and Scott VanDuyne,  police
officers employed by the village of Lyons, who, for reasons not ascriba-
ble  to  their  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,  2009, a resolution of its local legislative body together
with certification that such police officers did not bar themselves from
participation in such retirement plan as a result of  their  own  negli-
gence.  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, by filing a request to that effect with the
state comptroller on or before June 30, 2010.
  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
ten years.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10914-03-9
              

A. 8076                             2

  FISCAL NOTE.--Pursuant to Legislative Law, section 50:
  In estimating this cost, we have assumed the following:
  1.  The  legislation,  when  drafted will affect only Officers John J.
Flock and Scott W. VanDuyne.
  2. The legislation will specify that both officers may elect to become
covered by the provisions of the twenty (20)  year  half-pay  retirement
plan Section  384-d.
  3. The legislation will specify that the Village of Lyons will pay all
employer  past  service  costs  incurred due to its enactment.   If this
legislation is enacted during the  2009  legislative  session  and  both
officers become covered under the provisions of Section 384-d, we antic-
ipate  that  there  will  be  an increase of approximately $2,500 in the
annual contributions of the Village of Lyons for the fiscal year  ending
March 31, 2010.
  In addition to the annual contributions discussed above, there will be
an  immediate  past service cost of approximately $43,000, which will be
borne by the Village of Lyons as a one time payment, assuming a  payment
date  of  February 1, 2010. If the legislation so specifies and the past
service cost were amortized over a period of five (5) or ten (10) years,
the past service costs for the first year including interest,  would  be
approximately $9,980 or $5,940 respectively.
  This  fiscal  note  was prepared by Teri E. Landin, Retirement Systems
Actuary.