Assembly Bill A6191

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

                                 6191--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              March 9, 2011
                               ___________

Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
  tee on Governmental Employees  --  recommitted  to  the  Committee  on
  Governmental  Employees  in accordance with Assembly Rule 3, sec. 2 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN ACT to authorize the city of Mount Vernon, in the county of Westches-
  ter,  to offer certain retirement options to Paul D'Amore, Christopher
  Grieco, Wendell Griffin, Erin Holly, Thomas Joy, Patsy Leone and Jere-
  my Villanueva, police officers employed by such city

  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 Mount Vernon, 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 police officers employed by such city, is hereby  authorized
to  make  participation in such plan available to Paul D'Amore, Christo-
pher Grieco, Wendell Griffin, Erin Holly, Thomas Joy,  Patsy  Leone  and
Jeremy Villanueva, police officers employed by the city of Mount Vernon,
who,  on the effective date of this act are covered under the provisions
of section 375-i of the retirement and social security law, and who, for
reasons not ascribable to their own negligence failed to make  a  timely
application to participate in such optional retirement plan. The city of
Mount  Vernon  may  so elect by filing with the state comptroller, on or
before June 30, 2013, a resolution of its legislative body together with
certification that any such  police  officer  did  not  bar  himself  or
herself from participation in such retirement plan as a result of his or
her  own negligence. Thereafter, any such police officer 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03307-07-2
              

A. 6191--A                          2

associated with coverage under such section, by filing a request to that
effect with the state comptroller on or before June 30, 2013.
  S 2. All costs associated with implementing the provisions of this act
shall be borne by the city of Mount Vernon.
  S 3. This act shall take effect immediately.
  FISCAL  NOTE.--This bill will allow the City of Mount Vernon to reopen
the provisions of Section 384-d of the Retirement  and  Social  Security
Law for seven Police Officers: Paul D'Amore, Christopher Grieco, Wendell
Griffin, Erin Holly, Thomas Joy, Patsy Leone and Jeremy Villanueva.
  If this legislation is enacted during the 2012 legislative session, we
anticipate  that  there  will be an increase of approximately $25,000 in
the annual contributions of the   City of Mount Vernon  for  the  fiscal
year ending March 31, 2013.
  In addition to the annual contributions discussed above, there will be
an  immediate past service cost of approximately $90,700, which would be
borne by the City of Mount Vernon as a one-time payment.  This  estimate
is  based  on  the  assumption  that payment will be made on February 1,
2013.
  Summary of relevant resources:
  Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
  Assumptions and Methods: 2010 and 2011  Annual  Report  to  the  Comp-
troller  on  Actuarial  Assumptions,  Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2011 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2011 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 March 30, 2012 and intended for use only during
the 2012 Legislative Session, is Fiscal Note No. 2012-124,  prepared  by
the  Actuary for the New York State and Local Police and Fire Retirement
System.