Senate Bill S1022

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

                                 1022--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Civil Service and
  Pensions -- 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  commit-
  tee

AN  ACT  to  authorize the village of Sleepy Hollow 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 Sleepy Hollow, 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 village, is hereby authorized  to  make
participation  in  such plan available to Raymond D'Alessandro and James
Warren, police officers employed by the village of Sleepy  Hollow,  who,
for  reasons  not  ascribable  to their own negligence, failed to make a
timely application to participate in such optional twenty  year  retire-
ment plan.  The village of Sleepy Hollow may so elect by filing with the
state  comptroller,  on or before December 31, 2011, 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 negligence. Thereafter, such police  offi-
cers  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04034-05-2
              

S. 1022--A                          2

filing a request to that effect with the state comptroller on or  before
June 30, 2013.
  S 2. All employer costs associated with implementing the provisions of
this  act shall be borne by the village of Sleepy Hollow over a ten year
period.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--This bill will allow Officers Raymond D'Alessandro,  and
James Warren to become covered by the provisions of Section 384-d of the
Retirement and Social Security Law.
  If  this  bill  were  enacted,  we  anticipate  that  there will be an
increase of approximately $19,200 in the  annual  contributions  of  the
Village of Sleepy Hollow 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 $103,000 which would be
borne by the Village of Sleepy Hollow as a one-time payment. This  esti-
mate is based on the assumption that payment will be made on February 1,
2013.  If  the  past service cost is amortized over a period of ten (10)
years, the past service costs for the  first  year  including  interest,
would be approximately $13,900.
  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 February 8, 2012 and intended for use only during
the 2012 Legislative Session, is Fiscal Note No.  2012-81,  prepared  by
the  Actuary  for  the  New  York  State and Local Employees' Retirement
System and the New York State  and  Local  Police  and  Fire  Retirement
System.