|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jul 18, 2012||
|Jul 06, 2012||
delivered to governor
|Jun 21, 2012||
returned to assembly
home rule request
3rd reading cal.487
substituted for s6394
|Jun 21, 2012||
substituted by a9222
|Apr 19, 2012||
advanced to third reading
|Apr 18, 2012||
2nd report cal.
|Apr 17, 2012||
1st report cal.487
|Feb 03, 2012||
referred to civil service and pensions
senate Bill S6394Signed By Governor
Authorizes the town of Inlet to offer a 20 year retirement plan to police officer John Harrington
Archive: Last Bill Status Via A9222 - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
view actions (12)
Jun 21, 2012 - floor VoteA9222600floor60Aye0Nay0Absent2Excused0Abstained
show floor vote details
Floor Vote: Jun 21, 2012aye (60)
Apr 17, 2012 - Civil Service and Pensions committee VoteS639490committee9Aye0Nay1Aye with Reservations0Absent2Excused0Abstained
- show floor vote details
S6394 - Bill Details
- See Assembly Version of this Bill:
- Law Section:
S6394 - Bill Texts
Authorizes the town of Inlet to offer a 20 year retirement plan to police officer John Harrington.
view sponsor memo
TITLE OF BILL:
to authorize the town of Inlet, in the county of Hamilton to offer an
optional twenty year retirement plan to police officer John Harrington
To authorize the town of Inlet to re-open the optional retirement plan
offered under Section 384-d of the Retirement and Social Security law
to police officer John Harrington.
SUMMARY OF PROVISIONS:
Section 1: The Town of Inlet is authorized to make participation in
the twenty year retirement plan established under section 384-d of
the retirement and social security law available to police officer
Section 2: All employer costs associated with the implementation
of this act will be borne by the Town of Inlet, and past service costs
associated with this act shall be paid in ten equal annual
Section 3: Contains the effective date.
This legislation is necessary to allow the Town of Inlet to make
participation in plan 354-d of the New York State and Local Police
and Fire Retirement System available to police officer John
Harrington, who through no negligence of his own failed to make a
timely application to participate in such an optional retirement plan
when he transitioned from part to full time in said town.
All costs associated with the implementation of this act shall be
borne by the town of Inlet.
LOCAL FISCAL IMPLICATIONS:
If the legislation is enacted during the 2012 legislative session, the
Town of InIet will bear an annual contribution increase of$3,600 for
the fiscal year ending March 31, 2013. The town will pay an
additional $5,480 in past service costs annually for ten years.
This act shall take effect immediately.
view full text
S T A T E O F N E W Y O R K ________________________________________________________________________ 6394 I N S E N A T E February 3, 2012 ___________ Introduced by Sen. LITTLE -- 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 Inlet, in the county of Hamilton to offer an optional twenty year retirement plan to police officer John Harrington 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 Inlet, in the county of Hamilton, 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 sergeant John Harring- ton, a police officer employed by the town of Inlet, who, for reasons not ascribable to his own negligence, failed to make a timely applica- tion to participate in such optional twenty year retirement plan. The town of Inlet may so elect by filing with the state comptroller, on or before December 31, 2013, a resolution of its town board together with certification that such police officer did not bar himself from partic- ipation in such retirement plan as a result of his own negligence. Thereafter, 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 associated with coverage under such section, by filing a request to that effect with the state comptroller on or before June 30, 2014. S 2. All past costs associated with implementing the provisions of this act shall be borne by the town of Inlet. S 3. This act shall take effect immediately. FISCAL NOTE.--If this legislation is enacted during the 2012 legisla- tive session, we anticipate that there will be an increase of approxi- mately $3,600 in the annual contributions of the Town of Inlet for the fiscal year ending March 31, 2013. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14345-02-2 S. 6394 2 In addition to the annual contributions discussed above, there will be an immediate past service cost of approximately $40,400, which would be borne by the Town of Inlet as a one-time payment. This estimate is based on the assumption that payment will be made on February 1, 2013. 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 $9,300 or $5,480 respectively. 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 and Actuarial Assumptions, Codes Rules and Regulations of the State of New York: Audit and Control. Markets 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.
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