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

    S. 7707                                                 A. 10684

                      S E N A T E - A S S E M B L Y

                              June 14, 2012
                               ___________

IN  SENATE  --  Introduced  by  Sen.  McDONALD -- read twice and ordered
  printed, and when printed to be committed to the Committee on Rules

IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M.  of
  A.  Jordan) -- read once and referred to the Committee on Governmental
  Employees

AN ACT to authorize the city of Mechanicville, in the county of  Sarato-
  ga, to offer a certain retirement plan to Anthony J. Toleman and David
  M.  Altamura

  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 Mechanicville, in the county of  Saratoga,  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 city, is
hereby authorized to make participation in such plan available to Antho-
ny J. Toleman and David M. Altamura, police  officers  employed  by  the
city  of  Mechanicville,  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 city of Mechanicville may so
elect by filing with the comptroller, on or before December 31, 2012,  a
resolution  of  its  city  council 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, including eligibility for participation in the plan established
pursuant  to section 384-e of the retirement and social security law, by
filing a request to that effect with the state comptroller on or  before
June 30, 2013.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16196-02-2
              

S. 7707                             2                           A. 10684

  S 2. All employer costs associated with implementing the provisions of
this act shall be borne by the city of Mechanicville.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  will  allow  the  City  of  Mechanicville  to  reopen  the
provisions of Section 384-d of the Retirement and  Social  Security  Law
for all police officers in its employ.
  If this legislation is enacted during the 2012 legislative session, we
anticipate that there will be an increase of approximately $4,500 in the
annual  contributions  of  the City of Mechanicville 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 $61,000, which would  be
borne  by the City of Mechanicville 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 June 13, 2012, and intended for use  only  during
the  2012  Legislative Session, is Fiscal Note No. 2012-159, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.