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

    S. 6382                                                  A. 9182

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

                            February 2, 2012
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Civil Service
  and Pensions

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

AN ACT to amend chapter 365 of the laws of 2011, relating to authorizing
  the village of Southampton, in the county of Suffolk, to offer certain
  retirement options to police officer Theodore Raffel, Jr., in relation
  to specifying the time frame under which the  village  of  Southampton
  shall pay the costs for implementing such retirement options

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Sections 1 and 2 of chapter  365  of  the  laws  of  2011,
relating  to  authorizing  the  village of Southampton, in the county of
Suffolk, to offer certain retirement options to police officer  Theodore
Raffel, Jr., are amended to read as follows:
  Section 1. Notwithstanding any other provision of law to the contrary,
the  village  of  Southampton, in the county of Suffolk, 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 village, is hereby  author-
ized  to  make  participation in such plan available to Theodore Raffel,
Jr., registration number 0A779322, a  police  officer  employed  by  the
village  of  Southampton,  who,  on  the  effective  date of this act is
covered under the provisions of section  375-i  of  the  retirement  and
social  security  law,  and  who,  for reasons not ascribable to his own
negligence failed to make a timely application to  participate  in  such
optional  retirement  plan.  The  village of Southampton may so elect by
filing with the state comptroller, on  or  before  December  31,  [2011]
2012,  a  resolution of its legislative body together with certification
that such police officer did not bar himself from participation in  such
retirement  plan  as  a  result  of his own negligence. Thereafter, such

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

                                                           LBD13579-03-2

S. 6382                             2                            A. 9182

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, [2012] 2013.
  S  2.  All  past  service  costs  associated  with  implementing   the
provisions  of this act shall be borne by the village of Southampton AND
SHALL BE PAYABLE OVER A PERIOD OF FIVE YEARS.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill amends chapter 365 of the laws  of  2011  which  allows  the
Village  of  Southampton  to  elect  to reopen the provisions of Section
384-d of the Retirement and Social Security Law for police officer Theo-
dore Raffel if he files an election by December 31, 2011. This amendment
will grant officer Raffel and the Village of Southampton  an  additional
year  to  elect  Section  384-d and permit the Village of Southampton to
amortize the past service cost over a five year period.
  If this bill is enacted, and officer Theodore Raffel  becomes  covered
under  Section  384-d,  we  anticipate that there will be an increase of
approximately $11,100 in the annual  contributions  of  the  Village  of
Southampton 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 $185,000 which would be
borne by the Village of Southampton as a one-time payment. This estimate
is based on the assumption that payment will  be  made  on  February  1,
2013.  If  this  cost is amortized over a five year period, the cost for
the first year, including interest would be approximately $42,400.
  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  December  16,  2011  and intended for use only
during the  2012  Legislative  Session,  is  Fiscal  Note  No.  2012-36,
prepared by the Actuary for the New York State and Local Police and Fire
Retirement System.