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

                                  9222

                          I N  A S S E M B L Y

                            February 7, 2012
                               ___________

Introduced  by M. of A. SAYWARD -- read once and referred to the Commit-
  tee on Governmental Employees

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
              

A. 9222                             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.